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iso4217:USD xbrli:shares xbrli:pure

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number 001-41574

 

ALPHAVEST ACQUISITION CORP

(Exact name of registrant as specified in its charter)

 

Cayman Islands   N/A

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

205 W 37th St,

New York, NY 10018

(Address of principal executive offices and zip code)

 

203-998-5540

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbols   Name of Each Exchange on Which Registered
Units, each consisting of one ordinary share and one right   ATMVU   The Nasdaq Stock Market LLC
Common stock, par value $0.0001 per share   ATMV   The Nasdaq Stock Market LLC
Rights, each right entitling the holder thereof to one-tenth of one ordinary share   ATMVR   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer Smaller reporting company
  Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☐

 

As of November 19, 2024, there were 7,006,329 ordinary shares, par value $0.0001 issued and outstanding.

 

 

 

 

 

 

ALPHAVEST ACQUISITION CORP

TABLE OF CONTENTS

 

    Page
PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements 1
  Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1
  Unaudited Statements of Operations 2
  Unaudited Statements of Changes in Shareholders’ Equity (Deficit) 3
  Unaudited Statements of Cash Flows 4
  Notes to Unaudited Financial Statements 5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15
Item 3. Quantitative and Qualitative Disclosures About Market Risk 18
Item 4. Controls and Procedures 18
     
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 19
Item 1A. Risk Factors 19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities 19
Item 3. Defaults Upon Senior Securities 20
Item 4. Mine Safety Disclosures 20
Item 5. Other Information 20
Item 6. Exhibits 21

 

i

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS.

 

ALPHAVEST ACQUISITION CORP

BALANCE SHEETS

 

   September 30, 2024   December 31, 2023 
   (Unaudited)     
ASSETS          
Current Assets:          
Cash  $7,095   $28,560 
Prepaid expenses   21,399    34,573 
Total Current Assets   28,494    63,133 
Marketable securities held in trust account   53,011,509    50,880,604 
Cash held in trust escrow account   55,000    - 
Total Assets  $53,095,003   $50,943,737 
           
LIABILITIES, REDEEMABLE ORDINARY SHARES, AND SHAREHOLDERS’ DEFICIT          
Current Liabilities:          
Accounts payable and accrued offering costs and expenses  $346,209   $213,118 
Other payable   70,000    - 
Due to related party   9,837    9,837 
Promissory notes – third party   456,000    - 
Promissory notes – related party   423,167    165,000 
Total Current Liabilities   1,305,213    387,955 
           
Total Liabilities   1,305,213    387,955 
           
Commitments and contingencies   -    - 
           
Ordinary shares subject to possible redemption (4,725,829 shares at $11.23 and $10.77 per share as of September 30, 2024 and December 31, 2023, respectively)   53,066,509    50,880,604 
           
Shareholders’ Deficit:          
Preferred shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023, respectively   -    - 
Ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 2,280,500 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively   228    228 
Additional paid-in capital   -    - 
Accumulated deficit   (1,276,947)   (325,050)
Total Shareholders’ Deficit   (1,276,719)   (324,822)
Total Liabilities, Redeemable Ordinary Shares, and Shareholders’ Deficit  $53,095,003   $50,943,737 

 

The accompanying notes are an integral part of these financial statements.

 

1
 

 

ALPHAVEST ACQUISITION CORP

UNAUDITED STATEMENTS OF OPERATIONS

 

   2024   2023    2024   2023 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023    2024   2023 
Formation and operating costs  $182,580   $198,821   $566,903   $487,194 
Loss from operations   (182,580)   (198,821)   (566,903)   (487,194)
                     
Other Income (expenses):                    
Interest income on investments held in trust account   684,600    954,788    1,893,221    2,592,461 
Unrealized loss on investments held in trust account   -    -    (92,316)   - 
Bank interest income   1    21    6    175 
Total other income   684,601    954,809    1,800,911    2,592,636 
                     
Net income  $502,021   $755,988   $1,234,008   $2,105,442 
                     
Weighted average common stock outstanding, common stock subject to possible redemption   4,725,829    6,900,000    4,725,829    6,900,000 
Basic and diluted net income per share, common stock subject to redemption  $0.13   $0.12   $0.33   $0.32 
Weighted average common stock outstanding, common stock, non-redeemable   2,280,500    2,280,500    2,280,500    2,280,500 
Basic and diluted net loss per share, common stock, non-redeemable  $(0.06)  $(0.02)  $(0.14)  $(0.06)

 

The accompanying notes are an integral part of these financial statements.

 

2
 

 

ALPHAVEST ACQUISITION CORP

UNAUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)

 

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023

 

  

Ordinary

shares

   Amount  

Additional

paid-in

capital

  

Retained

earnings

(Accumulated

deficit)

  

Total

shareholders’ equity

 
Balance as of January 1, 2023   2,280,500   $228   $596,893   $(42,578)  $554,543 
Accretion for ordinary shares subject to redemption amount (interest income)   -    -    (596,893)   (244,327)   (841,220)
Net income   -    -    -    644,898    644,898 
                          
Balance as of March 31, 2023   2,280,500   $228   $-   $357,993   $358,221 
                          
Accretion for ordinary shares subject to redemption amount (interest income)   -    -    -    (834,681)   (834,681)
Net income   -    -    -    704,556    704,556 
                          
Balance as of June 30, 2023   2,280,500   $228   $-   $227,868   $228,096 
                          
Accretion for ordinary shares subject to redemption amount (interest income)   -    -    -    (954,788)   (954,788)
Net income   -    -    -    755,988    755,988 
                          
Balance as of September 30, 2023   2,280,500   $228   $-   $29,068   $29,296 

 

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

 

  

Ordinary

shares

   Amount  

Additional

paid-in

capital

  

Accumulated

deficit

  

Total

shareholders’ deficit

 
Balance as of January 1, 2024   2,280,500   $228   $-   $(325,050)  $(324,822)
Accretion for ordinary shares subject to redemption amount (interest income)   -    -    -    (586,164)   (586,164)
Accretion for ordinary shares subject to redemption amount (extension deposit)   -    -    -    (55,000)   (55,000)
Net income   -    -    -    349,241    349,241 
                          
Balance as of March 31, 2024   2,280,500   $228   $-    (616,973)   (616,745)
                          
Accretion for ordinary shares subject to redemption amount (interest income)   -    -           -    (530,141)   (530,141)
Accretion for ordinary shares subject to redemption amount (extension deposit)   -    -    -    (110,000)   (110,000)
Net income   -    -    -    382,746    382,746 
                          
Balance as of June 30, 2024   2,280,500   $228   $-   $(874,368)  $(874,140)
                          
Accretion for ordinary shares subject to redemption amount (interest income)   -    -    -    (684,600)   (684,600)
Accretion for ordinary shares subject to redemption amount (extension deposit)   -    -    -    (220,000)   (220,000)
Net income   -    -    -    502,021    502,021 
                          
Balance as of September 30, 2024   2,280,500   $228   $-   $(1,276,947)  $(1,276,719)

 

3
 

 

ALPHAVEST ACQUISITION CORP

UNAUDITED STATEMENTS OF CASH FLOWS

 

  

Nine Months Ended

September 30, 2024

  

Nine Months Ended

September 30, 2023

 
Cash flows from operating activities:          
Net income  $1,234,008    2,105,442 
Adjustments to reconcile net income to net cash used in operating activities:          
Trust investment income   (1,893,221)   (2,592,461)
Unrealized loss on investments held in trust account   92,316    - 
Changes in operating assets and liabilities:          
Prepaid expense   94,174    67,530
Accounts payable and accrued offering costs and expenses   366,677    (181,703)
Other payable   70,000    - 
Promissory note – related party   14,580    - 
Net cash used in operating activities   (21,465)   (601,192)
           
Cash flows from investing activities:          
Purchase of investment held in Trust Account   (330,000)   - 
Cash deposited to trust escrow account   (55,000)   - 
Net cash used in investing activities   (385,000)   - 
           
Cash flows from financing activities:          
Proceeds from promissory note – related party   55,000    - 
Proceeds from promissory note – third party   330,000    - 
Net cash provided by financing activities   385,000    - 
           
Net change in cash   (21,465)   (601,192)
Cash at beginning of period   28,560    659,035 
Cash at end of period  $7,095    57,843 
           
Supplemental disclosure of noncash investing and financing activities          
Accretion for ordinary shares subject to redemption amount  $2,185,905   $2,630,689 
Accrued expenses converted to promissory note– related party  $188,587   $- 
Accrued expenses converted to promissory note – third party  $45,000   $- 
Prepaid expenses paid by promissory note – third party  $81,000   $- 

 

The accompanying notes are an integral part of these financial statements.

 

4
 

 

ALPHAVEST ACQUISITION CORP

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

NOTE 1 -ORGANIZATION AND BUSINESS OPERATIONS

 

AlphaVest Acquisition Corp (the “Company”) was incorporated in the Cayman Islands on January 14, 2022. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”).

 

The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

 

As of September 30, 2024, the Company had not commenced any operations. All activity through September 30, 2024 relates to the Company’s formation and the initial public offering (“IPO”), which is described below, and subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion an initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.

 

The registration statement for the Company’s IPO (the “Registration Statement”) was declared effective on December 19, 2022. On December 22, 2022, the Company consummated the IPO of 6,000,000 units, (“Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares”), generating gross proceeds of $60,000,000, which is described in Note 3, and the sale of 390,000 Units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in private placements to AlphaVest Holding LP (the “Sponsor”) that was closed simultaneously with the IPO.

 

Following the closing of the IPO on December 22, 2022, an amount of $61,200,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement (as defined in Note 4) was placed in the trust account. The funds held in the trust account may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the trust account, as described below.

 

On December 29, 2022, EarlyBirdCapital, Inc. (“EBC”) fully exercised their over-allotment option, resulting in an additional 900,000 Units issued for an aggregate amount of $9,000,000. In connection with EBC’s full exercise of their over-allotment option, the Company also consummated the sale of an additional 40,500 Private Units at $10.00 per Private Unit, generating total proceeds of $405,000.

 

The Company will have until the last Extended Date, December 22, 2024 to consummate a Business Combination (the “Combination Period”). However, if the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

 

5
 

 

Extension

 

On December 21, 2023, the Company held a special meeting of shareholders, at which the Company’s shareholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation (the “Extension Amendment”) and (ii) an amendment (the “Trust Agreement Amendment”) to the Investment Management Trust Agreement, dated December 19, 2022, with Continental Stock Transfer & Trust Company. Pursuant to the Trust Agreement Amendment, the Company has extended the date by which it has to complete a business combination from December 22, 2023 (the “Termination Date”) up to 10 times, with the first extension comprised of three months, and the subsequent 9 extensions comprised of one month each from the Termination Date, or extended date, as applicable, to December 22, 2024. In connection with the shareholders’ vote at the special meeting, an aggregate of 2,174,171 shares with redemption value of approximately $23,282,936 (approximately $10.71 per share) of the Company’s ordinary shares were tendered for redemption.

 

On December 21, 2023, the Company issued a promissory note to Alphavest Holding LP, one of the Sponsors, pursuant to which the Company could borrow an aggregate of $165,000 (the “Extension Note”) to cover expenses in connection with the extension of Business Combination Period. Principal of this Extension Note may be drawn down from time to time prior to the Maturity Date upon written request from the Company. On April 15, 2024, the Company amended and restated the Extension Note to increase the principal amount to $715,000 and extend the maturity date to the earlier of (i) September 12, 2024 or (ii) promptly after the date of the consummation of the business combination. On October 25, 2024, the Company amended and restated the Extension Note with AlphaVest Holding LP to extend the maturity date to promptly after the date of the consummation of the business combination.

