AlphaVest Acquisition Corp. has reported its financial results for the three months ended March 31, 2025, revealing a net income of $8,697, a significant decrease from the $349,241 reported in the same period of 2024. The company attributed this decline primarily to a reduction in interest income from investments held in its trust account, which fell to $187,179 from $678,480 year-over-year. Additionally, the formation and operating costs decreased to $178,483 from $236,926, reflecting a more streamlined operational approach.
The company has not yet commenced any operations, as its activities remain focused on identifying a target for a business combination following its initial public offering (IPO) in December 2022. As of March 31, 2025, AlphaVest had cash of $4,216 and a working capital deficit of $2,089,118. The total marketable securities held in the trust account amounted to $18,407,880, primarily consisting of U.S. government securities. The company has not withdrawn any interest earned from the trust account, which is intended to be used for operational expenses and potential business combinations.
In terms of strategic developments, AlphaVest has extended its business combination deadline to September 22, 2025, allowing for additional time to identify and negotiate with potential targets. This extension was approved by shareholders, with a significant number of shares tendered for redemption during the process. The company has also engaged in various promissory notes to cover expenses related to the extension of the business combination period, indicating a proactive approach to managing its financial obligations.
Operationally, AlphaVest has maintained a consistent number of ordinary shares outstanding at 2,280,500, while the number of shares subject to possible redemption decreased to 1,574,356. The company continues to face challenges in securing a business combination, with management expressing substantial doubt about its ability to continue as a going concern if a combination is not completed within the extended timeframe. The outlook remains cautious, as the company anticipates ongoing professional costs associated with remaining publicly traded and the pursuit of a business combination.
About AlphaVest Acquisition Corp.
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