 

On May 2, 2024, the Company issued a promissory note to a potential target, pursuant to which the Company could borrow an aggregate of $440,000 (the “Extension Note 2”) to cover expenses in connection with the extension of Business Combination Period. Principal of this Extension Note 2 may be drawn down from time to time prior to the Maturity Date upon written request from the Company.

 

As of the date of this filing, an aggregate of $605,000 was deposited into trust account and trust escrow account to extend the business combination period to November 22, 2024.

 

Proposed Business Combination

 

On August 11, 2023, the Company (at and after the Merger Effective Date, “PubCo”) entered into a business combination agreement (the “Business Combination Agreement”) with AV Merger Sub, a Cayman Islands exempted company and a direct wholly owned subsidiary of the Company (“Merger Sub”), and Wanshun Technology Industrial Group Limited, a Cayman Islands exempted company (“Wanshun”).

 

On March 18, 2024, the Company delivered to Wanshun a Notice of Termination of Business Combination (the “Termination”), in which the Business Combination Agreement was terminated pursuant to Section 8.1(e) of the Business Combination Agreement. The termination of the Business Combination Agreement is effective as of March 18, 2024.

 

For additional information regarding the Transactions, the Business Combination Agreement, Notice of Termination of Business Combination and Wanshun, see the most recent Annual Report on Form 10-K and Current Reports on Form 8-K filed by the Company with the SEC on August 14, 2023, August 17, 2023 and March 25, 2024.

 

On May 2, 2024, the Company issued a promissory note to AMC (defined below) (the “Extension Note 2”), pursuant to which the Company could borrow an aggregate of $440,000 to cover expenses in connection with the extension of Business Combination Period. The Extension Note 2 bears no interest. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) December 12, 2024 or (ii) promptly after the date on which Maker consummates an initial business combination. Upon receiving due notification by the Company of the closing of a business combination, AMC shall convert the unpaid principal balance under Extension Note 2 into a number of shares of non-transferable, non-redeemable, ordinary shares of the Company equal to: (x) the principal amount of this Extension Note 2 being converted, divided by (y) the conversion price of Ten Dollars ($10.00), rounded up to the nearest whole number of shares, with such conversion to be effective immediately prior to the closing the such business combination. As of September 30, 2024 and December 31, 2023, $330,000 and $0 were outstanding, respectively.

 

On May 2, 2024, the Company issued a promissory note to AMC (the “Promissory Note 2”), pursuant to which the Company could borrow up to an aggregate of $126,000. The Promissory Note 2 bears no interest. The entire unpaid principal balance of this Promissory Note 2 shall be payable on the earlier of: (i) December 12, 2024 or (ii) promptly after the date on which Maker consummates an initial business combination. Upon receiving due notification by the Company of the closing of a business combination, AMC shall convert the unpaid principal balance under Promissory Note 2 into a number of shares of non-transferable, non-redeemable, ordinary shares of the Company equal to: (x) the principal amount of this Promissory Note 2 being converted, divided by (y) the conversion price of Ten Dollars ($10.00), rounded up to the nearest whole number of shares, with such conversion to be effective immediately prior to the closing the such business combination. As of September 30, 2024 and December 31, 2023, $126,000 and $0 were outstanding, respectively.

 

On August 16, 2024, the Company entered into a business combination agreement (the “Merger Agreement”) with AV Merger Sub, wholly owned subsidiary of the Company (“Merger Sub”), and AMC Corporation, a Washington corporation (“AMC”). Upon the terms and subject to the conditions of the Merger Agreement, an in accordance with applicable law, Merger Sub will merge with AMC, with AMC surviving the merger as a wholly owned subsidiary of the Company.

 

Going Concern Consideration and Management Liquidity Plans

 

As of September 30, 2024, the Company had cash of $7,095 and working capital deficit of $1,276,719. Subsequent to the consummation of the IPO, the Company expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. The Company expects that it will need additional capital to satisfy its needs for paying these costs. Although certain of the Company’s initial shareholders or their affiliates may loan the Company funds, there’s no guarantee that the Company will receive such funds.

 

6
 

 

In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management believes that the Company will not have sufficient working capital to meet its needs through the earlier of the consummation of the initial Business Combination or one year from the issuance date of this financial statements. There is no assurance that the Company’s plan to consummate a business combination will be successful. If a Business Combination is not consummated by the relevant period, there will be a mandatory liquidation and subsequent dissolution. As a result, there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued. The financial statement does not include any adjustments that might result from the outcome of the uncertainty.

 

On September 13, 2024, the Company received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2) (the “Minimum Public Holders Rule”), which requires the Company to have at least 400 total holders for continued listing on The Nasdaq Global Market. An indicator will be displayed with quotation information related to the Company’s securities on listingcenter.nasdaq.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact the listing of the Company’s securities on The Nasdaq Global Market at this time. The Notice states that the Company has 45 calendar days, or until October 28, 2024, to submit a plan (the “Company’s Plan”) to regain compliance with the Minimum Public Holders Rule. If the Company is unable to regain compliance by that date, the Company intends to submit a plan to regain compliance with the Minimum Public Holders Rule within the required timeframe. If Nasdaq accepts the Company’s Plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the Minimum Public Holders Rule. If Nasdaq does not accept the Company’s Plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. However, there can be no assurance that such an appeal would be successful. The Company, by filing this Current Report Form 8-K, discloses its receipt of the Notice in accordance with Nasdaq Listing Rule 5810(b). The Company intends to monitor its total holders between now and October 28, 2024, and may, if appropriate, evaluate available options to resolve the deficiency under the Minimum Public Holders Rule and regain compliance with the Minimum Public Holders Rule. Additionally, the Company may consider applying to transfer the listing of its securities to The Nasdaq Capital Market (provided that it then satisfies the requirements for continued listing on that market). However, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing criteria. The Company submitted the Company’s Plan on October 28, 2024 to transfer the listing of our Ordinary Shares, Units and Rights from the Nasdaq Global Market to the Nasdaq Capital Market.

 

Risks and Uncertainties

 

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year.

 

Emerging Growth Company

 

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

 

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

7
 

 

Use of Estimates

 

The preparation of the financial statement in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 

Cash and cash equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had a cash balance of $7,095 and $28,560 as of September 30, 2024 and December 31, 2023, respectively.

 

Investments Held in Trust Account

 

The Company’s portfolio of investments held in the trust account is comprised of investments only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Company’s investments held in the trust account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in trust account are included in interest earned on marketable securities held in trust account in the accompanying statements of operations. The estimated fair value of investments held in the trust account is determined using available market information. As of September 30, 2024 and December 31, 2023, the trust account had balance of $53,011,509 and $50,880,604, respectively. The interest earned from the trust account totaled $684,600 and $954,788 for three months ended September 30, 2024 and 2023, respectively, and $1,893,221 and $2,592,461 for nine months ended September 30, 2024 and 2023, respectively, which were fully reinvested into the trust account as earned and unrealized gain on investments and therefore presented as an adjustment to the operating activities in the Statement of Cash Flows.

 

Cash held in Trust Escrow Account

 

As of September 30, 2024, the Company had $55,000 in cash held in the trust escrow account which not yet been deposited to Trust Account. Once deposited, the full amount will be invested in U.S. government securities with a maturity of 185 days or less or in money market funds.

 

Income Taxes

 

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2024 and December 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

 

8
 

 

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement.

 

Net Income (Loss) per Ordinary Shares

 

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net loss less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the common shares subject to possible redemption was considered to be dividends paid to the public shareholders. As of June 30, 2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the period presented.

 

The net income (loss) per share presented in the statements of operations is based on the following:

 

   2024   2023   2024   2023 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023   2024   2023 
Net income  $502,021   $755,988   $1,234,008   $2,105,442 
Accretion of temporary equity into redemption value (interest earned)   (684,600)   (954,788)   (1,800,904)   (2,630,689)
Accretion of temporary equity into redemption value (extension deposit)   (220,000)   -    (385,000)   - 
Net loss including accretion of equity into redemption value  $(402,579)  $(198,800)  $(951,896)  $(525,247)

 

9
 

 

Particulars  Shares   Shares   Shares   Shares   Shares   Shares   Shares   Shares 
   For Three Months Ended
September 30, 2024
   For Nine Months Ended
September 30, 2024
   For Three Months Ended
September 30, 2023
   For Nine Months Ended
September 30, 2023
 
   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable 
Particulars  Shares   Shares   Shares   Shares   Shares   Shares   Shares   Shares 
Basic and diluted net income/(loss) per share:                                        
Weighted-average shares outstanding   4,725,829    2,280,500    4,725,829    2,280,500    6,900,000    2,280,500    6,900,000    2,280,500 
Ownership percentage   67%   33%   67%   33%   75%   25%   75%   25%
Numerators:                                        
Allocation of net loss including accretion of temporary equity   (271,543)   (131,036)   (642,062)   (309,834)   (149,417)   (49,383)   (394,772)   (130,475)
Interest earned on investment held in trust account   684,600    -    1,800,904    -    954,788    -    2,630,689    - 
Accretion of temporary equity into redemption value (extension deposit)   220,000    -    385,000    -    -    -    -    - 
Allocation of net income/(loss)   633,057    (131,036)   1,543,842    (309,834)   805,371    (49,383)   2,235,917    (130,475)
Denominators:                                        
Weighted-average shares outstanding   4,725,829    2,280,500    4,725,829    2,280,500    6,900,000    2,280,500    6,900,000    2,280,500 
Basic and diluted net income/(loss) per share  $0.13   $(0.06)  $0.33   $(0.14)  $0.12   $(0.02)  $0.32   $(0.06)

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

 

Fair Value of Financial Instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

 

Ordinary Shares Subject to Possible Redemption

 

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “Distinguishing Liabilities from Equity”. Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares is classified as stockholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2024 and December 31, 2023, the ordinary shares subject to possible redemption in the amount of $53,066,509 and $50,880,604, respectively, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

 

10
 

 

At September 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:

 

      
Ordinary shares subject to possible redemption at December 31, 2023  $50,880,604 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   586,164 
Accretion for ordinary shares subject to redemption (extension deposit)   55,000 
Ordinary shares subject to possible redemption at March 31, 2024   51,521,768 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   530,141 
Accretion for ordinary shares subject to redemption (extension deposit)   110,000 
Ordinary shares subject to possible redemption at June 30, 2024  $52,161,909 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   684,600 
Accretion for ordinary shares subject to redemption (extension deposit)   220,000 
Ordinary shares subject to possible redemption at September 30, 2024  $53,066,509 

 

Convertible Promissory Note

 

The Company adopted the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) and accounts for its convertible promissory notes as debt (liability) on the balance sheet. The Company’s assessment of the embedded conversion feature (see Note 1 - Organization and Business Operations) considers the derivative scope exception guidance under ASC 815 pertaining to equity classification of contracts in an entity’s own equity. The conversion feature of these promissory notes meets the definition of a derivative instrument. However, bifurcation of conversion feature from the debt host is not required because the conversion feature meets ASC 815 scope exception, as the promissory notes are convertible in shares of the Company’s common stock which is considered indexed to the Company’s own stock and classified in stockholders’ equity.

 

Recent Accounting Standards

 

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

 

NOTE 3 - INITIAL PUBLIC OFFERING

 

Pursuant to the IPO, the Company sold 6,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of ordinary shares and one right to receive one-tenth (1/10) of one ordinary shares upon the consummation of the Company’s initial business combination one right (“Public Right”). Ten Public Rights will entitle the holder to one share of ordinary shares (see Note 7). We will not issue fractional shares and only whole shares will trade, so unless you purchase units in multiple of tens, you will not be able to receive or trade the fractional shares underlying the rights. On December 29, 2022, EBC fully exercised their over-allotment option, resulting in an additional 900,000 Units issued for an aggregate amount of $9,000,000. See Note 1 for further details.

 

NOTE 4 - PRIVATE PLACEMENTS

 

Simultaneously with the closing of the IPO, the Company consummated the private sale of 390,000 Private Placement Units. Each Unit consists of one share of ordinary shares and one right to receive one-tenth (1/10) of one share of ordinary shares upon the consummation of the Company’s initial business combination (“Private Right”). The proceeds from the sale of the Private Placement Units were added to the net proceeds from the IPO held in the trust account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in the trust account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law). The Private Placement Units (including the underlying securities) will not be transferable, assignable, or salable until the completion of a Business Combination, subject to certain exceptions.

 

In connection with EBC’s full exercise of their over-allotment option, the Company also consummated the sale of an additional 40,500 Private Units at $10.00 per Private Unit, generating total proceeds of $405,000.

 

NOTE 5 - RELATED PARTIES

 

On February 7, 2022, the sponsor received 1,725,000 of the Company’s ordinary shares in exchange for $25,000 paid for deferred offering costs borne by the founder. Up to 225,000 of such founder shares are subject to forfeiture to the extent that EBC’s over-allotment is not exercised in full. As a result of EBC’s election to fully exercise their over-allotment option on December 29, 2022, no founder shares are currently subject to forfeiture.

 

On April 18, 2023, AlphaVest Holding LP, one of our sponsors, transferred an aggregate of 1,035,000 founder shares to Peace Capital Limited, our other sponsor.

 

The Sponsors have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) six months after the completion of the initial Business Combination and (B) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction after our initial business combination that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

 

11
 

 

As of September 30, 2024 and December 31, 2023, the amounts due to related parties were $433,004 and $174,837, respectively, which is expected to be settled upon the consummation of the business combination.

 

Administrative Services Agreement

 

Commencing on the date the Units are first listed on the Nasdaq, the Company has agreed to pay TenX Global Capital LP a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon completion of the Initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For three months and nine months ended September 30, 2024, the Company incurred $30,000 and $90,000 in fees respectively for these services. As of September 30, 2024, the amount outstanding was $103,871. For three months and nine months ended September 30, 2023, the Company incurred $30,000 and $90,000 in fees respectively for these services.

 

Promissory Notes - Related Party

 

On June 3, 2022, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate of $150,000 to cover expenses related to the IPO. On April 11, 2024, the Company amended and restated the Promissory Note with AlphaVest Holding LP to extend the maturity date to the earlier of: (i) September 12, 2024 or (ii) promptly after the date of the consummation of the business combination. The Promissory Note expired on September 12, 2024. As of September 30, 2024 and December 31, 2023, $0 was outstanding.

 

On December 21, 2023, Alphavest Holding LP, one of the Sponsor, agreed to loan the Company $165,000 (as amended and restated, the “Extension Note”) to cover expenses in connection with extensions of Business Combination Period. The Extension Note is unsecured, interest-free and payable on the earlier of: (i) March 22, 2024 or (ii) promptly after the date on which the Company consummates a Business Combination (such earlier date, the “Maturity Date”). The Company may request, from time to time, up to $715,000 in drawdowns under this Extension Note to be used for extension payments related to the Company’s Business Combination. Principal of this Extension Note may be drawn down from time to time prior to the Maturity Date upon written request from the Company. On April 15, 2024, the Company amended and restated the Extension Note with AlphaVest Holding LP to increase the principal amount to $715,000 extend the maturity date to the earlier of: (i) September 12, 2024 or (ii) promptly after the date of the consummation of the business combination. On October 25, 2024, the Company amended and restated the Extension Note with AlphaVest Holding LP to extend the maturity date to promptly after the date of the consummation of the business combination. As of September 30, 2024 and December 31, 2023, $220,000 and $165,000 were outstanding respectively.

 

On March 12, 2024, the Company issued a promissory note to TenX Global Capital LP (the “Promissory Note 1”), pursuant to which the Company could borrow up to an aggregate of $400,000. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) September 12, 2024 (six (6) months from the issuing of this Note) or (ii) promptly after the date on which Maker consummates an initial business combination (a “Business Combination”) (such earlier date, the “Maturity Date”) (as described in its initial public offering prospectus dated December 19, 2022 (the “Prospectus”)). On October 21, 2024, the Company amended and restated the Promissory Note with AlphaVest Holding LP to extend the maturity date to the earlier of: (i) December 12, 2024 or (ii) promptly after the date of the consummation of the business combination. As of September 30, 2024 and December 31, 2023, $203,167 and $0 were outstanding, respectively.

 

Website Service

 

On February 22, 2024 and 2023, the Company has agreed to pay TenX Global Capital LP a total of $537 and $784 for annual website service, respectively. For three months ended September 30, 2024 and 2023, the Company incurred $134 and $198 in fees for these services, respectively. For nine months ended September 30, 2024 and 2023, the Company incurred $425 and $436 in fees for these services, respectively.

 

NOTE 6 - COMMITMENTS AND CONTINGENCY

 

Registration Rights

 

The holders of the Founder Shares, ordinary shares issued to EBC, Private Placement Units and Units that may be issued upon conversion of Working Capital Loans (and all underlying securities) will be entitled to registration rights pursuant to a registration rights agreement signed prior to or on the effective date of Proposed Public Offering requiring the Company to register such securities for resale. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

Underwriting Agreement

 

The Company and EBC signed an engagement letter which was amended on September 15, 2022, pursuant to which, the Company will grant EBC 45-day option from the date of Proposed Public Offering to purchase up to 900,000 additional Units to cover over-allotments, if any, at the Proposed Public Offering price less the underwriting discounts and commissions. On December 29, 2022, EBC fully exercised the over-allotment. EBC was paid a cash underwriting discount of $1,725,000 in the aggregate.

 

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Business Combination Marketing Agreement

 

The Company has engaged EBC as an advisor in connection with its Business Combination to assist in holding meetings with the Company stockholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing its securities in connection with its initial Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company will pay EBC a cash fee for such services upon the consummation of its initial business combination in an amount equal to 3.5% of the gross proceeds of the IPO, or $2,415,000 in aggregate. In addition, the Company will pay EBC a cash fee in an amount equal to 1.0% of the total consideration payable in the initial Business Combination if it introduces the Company to the target business with whom it completes an initial Business Combination.

 

NOTE 7 - SHAREHOLDERS’ EQUITY

 

Preference Shares - The Company is authorized to issue 2,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2024, there were no shares of preference shares issued or outstanding.

 

Ordinary Shares - The Company is authorized to issue 200,000,000 ordinary shares with a par value of $0.0001 per share Holders of ordinary shares are entitled to one vote for each share.

 

On February 7, 2022, the Sponsor received 1,725,000 shares of the Company’s ordinary shares in exchange for $25,000 paid for deferred offering costs borne by the Founder. Out of the 1,725,000 ordinary shares, an aggregate of up to 225,000 ordinary shares were subject to forfeiture to the extent that the over-allotment option is not exercised in full or in part so that the number of Founder Shares will equal 20% of the Company’s issued and outstanding ordinary shares after the Public Offering (excluding Private Shares).

 

On July 11, 2022, EBC received an aggregate of 125,000 ordinary shares (“EBC Founder Shares”) for an aggregate purchase price of $1,750, or approximately $0.014 per share. The Company estimated the fair value of the EBC founder shares to be $1,812 based upon the price of the founder shares issued to the Sponsor. The holders of the EBC founder shares have agreed not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive their conversion rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of a Business Combination and (ii) to waive their rights to liquidating distributions from the trust account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period.

 

On December 22, 2022, the Sponsor and EBC received an aggregate of 390,000 private units (365,000 private units purchased by the Sponsor and 25,000 private units purchased by EBC) at a price of $10.00 per unit for a total purchase price of $3,900,000 in a private placement.

 

On December 29, 2022, as a result of the EBC’s election to fully exercise their over-allotment option, the Sponsor and EBC received additional 40,500 private units on a pro rata basis (37,904 private units purchased by the Sponsor and 2,596 private units purchased by EBC) at a price of $10.00 per unit.

 

As of September 30, 2024 and December 31, 2023, there were 2,280,500 ordinary shares issued and outstanding, excluding 4,725,829 ordinary shares subject to possible redemption which are presented as temporary equity as of September 30, 2024 and December 31, 2023.

 

Rights - Except in cases where the Company is not the surviving company in a business combination, each holder of a right will automatically receive one-tenth (1/10) of one share of ordinary shares upon consummation of a Business Combination. The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of one ordinary shares underlying each right upon consummation of the Business Combination. If the Company is unable to complete a Business Combination within the required time period and the Company redeems the public shares for the funds held in the trust account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.

 

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NOTE 8 - FAIR VALUE MEASUREMENTS

 

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

 

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

 

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

 

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

 

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023. and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. At September 30, 2024, the Company has recognized the unrealizes loss of $92,316.

 

Date  Trading Securities  Level   Fair Value 
September 30, 2024  Marketable securities held in the trust account   1   $53,011,509 
              
December 31, 2023  Marketable securities held in the trust account   1   $50,880,604 

 

NOTE 9 - SUBSEQUENT EVENTS

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. Based upon this review, the Company identified the following subsequent event that is required disclosure in the financial statements.

 

On October 11, 2024, the Company issued a promissory note to AMC (the “Promissory Note 3”), pursuant to which the Company could borrow up to an aggregate of $100,000. The entire unpaid principal balance of this Promissory Note 3 shall be payable on the earlier of: (i) December 31, 2024 or (ii) promptly after the date on which Maker consummates an initial business combination. Upon receiving due notification by the Company of the closing of a business combination, potential target shall convert the unpaid principal balance under Promissory Note 3 into a number of shares of non-transferable, non-redeemable, ordinary shares of the Company equal to: (x) the principal amount of this Promissory Note 3 being converted, divided by (y) the conversion price of Ten Dollars ($10.00), rounded up to the nearest whole number of shares, with such conversion to be effective immediately prior to the closing the such business combination. As of the date of this filing, $54,285 is outstanding.

 

As previously disclosed in Note 1, the Company received a written notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2) (the “Minimum Public Holders Rule”), which requires the Company to have at least 400 total holders for continued listing on The Nasdaq Global Market. On October 28, 2024, the Company submitted a plan to transfer the listing of our Ordinary Shares, Units and Rights from the Nasdaq Global Market to the Nasdaq Capital Market.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

References to the “Company,” “our,” “us” or “we” refer to AlphaVest Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes related thereto. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors.

 

Overview

 

We were incorporated in the Cayman Islands on January 14, 2022 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While we intend to focus our search on businesses in Asia, we are not limited to a particular industry or geographic region for purposes of consummating an initial business combination. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We intend to effectuate our initial business combination using cash from the proceeds of this offering and the private placement of the private units, the proceeds of the sale of our securities in connection with our initial business combination, our shares, debt or a combination of cash, stock and debt.

 

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

 

Results of Operations

 

We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception through September 30, 2024 were organizational activities, those necessary to prepare for the IPO described below and identifying a target company for our initial Business Combination. We do not expect to generate any operating revenues until after the completion of our initial Business Combination. We expect to generate non-operating income in the form of interest income on marketable securities held after the IPO. We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

 

For three months ended September 30, 2024, we had a net income of $502,021, which consists of interest earned on marketable securities held in Trust Account and bank interest income of $684,601, offset by formation and operating costs of $182,580.

 

For nine months ended September 30, 2024, we had a net income of $1,234,008, which consists of interest earned on marketable securities held in Trust Account and bank interest income of $1,893,227, offset by formation and operating costs of $566,903 and unrealized loss on the investment of $92,316.

 

For three months ended September 30, 2023, we had a net income of $755,988, which consists of interest earned on marketable securities held in Trust Account and bank interest income of $954,809, offset by formation and operating costs of $198,821.

 

For nine months ended September 30, 2023, we had a net income of $2,105,442, which consists of interest earned on marketable securities held in Trust Account and bank interest income of $2,592,636, offset by formation and operating costs of $487,194.

 

Liquidity, Capital Resources, and Going Concern

 

On December 22, 2022, we consummated the Initial Public Offering of 6,000,000 Units and, with respect to the ordinary shares included in the Units sold, the Public Shares at $10.00 per Unit, generating gross proceeds of $60,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 390,000 Private Units at a price of $10.00 per Private Unit in a private placement to the Sponsor and EBC (365,000 private units to Sponsor and 25,000 private units to EBC), generating gross proceeds of $3,900,000.

 

On December 29, 2022, EBC fully exercised their over-allotment option, resulting in an additional 900,000 Units issued for an aggregate amount of $9,000,000. In connection with the EBC’s full exercise of their over-allotment option, the Company also consummated the sale of an additional 40,500 Private Units at $10.00 per Private Unit, generating total proceeds of $405,000.

 

Following the full exercise of over-allotment option, and the sale of the Private Units, an amount of $70,380,000 ($10.20 per Unit) was placed in the trust account. The funds held in the Trust Account may be invested in U.S. government securities with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by us. We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account, to complete our initial business combination. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

 

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As of September 30, 2024, we had marketable securities held in the trust account of $53,011,509 (including $5,419,445 of interest income as of September 30, 2024) consisting of U.S. Treasury Bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Interest income on the balance in the trust account may be used by us to pay taxes. Through September 30, 2024, we have not withdrawn any interest earned from the trust account.

 

As of September 30, 2024, we had cash of $7,095 and a working capital deficit of $1,276,719. On May 2, 2024, we issued a promissory note to AMC Corporation in the aggregate principal amount of $126,000, to be used, in part, for operating costs.

 

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds on a non-interest bearing basis as may be required. If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment. Other than as described above, the terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our Sponsor or an affiliate of our Sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

 

If our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant number of our Public Shares upon completion of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. In addition, we are targeting businesses larger than we could acquire with the net proceeds of the IPO and the sale of the Private Units, and may as a result be required to seek additional financing to complete such proposed initial business combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our initial business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

 

There is no assurance that our plans to consummate a business combination will be successful within the combination period. As a result, there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued.

 

In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management believes that the Company will not have sufficient working capital to meet its needs through the earlier of the consummation of the initial Business Combination or one year from the issuance date of this financial statements. There is no assurance that the Company’s plan to consummate a business combination will be successful. As a result, there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued. The financial statements do not include any adjustments that might result from the outcome of the uncertainty.

 

Off-Balance Sheet Financing Arrangements

 

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2024. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

 

Related Party Transactions

 

On February 7, 2022, the sponsor received 1,725,000 of the Company’s ordinary shares in exchange for $25,000 paid for deferred offering costs borne by the founder. Up to 225,000 of such founder shares are subject to forfeiture to the extent that EBC’s over-allotment is not exercised in full. As a result of EBC’s election to fully exercise their over-allotment option on December 29, 2022, no founder shares are currently subject to forfeiture.

 

On June 3, 2022, the Company entered into an unsecured promissory note with AlphaVest Holding LP (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate of $150,000 to cover expenses related to the IPO. On April 11, 2024, the Company amended and restated the Promissory Note with AlphaVest Holding LP to extend the maturity date to the earlier of : (i) September 12, 2024 or (ii) promptly after the date of the consummation of the business combination. The Promissory Note expired on September 12, 2024.

 

On April 18, 2023, AlphaVest Holding LP, one of our sponsors, transferred an aggregate of 1,035,000 founder shares to Peace Capital Limited, our other sponsor.

 

The Sponsors have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) six months after the completion of the initial Business Combination and (B) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction after our initial business combination that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

 

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On December 21, 2023, the Company issued a promissory note to Alphavest Holding LP, one of the Sponsors, pursuant to which the Company could borrow an aggregate of $165,000 (the “Extension Note”) to cover expenses in connection with the extension of Business Combination Period. The Extension Note is unsecured, interest-free and payable on the earlier of: (i) March 22, 2024 or (ii) promptly after the date on which the Company consummates a Business Combination (such earlier date, the “Maturity Date”). Principal of this Extension Note may be drawn down from time to time prior to the Maturity Date upon written request from the Company. On April 15, 2024, we amended and restated the Extension Note to increase the principal amount to $715,000 and extend the maturity date to the earlier of: (i) September 12, 2024 or (ii) promptly after the date of the consummation of the business combination. On October 25, 2024, we amended and restated the Extension Note with AlphaVest Holding LP to extend the maturity date to promptly after the date of the consummation of the business combination. As of September 30, 2024, $220,000 were outstanding.

 

On March 12, 2024, the Company issued a promissory note to TenX Global Capital LP (the “Promissory Note 1”), pursuant to which the Company could borrow up to an aggregate of $400,000. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) September 12, 2024 (six (6) months from the issuing of this Note) or (ii) promptly after the date on which Maker consummates an initial business combination (a “Business Combination”) (such earlier date, the “Maturity Date”) (as described in its initial public offering prospectus dated December 19, 2022 (the “Prospectus”)). On October 21, 2024, the Company amended and restated the Promissory Note with AlphaVest Holding LP to extend the maturity date to the earlier of: (i) December 12, 2024 or (ii) promptly after the date of the consummation of the business combination. As of September 30, 2024, $203,167 were outstanding.

 

As of September 30, 2024 and December 31, 2023, the amounts due to related parties were $433,004 and $174,837, respectively, which is expected to be settled upon the consummation of the business combination.

 

Other Contractual Obligations

 

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities reflected on our balance sheet.

 

Registration Rights

 

The holders of the Founder Shares, EBC founder shares, Private Placement Units will be entitled to registration rights pursuant to a registration rights agreement dated July 11, 2023 requiring the Company to register such securities for resale. Subject to certain limitations set forth in such agreement, the holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

Business Combination Marketing Agreement

 

We have engaged EBC as an advisor in connection with its Business Combination to assist in holding meetings with the Company stockholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing its securities in connection with its initial Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company will pay EBC a service fee for such services upon the consummation of its initial Business Combination in an amount equal to 3.5% of the gross proceeds of the IPO. In addition, the Company will pay EBC a service fee in an amount equal to 1.0% of the total consideration payable in the initial Business Combination if it introduces the Company to the target business with whom it completes an initial Business Combination and the amount will be payable in cash and is due at the closing date of the initial Business Combination.

 

Critical Accounting Policies and Estimates

 

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have not identified any critical accounting estimates and all the significant accounting policies are described in the Note 2 of this reviewed financial statements.

 

Recent Accounting Standards

 

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

 

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our current chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of September 30, 2024, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of September 30, 2024, our disclosure controls and procedures were effective.

 

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

 

Management’s Report on Internal Controls Over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as that term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) and for our assessment of the effectiveness of internal control over financial reporting. Our internal control over financial reporting is a process designed under the supervision of our Chief Executive Officer and our Chief Financial Officer, and effected by our Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with U.S. generally accepted accounting principles and includes those policies and procedures that: (1) pertain to the maintenance of records that in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Our management, including our Chief Executive Officer and Chief Financial Officer, has conducted an assessment regarding the effectiveness of our internal control over financial reporting as of September 30, 2024, based on the framework established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment under the criteria described above, management has concluded that our internal control over financial reporting was effective as of September 30, 2024.

 

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Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None.

 

ITEM 1A. RISK FACTORS

 

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in (i) our final prospectus for our Initial Public Offering filed with the SEC on May 10, 2022, and (ii) our annual report on Form 10-K filed with the SEC on April 16, 2024. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in (i) our final prospectus for our Initial Public Offering filed with the SEC on May 10, 2022 or (ii) our annual report on Form 10-K filed with the SEC on April 16, 2024, except we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Unregistered Sales of Equity Securities

 

On February 7, 2022, our sponsor acquired 1,725,000 founder shares for an aggregate purchase price of $25,000. We also issued an aggregate of 125,000 EBC founder shares to EBC on July 11, 2022 for an aggregate purchase price of $1,750.

 

Simultaneously with the closing of the IPO, pursuant to the Private Placement Unit Purchase Agreement, the Company completed the private sale of 365,000 units (the “Private Placement Units”) to the Sponsor and 25,000 Private Placement Units to EBC at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $3,900,000. The Private Placement Units are identical to the Units sold in the IPO. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. On December 29, 2022, simultaneously with the sale of the over-allotment Units, the Company consummated the private sale of an additional 37,904 Private Placement Units to the Sponsor and 2,596 Private Placements to EBC, generating additional gross proceeds of $405,000.

 

Use of Proceeds

 

On December 22, 2022, the Company consummated the initial public offering of 6,000,000 Units (the “Units” and, with respect to the common stock included in the Units sold, the “Public Shares”), including 900,000 Units that were issued pursuant to the underwriters’ exercise of their over-allotment option in full on December 29, 2022, at $10.00 per Unit, generating gross proceeds of $73,305,000.

 

19
 

 

Simultaneously with the closing of the initial public offering, we consummated the sale of 365,000 Private Placement Units to the Sponsor and 25,000 Private Placement Units to EBC at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $3,900,000. On December 29, 2022, simultaneously with the sale of the over-allotment Units, the Company consummated the private sale of an additional 37,904 Private Placement Units to the Sponsor and 2,596 Private Placements to EBC, generating additional gross proceeds of $405,000.

 

The underwriter was paid a cash underwriting discount of $0.20 per Unit, or $1,725,000 in the aggregate upon the closing of the Initial Public Offering.

 

On June 3, 2022, we issued an unsecured promissory note to our Sponsor (the “Promissory Note”), pursuant to which we received proceeds of $150,000 to cover expenses related to the initial public offering. The Promissory Note expired on the consummation of the IPO.

 

Transaction costs related to the issuances described above amounted to $3,734,629 consisting of $1,725,000 of underwriting fees, $629,929 of other offering costs, and $1,425,000 to trust account. After deducting the underwriting discounts and commissions and offering expenses, the total net proceeds from the initial public offering and the sale of the Private Placement Units $71,030,000 (or $10.20 per share sold in the initial public offering) was placed in the Trust Account.

 

Redemptions

 

On December 21, 2023, a special meeting of the stockholders was held to extend the date by which the Company must consummate a business combination. In connection with this meeting, the stockholders of record were provided the opportunity to exercise their redemption rights. Holders 2,174,171 Ordinary Shares properly exercised their rights to redeem their shares for cash at a redemption price of approximately $10.71 per share, for an aggregate redemption amount of approximately $ 23,282,935.83. Following the redemptions, the Company has 7,006,329 ordinary shares outstanding.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

20
 

 

ITEM 6. EXHIBITS

 

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

 

Exhibit

No.

  Description
2.1   Business Combination Agreement, dated as of August 16, 2024 (incorporated by referenced to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 22, 2024).
10.1   Sponsor Support Agreement (incorporated by referenced to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 22, 2024).
10.2   Form of Transaction Support Agreement(incorporated by referenced to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 22, 2024).
10.3   Form of Lock-Up Agreement(incorporated by referenced to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 22, 2024).
31.1*   Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*   Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**   Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**   Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS   Inline XBRL Instance Document
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH   Inline XBRL Taxonomy Extension Schema Document
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

* Filed herewith.

 

**These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

21
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

ALPHAVEST ACQUISITION CORP  
     
By: /s/ Yong (David) Yan  
Name: Yong (David) Yan  
Title: Principal Executive Officer  

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Quarterly Report has been signed below by the following persons in the capacities and on the dates indicated.

 

Signature   Position   Date
         
/s/Yong (David) Yan   Principal Executive Officer and Director   November 19, 2024
Yong (David) Yan   (Principal Executive Officer)    
         
/s/ Song (Steve) Jing   Principal Financial Officer   November 19, 2024
Song (Steve) Jing   (Principal Financial Officer and Principal Accounting Officer)    
         
/s/ Pengfei Zheng   Chairman   November 19, 2024
Pengfei Zheng        

 

22

 

 

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULES 13a-14(a) AND 15d-

14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION

302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Yong (David) Yan, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of AlphaVest Acquisition Corp;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 19, 2024 By: /s/ Yong (David) Yan
    Yong (David) Yan
    Chief Executive Officer
    (Principal Executive Officer)

 

 

 

Exhibit 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULES 13a-14(a) AND 15d-

14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION

302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Song (Steve) Jing, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of AlphaVest Acquisition Corp;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 19, 2024 By: /s/ Song (Steve) Jing
    Song (Steve) Jing
    Chief Financial Officer
    (Principal Financial Officer)

 

 

 

 

Exhibit 32.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of AlphaVest Acquisition Corp (the “Registrant”) on Form 10-Q for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, in the capacity and on the date indicated below, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: November 19, 2024 By: /s/ Yong (David) Yan
    Yong (David) Yan
    Chief Executive Officer
    (Principal Executive Officer)

 

 

 

 

Exhibit 32.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of AlphaVest Acquisition Corp (the “Registrant”) on Form 10-Q for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, in the capacity and on the date indicated below, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: November 19, 2024 By: /s/ Song (Steve) Jing
    Song (Steve) Jing
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

 

 

v3.24.3
Cover - $ / shares
9 Months Ended
Sep. 30, 2024
Nov. 19, 2024
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2024  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Entity File Number 001-41574  
Entity Registrant Name ALPHAVEST ACQUISITION CORP  
Entity Central Index Key 0001937891  
Entity Incorporation, State or Country Code E9  
Entity Address, Address Line One 205 W 37th St  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10018  
City Area Code 203  
Local Phone Number 998-5540  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company true  
Entity Common Stock, Shares Outstanding   7,006,329
Entity Listing, Par Value Per Share $ 0.0001  
Units, each consisting of one ordinary share and one right    
Title of 12(b) Security Units, each consisting of one ordinary share and one right  
Trading Symbol ATMVU  
Security Exchange Name NASDAQ  
Common stock, par value $0.0001 per share    
Title of 12(b) Security Common stock, par value $0.0001 per share  
Trading Symbol ATMV  
Security Exchange Name NASDAQ  
Rights, each right entitling the holder thereof to one-tenth of one ordinary share    
Title of 12(b) Security Rights, each right entitling the holder thereof to one-tenth of one ordinary share  
Trading Symbol ATMVR  
Security Exchange Name NASDAQ  
v3.24.3
Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash $ 7,095 $ 28,560
Prepaid expenses 21,399 34,573
Total Current Assets 28,494 63,133
Marketable securities held in trust account 53,011,509 50,880,604
Cash held in trust escrow account 55,000
Total Assets 53,095,003 50,943,737
Current Liabilities:    
Accounts payable and accrued offering costs and expenses 346,209 213,118
Other payable 70,000
Due to related party 9,837 9,837
Total Current Liabilities 1,305,213 387,955
Total Liabilities 1,305,213 387,955
Commitments and contingencies
Ordinary shares subject to possible redemption (4,725,829 shares at $11.23 and $10.77 per share as of September 30, 2024 and December 31, 2023, respectively) 53,066,509 50,880,604
Shareholders’ Deficit:    
Preferred shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
Ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 2,280,500 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 228 228
Additional paid-in capital
Accumulated deficit (1,276,947) (325,050)
Total Shareholders’ Deficit (1,276,719) (324,822)
Total Liabilities, Redeemable Ordinary Shares, and Shareholders’ Deficit 53,095,003 50,943,737
Nonrelated Party [Member]    
Current Liabilities:    
Promissory notes 456,000
Related Party [Member]    
Current Liabilities:    
Promissory notes $ 423,167 $ 165,000
v3.24.3
Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Temproary equity, redemption shares 4,725,829 4,725,829
Temproary equity, redemption price per share $ 11.23 $ 10.77
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 2,000,000 2,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 2,280,500 2,280,500
Common stock, shares outstanding 2,280,500 2,280,500
v3.24.3
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Formation and operating costs $ 182,580 $ 198,821 $ 566,903 $ 487,194
Loss from operations (182,580) (198,821) (566,903) (487,194)
Other Income (expenses):        
Interest income on investments held in trust account 684,600 954,788 1,893,221 2,592,461
Unrealized loss on investments held in trust account (92,316)
Bank interest income 1 21 6 175
Total other income 684,601 954,809 1,800,911 2,592,636
Net income $ 502,021 $ 755,988 $ 1,234,008 $ 2,105,442
Redeemable Common Stock [Member]        
Other Income (expenses):        
Weighted average common stock outstanding, Basic 4,725,829 6,900,000 4,725,829 6,900,000
Weighted average common stock outstanding, Diluted 4,725,829 6,900,000 4,725,829 6,900,000
Basic net income per share $ 0.13 $ 0.12 $ 0.33 $ 0.32
Diluted net income per share $ 0.13 $ 0.12 $ 0.33 $ 0.32
Non redeemable Common Stock [Member]        
Other Income (expenses):        
Weighted average common stock outstanding, Basic 2,280,500 2,280,500 2,280,500 2,280,500
Weighted average common stock outstanding, Diluted 2,280,500 2,280,500 2,280,500 2,280,500
Basic net income per share $ (0.06) $ (0.02) $ (0.14) $ (0.06)
Diluted net income per share $ (0.06) $ (0.02) $ (0.14) $ (0.06)
v3.24.3
Statements of Changes in Shareholders' Equity (Deficit) (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance at Dec. 31, 2022 $ 228 $ 596,893 $ (42,578) $ 554,543
Balance, shares at Dec. 31, 2022 2,280,500      
Accretion for ordinary shares subject to redemption amount (interest income) (596,893) (244,327) (841,220)
Net income 644,898 644,898
Balance at Mar. 31, 2023 $ 228 357,993 358,221
Balance, shares at Mar. 31, 2023 2,280,500      
Balance at Dec. 31, 2022 $ 228 596,893 (42,578) 554,543
Balance, shares at Dec. 31, 2022 2,280,500      
Net income       2,105,442
Balance at Sep. 30, 2023 $ 228 29,068 29,296
Balance, shares at Sep. 30, 2023 2,280,500      
Balance at Mar. 31, 2023 $ 228 357,993 358,221
Balance, shares at Mar. 31, 2023 2,280,500      
Accretion for ordinary shares subject to redemption amount (interest income) (834,681) (834,681)
Net income 704,556 704,556
Balance at Jun. 30, 2023 $ 228 227,868 228,096
Balance, shares at Jun. 30, 2023 2,280,500      
Accretion for ordinary shares subject to redemption amount (interest income) (954,788) (954,788)
Net income 755,988 755,988
Balance at Sep. 30, 2023 $ 228 29,068 29,296
Balance, shares at Sep. 30, 2023 2,280,500      
Balance at Dec. 31, 2023 $ 228 (325,050) (324,822)
Balance, shares at Dec. 31, 2023 2,280,500      
Accretion for ordinary shares subject to redemption amount (interest income) (586,164) (586,164)
Net income 349,241 349,241
Accretion for ordinary shares subject to redemption amount (extension deposit) (55,000) (55,000)
Balance at Mar. 31, 2024 $ 228 (616,973) (616,745)
Balance, shares at Mar. 31, 2024 2,280,500      
Balance at Dec. 31, 2023 $ 228 (325,050) (324,822)
Balance, shares at Dec. 31, 2023 2,280,500      
Net income       1,234,008
Balance at Sep. 30, 2024 $ 228 (1,276,947) (1,276,719)
Balance, shares at Sep. 30, 2024 2,280,500      
Balance at Mar. 31, 2024 $ 228 (616,973) (616,745)
Balance, shares at Mar. 31, 2024 2,280,500      
Accretion for ordinary shares subject to redemption amount (interest income) (530,141) (530,141)
Net income 382,746 382,746
Accretion for ordinary shares subject to redemption amount (extension deposit) (110,000) (110,000)
Balance at Jun. 30, 2024 $ 228 (874,368) (874,140)
Balance, shares at Jun. 30, 2024 2,280,500      
Accretion for ordinary shares subject to redemption amount (interest income) (684,600) (684,600)
Net income 502,021 502,021
Accretion for ordinary shares subject to redemption amount (extension deposit) (220,000) (220,000)
Balance at Sep. 30, 2024 $ 228 $ (1,276,947) $ (1,276,719)
Balance, shares at Sep. 30, 2024 2,280,500      
v3.24.3
Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 1,234,008 $ 2,105,442
Adjustments to reconcile net income to net cash used in operating activities:    
Trust investment income (1,893,221) (2,592,461)
Unrealized loss on investments held in trust account 92,316
Changes in operating assets and liabilities:    
Prepaid expense 94,174 67,530
Accounts payable and accrued offering costs and expenses 366,677 (181,703)
Other payable 70,000
Promissory note – related party 14,580
Net cash used in operating activities (21,465) (601,192)
Cash flows from investing activities:    
Purchase of investment held in Trust Account (330,000)
Cash deposited to trust escrow account (55,000)
Net cash used in investing activities (385,000)
Cash flows from financing activities:    
Proceeds from promissory note – related party 55,000
Proceeds from promissory note – third party 330,000
Net cash provided by financing activities 385,000
Net change in cash (21,465) (601,192)
Cash at beginning of period 28,560 659,035
Cash at end of period 7,095 57,843
Supplemental disclosure of noncash investing and financing activities    
Accretion for ordinary shares subject to redemption amount 2,185,905 2,630,689
Accrued expenses converted to promissory note– related party 188,587
Accrued expenses converted to promissory note – third party 45,000
Prepaid expenses paid by promissory note – third party $ 81,000
v3.24.3
ORGANIZATION AND BUSINESS OPERATIONS
9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1 -ORGANIZATION AND BUSINESS OPERATIONS

 

AlphaVest Acquisition Corp (the “Company”) was incorporated in the Cayman Islands on January 14, 2022. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”).

 

The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

 

As of September 30, 2024, the Company had not commenced any operations. All activity through September 30, 2024 relates to the Company’s formation and the initial public offering (“IPO”), which is described below, and subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion an initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.

 

The registration statement for the Company’s IPO (the “Registration Statement”) was declared effective on December 19, 2022. On December 22, 2022, the Company consummated the IPO of 6,000,000 units, (“Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares”), generating gross proceeds of $60,000,000, which is described in Note 3, and the sale of 390,000 Units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in private placements to AlphaVest Holding LP (the “Sponsor”) that was closed simultaneously with the IPO.

 

Following the closing of the IPO on December 22, 2022, an amount of $61,200,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement (as defined in Note 4) was placed in the trust account. The funds held in the trust account may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the trust account, as described below.

 

On December 29, 2022, EarlyBirdCapital, Inc. (“EBC”) fully exercised their over-allotment option, resulting in an additional 900,000 Units issued for an aggregate amount of $9,000,000. In connection with EBC’s full exercise of their over-allotment option, the Company also consummated the sale of an additional 40,500 Private Units at $10.00 per Private Unit, generating total proceeds of $405,000.

 

The Company will have until the last Extended Date, December 22, 2024 to consummate a Business Combination (the “Combination Period”). However, if the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

 

 

Extension

 

On December 21, 2023, the Company held a special meeting of shareholders, at which the Company’s shareholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation (the “Extension Amendment”) and (ii) an amendment (the “Trust Agreement Amendment”) to the Investment Management Trust Agreement, dated December 19, 2022, with Continental Stock Transfer & Trust Company. Pursuant to the Trust Agreement Amendment, the Company has extended the date by which it has to complete a business combination from December 22, 2023 (the “Termination Date”) up to 10 times, with the first extension comprised of three months, and the subsequent 9 extensions comprised of one month each from the Termination Date, or extended date, as applicable, to December 22, 2024. In connection with the shareholders’ vote at the special meeting, an aggregate of 2,174,171 shares with redemption value of approximately $23,282,936 (approximately $10.71 per share) of the Company’s ordinary shares were tendered for redemption.

 

On December 21, 2023, the Company issued a promissory note to Alphavest Holding LP, one of the Sponsors, pursuant to which the Company could borrow an aggregate of $165,000 (the “Extension Note”) to cover expenses in connection with the extension of Business Combination Period. Principal of this Extension Note may be drawn down from time to time prior to the Maturity Date upon written request from the Company. On April 15, 2024, the Company amended and restated the Extension Note to increase the principal amount to $715,000 and extend the maturity date to the earlier of (i) September 12, 2024 or (ii) promptly after the date of the consummation of the business combination. On October 25, 2024, the Company amended and restated the Extension Note with AlphaVest Holding LP to extend the maturity date to promptly after the date of the consummation of the business combination.

 

On May 2, 2024, the Company issued a promissory note to a potential target, pursuant to which the Company could borrow an aggregate of $440,000 (the “Extension Note 2”) to cover expenses in connection with the extension of Business Combination Period. Principal of this Extension Note 2 may be drawn down from time to time prior to the Maturity Date upon written request from the Company.

 

As of the date of this filing, an aggregate of $605,000 was deposited into trust account and trust escrow account to extend the business combination period to November 22, 2024.

 

Proposed Business Combination

 

On August 11, 2023, the Company (at and after the Merger Effective Date, “PubCo”) entered into a business combination agreement (the “Business Combination Agreement”) with AV Merger Sub, a Cayman Islands exempted company and a direct wholly owned subsidiary of the Company (“Merger Sub”), and Wanshun Technology Industrial Group Limited, a Cayman Islands exempted company (“Wanshun”).

 

On March 18, 2024, the Company delivered to Wanshun a Notice of Termination of Business Combination (the “Termination”), in which the Business Combination Agreement was terminated pursuant to Section 8.1(e) of the Business Combination Agreement. The termination of the Business Combination Agreement is effective as of March 18, 2024.

 

For additional information regarding the Transactions, the Business Combination Agreement, Notice of Termination of Business Combination and Wanshun, see the most recent Annual Report on Form 10-K and Current Reports on Form 8-K filed by the Company with the SEC on August 14, 2023, August 17, 2023 and March 25, 2024.

 

On May 2, 2024, the Company issued a promissory note to AMC (defined below) (the “Extension Note 2”), pursuant to which the Company could borrow an aggregate of $440,000 to cover expenses in connection with the extension of Business Combination Period. The Extension Note 2 bears no interest. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) December 12, 2024 or (ii) promptly after the date on which Maker consummates an initial business combination. Upon receiving due notification by the Company of the closing of a business combination, AMC shall convert the unpaid principal balance under Extension Note 2 into a number of shares of non-transferable, non-redeemable, ordinary shares of the Company equal to: (x) the principal amount of this Extension Note 2 being converted, divided by (y) the conversion price of Ten Dollars ($10.00), rounded up to the nearest whole number of shares, with such conversion to be effective immediately prior to the closing the such business combination. As of September 30, 2024 and December 31, 2023, $330,000 and $0 were outstanding, respectively.

 

On May 2, 2024, the Company issued a promissory note to AMC (the “Promissory Note 2”), pursuant to which the Company could borrow up to an aggregate of $126,000. The Promissory Note 2 bears no interest. The entire unpaid principal balance of this Promissory Note 2 shall be payable on the earlier of: (i) December 12, 2024 or (ii) promptly after the date on which Maker consummates an initial business combination. Upon receiving due notification by the Company of the closing of a business combination, AMC shall convert the unpaid principal balance under Promissory Note 2 into a number of shares of non-transferable, non-redeemable, ordinary shares of the Company equal to: (x) the principal amount of this Promissory Note 2 being converted, divided by (y) the conversion price of Ten Dollars ($10.00), rounded up to the nearest whole number of shares, with such conversion to be effective immediately prior to the closing the such business combination. As of September 30, 2024 and December 31, 2023, $126,000 and $0 were outstanding, respectively.

 

On August 16, 2024, the Company entered into a business combination agreement (the “Merger Agreement”) with AV Merger Sub, wholly owned subsidiary of the Company (“Merger Sub”), and AMC Corporation, a Washington corporation (“AMC”). Upon the terms and subject to the conditions of the Merger Agreement, an in accordance with applicable law, Merger Sub will merge with AMC, with AMC surviving the merger as a wholly owned subsidiary of the Company.

 

Going Concern Consideration and Management Liquidity Plans

 

As of September 30, 2024, the Company had cash of $7,095 and working capital deficit of $1,276,719. Subsequent to the consummation of the IPO, the Company expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. The Company expects that it will need additional capital to satisfy its needs for paying these costs. Although certain of the Company’s initial shareholders or their affiliates may loan the Company funds, there’s no guarantee that the Company will receive such funds.

 

 

In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management believes that the Company will not have sufficient working capital to meet its needs through the earlier of the consummation of the initial Business Combination or one year from the issuance date of this financial statements. There is no assurance that the Company’s plan to consummate a business combination will be successful. If a Business Combination is not consummated by the relevant period, there will be a mandatory liquidation and subsequent dissolution. As a result, there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued. The financial statement does not include any adjustments that might result from the outcome of the uncertainty.

 

On September 13, 2024, the Company received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2) (the “Minimum Public Holders Rule”), which requires the Company to have at least 400 total holders for continued listing on The Nasdaq Global Market. An indicator will be displayed with quotation information related to the Company’s securities on listingcenter.nasdaq.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact the listing of the Company’s securities on The Nasdaq Global Market at this time. The Notice states that the Company has 45 calendar days, or until October 28, 2024, to submit a plan (the “Company’s Plan”) to regain compliance with the Minimum Public Holders Rule. If the Company is unable to regain compliance by that date, the Company intends to submit a plan to regain compliance with the Minimum Public Holders Rule within the required timeframe. If Nasdaq accepts the Company’s Plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the Minimum Public Holders Rule. If Nasdaq does not accept the Company’s Plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. However, there can be no assurance that such an appeal would be successful. The Company, by filing this Current Report Form 8-K, discloses its receipt of the Notice in accordance with Nasdaq Listing Rule 5810(b). The Company intends to monitor its total holders between now and October 28, 2024, and may, if appropriate, evaluate available options to resolve the deficiency under the Minimum Public Holders Rule and regain compliance with the Minimum Public Holders Rule. Additionally, the Company may consider applying to transfer the listing of its securities to The Nasdaq Capital Market (provided that it then satisfies the requirements for continued listing on that market). However, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing criteria. The Company submitted the Company’s Plan on October 28, 2024 to transfer the listing of our Ordinary Shares, Units and Rights from the Nasdaq Global Market to the Nasdaq Capital Market.

 

Risks and Uncertainties

 

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year.

 

Emerging Growth Company

 

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

 

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

 

Use of Estimates

 

The preparation of the financial statement in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 

Cash and cash equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had a cash balance of $7,095 and $28,560 as of September 30, 2024 and December 31, 2023, respectively.

 

Investments Held in Trust Account

 

The Company’s portfolio of investments held in the trust account is comprised of investments only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Company’s investments held in the trust account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in trust account are included in interest earned on marketable securities held in trust account in the accompanying statements of operations. The estimated fair value of investments held in the trust account is determined using available market information. As of September 30, 2024 and December 31, 2023, the trust account had balance of $53,011,509 and $50,880,604, respectively. The interest earned from the trust account totaled $684,600 and $954,788 for three months ended September 30, 2024 and 2023, respectively, and $1,893,221 and $2,592,461 for nine months ended September 30, 2024 and 2023, respectively, which were fully reinvested into the trust account as earned and unrealized gain on investments and therefore presented as an adjustment to the operating activities in the Statement of Cash Flows.

 

Cash held in Trust Escrow Account

 

As of September 30, 2024, the Company had $55,000 in cash held in the trust escrow account which not yet been deposited to Trust Account. Once deposited, the full amount will be invested in U.S. government securities with a maturity of 185 days or less or in money market funds.

 

Income Taxes

 

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2024 and December 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

 

 

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement.

 

Net Income (Loss) per Ordinary Shares

 

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net loss less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the common shares subject to possible redemption was considered to be dividends paid to the public shareholders. As of June 30, 2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the period presented.

 

The net income (loss) per share presented in the statements of operations is based on the following:

 

   2024   2023   2024   2023 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023   2024   2023 
Net income  $502,021   $755,988   $1,234,008   $2,105,442 
Accretion of temporary equity into redemption value (interest earned)   (684,600)   (954,788)   (1,800,904)   (2,630,689)
Accretion of temporary equity into redemption value (extension deposit)   (220,000)   -    (385,000)   - 
Net loss including accretion of equity into redemption value  $(402,579)  $(198,800)  $(951,896)  $(525,247)

 

 

Particulars  Shares   Shares   Shares   Shares   Shares   Shares   Shares   Shares 
   For Three Months Ended
September 30, 2024
   For Nine Months Ended
September 30, 2024
   For Three Months Ended
September 30, 2023
   For Nine Months Ended
September 30, 2023
 
   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable 
Particulars  Shares   Shares   Shares   Shares   Shares   Shares   Shares   Shares 
Basic and diluted net income/(loss) per share:                                        
Weighted-average shares outstanding   4,725,829    2,280,500    4,725,829    2,280,500    6,900,000    2,280,500    6,900,000    2,280,500 
Ownership percentage   67%   33%   67%   33%   75%   25%   75%   25%
Numerators:                                        
Allocation of net loss including accretion of temporary equity   (271,543)   (131,036)   (642,062)   (309,834)   (149,417)   (49,383)   (394,772)   (130,475)
Interest earned on investment held in trust account   684,600    -    1,800,904    -    954,788    -    2,630,689    - 
Accretion of temporary equity into redemption value (extension deposit)   220,000    -    385,000    -    -    -    -    - 
Allocation of net income/(loss)   633,057    (131,036)   1,543,842    (309,834)   805,371    (49,383)   2,235,917    (130,475)
Denominators:                                        
Weighted-average shares outstanding   4,725,829    2,280,500    4,725,829    2,280,500    6,900,000    2,280,500    6,900,000    2,280,500 
Basic and diluted net income/(loss) per share  $0.13   $(0.06)  $0.33   $(0.14)  $0.12   $(0.02)  $0.32   $(0.06)

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

 

Fair Value of Financial Instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

 

Ordinary Shares Subject to Possible Redemption

 

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “Distinguishing Liabilities from Equity”. Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares is classified as stockholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2024 and December 31, 2023, the ordinary shares subject to possible redemption in the amount of $53,066,509 and $50,880,604, respectively, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

 

 

At September 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:

 

      
Ordinary shares subject to possible redemption at December 31, 2023  $50,880,604 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   586,164 
Accretion for ordinary shares subject to redemption (extension deposit)   55,000 
Ordinary shares subject to possible redemption at March 31, 2024   51,521,768 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   530,141 
Accretion for ordinary shares subject to redemption (extension deposit)   110,000 
Ordinary shares subject to possible redemption at June 30, 2024  $52,161,909 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   684,600 
Accretion for ordinary shares subject to redemption (extension deposit)   220,000 
Ordinary shares subject to possible redemption at September 30, 2024  $53,066,509 

 

Convertible Promissory Note

 

The Company adopted the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) and accounts for its convertible promissory notes as debt (liability) on the balance sheet. The Company’s assessment of the embedded conversion feature (see Note 1 - Organization and Business Operations) considers the derivative scope exception guidance under ASC 815 pertaining to equity classification of contracts in an entity’s own equity. The conversion feature of these promissory notes meets the definition of a derivative instrument. However, bifurcation of conversion feature from the debt host is not required because the conversion feature meets ASC 815 scope exception, as the promissory notes are convertible in shares of the Company’s common stock which is considered indexed to the Company’s own stock and classified in stockholders’ equity.

 

Recent Accounting Standards

 

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

 

v3.24.3
INITIAL PUBLIC OFFERING
9 Months Ended
Sep. 30, 2024
Initial Public Offering  
INITIAL PUBLIC OFFERING

NOTE 3 - INITIAL PUBLIC OFFERING

 

Pursuant to the IPO, the Company sold 6,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of ordinary shares and one right to receive one-tenth (1/10) of one ordinary shares upon the consummation of the Company’s initial business combination one right (“Public Right”). Ten Public Rights will entitle the holder to one share of ordinary shares (see Note 7). We will not issue fractional shares and only whole shares will trade, so unless you purchase units in multiple of tens, you will not be able to receive or trade the fractional shares underlying the rights. On December 29, 2022, EBC fully exercised their over-allotment option, resulting in an additional 900,000 Units issued for an aggregate amount of $9,000,000. See Note 1 for further details.

 

v3.24.3
PRIVATE PLACEMENTS
9 Months Ended
Sep. 30, 2024
Private Placements  
PRIVATE PLACEMENTS

NOTE 4 - PRIVATE PLACEMENTS

 

Simultaneously with the closing of the IPO, the Company consummated the private sale of 390,000 Private Placement Units. Each Unit consists of one share of ordinary shares and one right to receive one-tenth (1/10) of one share of ordinary shares upon the consummation of the Company’s initial business combination (“Private Right”). The proceeds from the sale of the Private Placement Units were added to the net proceeds from the IPO held in the trust account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in the trust account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law). The Private Placement Units (including the underlying securities) will not be transferable, assignable, or salable until the completion of a Business Combination, subject to certain exceptions.

 

In connection with EBC’s full exercise of their over-allotment option, the Company also consummated the sale of an additional 40,500 Private Units at $10.00 per Private Unit, generating total proceeds of $405,000.

 

v3.24.3
RELATED PARTIES
9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTIES

NOTE 5 - RELATED PARTIES

 

On February 7, 2022, the sponsor received 1,725,000 of the Company’s ordinary shares in exchange for $25,000 paid for deferred offering costs borne by the founder. Up to 225,000 of such founder shares are subject to forfeiture to the extent that EBC’s over-allotment is not exercised in full. As a result of EBC’s election to fully exercise their over-allotment option on December 29, 2022, no founder shares are currently subject to forfeiture.

 

On April 18, 2023, AlphaVest Holding LP, one of our sponsors, transferred an aggregate of 1,035,000 founder shares to Peace Capital Limited, our other sponsor.

 

The Sponsors have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) six months after the completion of the initial Business Combination and (B) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction after our initial business combination that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

 

 

As of September 30, 2024 and December 31, 2023, the amounts due to related parties were $433,004 and $174,837, respectively, which is expected to be settled upon the consummation of the business combination.

 

Administrative Services Agreement

 

Commencing on the date the Units are first listed on the Nasdaq, the Company has agreed to pay TenX Global Capital LP a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon completion of the Initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For three months and nine months ended September 30, 2024, the Company incurred $30,000 and $90,000 in fees respectively for these services. As of September 30, 2024, the amount outstanding was $103,871. For three months and nine months ended September 30, 2023, the Company incurred $30,000 and $90,000 in fees respectively for these services.

 

Promissory Notes - Related Party

 

On June 3, 2022, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate of $150,000 to cover expenses related to the IPO. On April 11, 2024, the Company amended and restated the Promissory Note with AlphaVest Holding LP to extend the maturity date to the earlier of: (i) September 12, 2024 or (ii) promptly after the date of the consummation of the business combination. The Promissory Note expired on September 12, 2024. As of September 30, 2024 and December 31, 2023, $0 was outstanding.

 

On December 21, 2023, Alphavest Holding LP, one of the Sponsor, agreed to loan the Company $165,000 (as amended and restated, the “Extension Note”) to cover expenses in connection with extensions of Business Combination Period. The Extension Note is unsecured, interest-free and payable on the earlier of: (i) March 22, 2024 or (ii) promptly after the date on which the Company consummates a Business Combination (such earlier date, the “Maturity Date”). The Company may request, from time to time, up to $715,000 in drawdowns under this Extension Note to be used for extension payments related to the Company’s Business Combination. Principal of this Extension Note may be drawn down from time to time prior to the Maturity Date upon written request from the Company. On April 15, 2024, the Company amended and restated the Extension Note with AlphaVest Holding LP to increase the principal amount to $715,000 extend the maturity date to the earlier of: (i) September 12, 2024 or (ii) promptly after the date of the consummation of the business combination. On October 25, 2024, the Company amended and restated the Extension Note with AlphaVest Holding LP to extend the maturity date to promptly after the date of the consummation of the business combination. As of September 30, 2024 and December 31, 2023, $220,000 and $165,000 were outstanding respectively.

 

On March 12, 2024, the Company issued a promissory note to TenX Global Capital LP (the “Promissory Note 1”), pursuant to which the Company could borrow up to an aggregate of $400,000. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) September 12, 2024 (six (6) months from the issuing of this Note) or (ii) promptly after the date on which Maker consummates an initial business combination (a “Business Combination”) (such earlier date, the “Maturity Date”) (as described in its initial public offering prospectus dated December 19, 2022 (the “Prospectus”)). On October 21, 2024, the Company amended and restated the Promissory Note with AlphaVest Holding LP to extend the maturity date to the earlier of: (i) December 12, 2024 or (ii) promptly after the date of the consummation of the business combination. As of September 30, 2024 and December 31, 2023, $203,167 and $0 were outstanding, respectively.

 

Website Service

 

On February 22, 2024 and 2023, the Company has agreed to pay TenX Global Capital LP a total of $537 and $784 for annual website service, respectively. For three months ended September 30, 2024 and 2023, the Company incurred $134 and $198 in fees for these services, respectively. For nine months ended September 30, 2024 and 2023, the Company incurred $425 and $436 in fees for these services, respectively.

 

v3.24.3
COMMITMENTS AND CONTINGENCY
9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCY

NOTE 6 - COMMITMENTS AND CONTINGENCY

 

Registration Rights

 

The holders of the Founder Shares, ordinary shares issued to EBC, Private Placement Units and Units that may be issued upon conversion of Working Capital Loans (and all underlying securities) will be entitled to registration rights pursuant to a registration rights agreement signed prior to or on the effective date of Proposed Public Offering requiring the Company to register such securities for resale. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

Underwriting Agreement

 

The Company and EBC signed an engagement letter which was amended on September 15, 2022, pursuant to which, the Company will grant EBC 45-day option from the date of Proposed Public Offering to purchase up to 900,000 additional Units to cover over-allotments, if any, at the Proposed Public Offering price less the underwriting discounts and commissions. On December 29, 2022, EBC fully exercised the over-allotment. EBC was paid a cash underwriting discount of $1,725,000 in the aggregate.

 

 

Business Combination Marketing Agreement

 

The Company has engaged EBC as an advisor in connection with its Business Combination to assist in holding meetings with the Company stockholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing its securities in connection with its initial Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company will pay EBC a cash fee for such services upon the consummation of its initial business combination in an amount equal to 3.5% of the gross proceeds of the IPO, or $2,415,000 in aggregate. In addition, the Company will pay EBC a cash fee in an amount equal to 1.0% of the total consideration payable in the initial Business Combination if it introduces the Company to the target business with whom it completes an initial Business Combination.

 

v3.24.3
SHAREHOLDERS’ EQUITY
9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

NOTE 7 - SHAREHOLDERS’ EQUITY

 

Preference Shares - The Company is authorized to issue 2,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2024, there were no shares of preference shares issued or outstanding.

 

Ordinary Shares - The Company is authorized to issue 200,000,000 ordinary shares with a par value of $0.0001 per share Holders of ordinary shares are entitled to one vote for each share.

 

On February 7, 2022, the Sponsor received 1,725,000 shares of the Company’s ordinary shares in exchange for $25,000 paid for deferred offering costs borne by the Founder. Out of the 1,725,000 ordinary shares, an aggregate of up to 225,000 ordinary shares were subject to forfeiture to the extent that the over-allotment option is not exercised in full or in part so that the number of Founder Shares will equal 20% of the Company’s issued and outstanding ordinary shares after the Public Offering (excluding Private Shares).

 

On July 11, 2022, EBC received an aggregate of 125,000 ordinary shares (“EBC Founder Shares”) for an aggregate purchase price of $1,750, or approximately $0.014 per share. The Company estimated the fair value of the EBC founder shares to be $1,812 based upon the price of the founder shares issued to the Sponsor. The holders of the EBC founder shares have agreed not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive their conversion rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of a Business Combination and (ii) to waive their rights to liquidating distributions from the trust account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period.

 

On December 22, 2022, the Sponsor and EBC received an aggregate of 390,000 private units (365,000 private units purchased by the Sponsor and 25,000 private units purchased by EBC) at a price of $10.00 per unit for a total purchase price of $3,900,000 in a private placement.

 

On December 29, 2022, as a result of the EBC’s election to fully exercise their over-allotment option, the Sponsor and EBC received additional 40,500 private units on a pro rata basis (37,904 private units purchased by the Sponsor and 2,596 private units purchased by EBC) at a price of $10.00 per unit.

 

As of September 30, 2024 and December 31, 2023, there were 2,280,500 ordinary shares issued and outstanding, excluding 4,725,829 ordinary shares subject to possible redemption which are presented as temporary equity as of September 30, 2024 and December 31, 2023.

 

Rights - Except in cases where the Company is not the surviving company in a business combination, each holder of a right will automatically receive one-tenth (1/10) of one share of ordinary shares upon consummation of a Business Combination. The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of one ordinary shares underlying each right upon consummation of the Business Combination. If the Company is unable to complete a Business Combination within the required time period and the Company redeems the public shares for the funds held in the trust account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.

 

 

v3.24.3
FAIR VALUE MEASUREMENTS
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 8 - FAIR VALUE MEASUREMENTS

 

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

 

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

 

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

 

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

 

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023. and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. At September 30, 2024, the Company has recognized the unrealizes loss of $92,316.

 

Date  Trading Securities  Level   Fair Value 
September 30, 2024  Marketable securities held in the trust account   1   $53,011,509 
              
December 31, 2023  Marketable securities held in the trust account   1   $50,880,604 

 

v3.24.3
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. Based upon this review, the Company identified the following subsequent event that is required disclosure in the financial statements.

 

On October 11, 2024, the Company issued a promissory note to AMC (the “Promissory Note 3”), pursuant to which the Company could borrow up to an aggregate of $100,000. The entire unpaid principal balance of this Promissory Note 3 shall be payable on the earlier of: (i) December 31, 2024 or (ii) promptly after the date on which Maker consummates an initial business combination. Upon receiving due notification by the Company of the closing of a business combination, potential target shall convert the unpaid principal balance under Promissory Note 3 into a number of shares of non-transferable, non-redeemable, ordinary shares of the Company equal to: (x) the principal amount of this Promissory Note 3 being converted, divided by (y) the conversion price of Ten Dollars ($10.00), rounded up to the nearest whole number of shares, with such conversion to be effective immediately prior to the closing the such business combination. As of the date of this filing, $54,285 is outstanding.

 

As previously disclosed in Note 1, the Company received a written notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2) (the “Minimum Public Holders Rule”), which requires the Company to have at least 400 total holders for continued listing on The Nasdaq Global Market. On October 28, 2024, the Company submitted a plan to transfer the listing of our Ordinary Shares, Units and Rights from the Nasdaq Global Market to the Nasdaq Capital Market.

v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year.

 

Emerging Growth Company

Emerging Growth Company

 

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

 

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

 

Use of Estimates

Use of Estimates

 

The preparation of the financial statement in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 

Cash and cash equivalents

Cash and cash equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had a cash balance of $7,095 and $28,560 as of September 30, 2024 and December 31, 2023, respectively.

 

Investments Held in Trust Account

Investments Held in Trust Account

 

The Company’s portfolio of investments held in the trust account is comprised of investments only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Company’s investments held in the trust account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in trust account are included in interest earned on marketable securities held in trust account in the accompanying statements of operations. The estimated fair value of investments held in the trust account is determined using available market information. As of September 30, 2024 and December 31, 2023, the trust account had balance of $53,011,509 and $50,880,604, respectively. The interest earned from the trust account totaled $684,600 and $954,788 for three months ended September 30, 2024 and 2023, respectively, and $1,893,221 and $2,592,461 for nine months ended September 30, 2024 and 2023, respectively, which were fully reinvested into the trust account as earned and unrealized gain on investments and therefore presented as an adjustment to the operating activities in the Statement of Cash Flows.

 

Cash held in Trust Escrow Account

Cash held in Trust Escrow Account

 

As of September 30, 2024, the Company had $55,000 in cash held in the trust escrow account which not yet been deposited to Trust Account. Once deposited, the full amount will be invested in U.S. government securities with a maturity of 185 days or less or in money market funds.

 

Income Taxes

Income Taxes

 

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2024 and December 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

 

 

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement.

 

Net Income (Loss) per Ordinary Shares

Net Income (Loss) per Ordinary Shares

 

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net loss less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the common shares subject to possible redemption was considered to be dividends paid to the public shareholders. As of June 30, 2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the period presented.

 

The net income (loss) per share presented in the statements of operations is based on the following:

 

   2024   2023   2024   2023 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023   2024   2023 
Net income  $502,021   $755,988   $1,234,008   $2,105,442 
Accretion of temporary equity into redemption value (interest earned)   (684,600)   (954,788)   (1,800,904)   (2,630,689)
Accretion of temporary equity into redemption value (extension deposit)   (220,000)   -    (385,000)   - 
Net loss including accretion of equity into redemption value  $(402,579)  $(198,800)  $(951,896)  $(525,247)

 

 

Particulars  Shares   Shares   Shares   Shares   Shares   Shares   Shares   Shares 
   For Three Months Ended
September 30, 2024
   For Nine Months Ended
September 30, 2024
   For Three Months Ended
September 30, 2023
   For Nine Months Ended
September 30, 2023
 
   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable 
Particulars  Shares   Shares   Shares   Shares   Shares   Shares   Shares   Shares 
Basic and diluted net income/(loss) per share:                                        
Weighted-average shares outstanding   4,725,829    2,280,500    4,725,829    2,280,500    6,900,000    2,280,500    6,900,000    2,280,500 
Ownership percentage   67%   33%   67%   33%   75%   25%   75%   25%
Numerators:                                        
Allocation of net loss including accretion of temporary equity   (271,543)   (131,036)   (642,062)   (309,834)   (149,417)   (49,383)   (394,772)   (130,475)
Interest earned on investment held in trust account   684,600    -    1,800,904    -    954,788    -    2,630,689    - 
Accretion of temporary equity into redemption value (extension deposit)   220,000    -    385,000    -    -    -    -    - 
Allocation of net income/(loss)   633,057    (131,036)   1,543,842    (309,834)   805,371    (49,383)   2,235,917    (130,475)
Denominators:                                        
Weighted-average shares outstanding   4,725,829    2,280,500    4,725,829    2,280,500    6,900,000    2,280,500    6,900,000    2,280,500 
Basic and diluted net income/(loss) per share  $0.13   $(0.06)  $0.33   $(0.14)  $0.12   $(0.02)  $0.32   $(0.06)

 

Concentration of Credit Risk

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

 

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

 

Ordinary Shares Subject to Possible Redemption

Ordinary Shares Subject to Possible Redemption

 

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “Distinguishing Liabilities from Equity”. Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares is classified as stockholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2024 and December 31, 2023, the ordinary shares subject to possible redemption in the amount of $53,066,509 and $50,880,604, respectively, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

 

 

At September 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:

 

      
Ordinary shares subject to possible redemption at December 31, 2023  $50,880,604 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   586,164 
Accretion for ordinary shares subject to redemption (extension deposit)   55,000 
Ordinary shares subject to possible redemption at March 31, 2024   51,521,768 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   530,141 
Accretion for ordinary shares subject to redemption (extension deposit)   110,000 
Ordinary shares subject to possible redemption at June 30, 2024  $52,161,909 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   684,600 
Accretion for ordinary shares subject to redemption (extension deposit)   220,000 
Ordinary shares subject to possible redemption at September 30, 2024  $53,066,509 

 

Convertible Promissory Note

Convertible Promissory Note

 

The Company adopted the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) and accounts for its convertible promissory notes as debt (liability) on the balance sheet. The Company’s assessment of the embedded conversion feature (see Note 1 - Organization and Business Operations) considers the derivative scope exception guidance under ASC 815 pertaining to equity classification of contracts in an entity’s own equity. The conversion feature of these promissory notes meets the definition of a derivative instrument. However, bifurcation of conversion feature from the debt host is not required because the conversion feature meets ASC 815 scope exception, as the promissory notes are convertible in shares of the Company’s common stock which is considered indexed to the Company’s own stock and classified in stockholders’ equity.

 

Recent Accounting Standards

Recent Accounting Standards

 

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
SCHEDULE OF NET INCOME (LOSS) PER SHARE

The net income (loss) per share presented in the statements of operations is based on the following:

 

   2024   2023   2024   2023 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023   2024   2023 
Net income  $502,021   $755,988   $1,234,008   $2,105,442 
Accretion of temporary equity into redemption value (interest earned)   (684,600)   (954,788)   (1,800,904)   (2,630,689)
Accretion of temporary equity into redemption value (extension deposit)   (220,000)   -    (385,000)   - 
Net loss including accretion of equity into redemption value  $(402,579)  $(198,800)  $(951,896)  $(525,247)

 

 

Particulars  Shares   Shares   Shares   Shares   Shares   Shares   Shares   Shares 
   For Three Months Ended
September 30, 2024
   For Nine Months Ended
September 30, 2024
   For Three Months Ended
September 30, 2023
   For Nine Months Ended
September 30, 2023
 
   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable   Redeemable   Non-Redeemable 
Particulars  Shares   Shares   Shares   Shares   Shares   Shares   Shares   Shares 
Basic and diluted net income/(loss) per share:                                        
Weighted-average shares outstanding   4,725,829    2,280,500    4,725,829    2,280,500    6,900,000    2,280,500    6,900,000    2,280,500 
Ownership percentage   67%   33%   67%   33%   75%   25%   75%   25%
Numerators:                                        
Allocation of net loss including accretion of temporary equity   (271,543)   (131,036)   (642,062)   (309,834)   (149,417)   (49,383)   (394,772)   (130,475)
Interest earned on investment held in trust account   684,600    -    1,800,904    -    954,788    -    2,630,689    - 
Accretion of temporary equity into redemption value (extension deposit)   220,000    -    385,000    -    -    -    -    - 
Allocation of net income/(loss)   633,057    (131,036)   1,543,842    (309,834)   805,371    (49,383)   2,235,917    (130,475)
Denominators:                                        
Weighted-average shares outstanding   4,725,829    2,280,500    4,725,829    2,280,500    6,900,000    2,280,500    6,900,000    2,280,500 
Basic and diluted net income/(loss) per share  $0.13   $(0.06)  $0.33   $(0.14)  $0.12   $(0.02)  $0.32   $(0.06)
SCHEDULE OF INITIAL PUBLIC OFFERING PROCEEDS TO COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION

At September 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:

 

      
Ordinary shares subject to possible redemption at December 31, 2023  $50,880,604 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   586,164 
Accretion for ordinary shares subject to redemption (extension deposit)   55,000 
Ordinary shares subject to possible redemption at March 31, 2024   51,521,768 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   530,141 
Accretion for ordinary shares subject to redemption (extension deposit)   110,000 
Ordinary shares subject to possible redemption at June 30, 2024  $52,161,909 
Plus:     
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account)   684,600 
Accretion for ordinary shares subject to redemption (extension deposit)   220,000 
Ordinary shares subject to possible redemption at September 30, 2024  $53,066,509 
v3.24.3
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023. and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. At September 30, 2024, the Company has recognized the unrealizes loss of $92,316.

 

Date  Trading Securities  Level   Fair Value 
September 30, 2024  Marketable securities held in the trust account   1   $53,011,509 
              
December 31, 2023  Marketable securities held in the trust account   1   $50,880,604 
v3.24.3
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
May 02, 2024
Dec. 21, 2023
Dec. 29, 2022
Dec. 22, 2022
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Nov. 14, 2024
Apr. 15, 2024
Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]                            
Investment of cash in trust account       $ 61,200,000                    
Cash deposited in trust account per unit       $ 10.20                    
Redemption ordinary per share   $ 10.71                        
Percentage of public shares that would not be redeemed if business combination is not completed within combination period                     100.00%      
Expenses payable on dissolution         $ 100,000           $ 100,000      
Shares with redemption   2,174,171                        
Values with redemption   $ 23,282,936     (684,600) $ (530,141) $ (586,164) $ (954,788) $ (834,681) $ (841,220)        
Escrow Deposit         55,000           55,000    
Cash         7,095           7,095     28,560
Working capital deficit         1,276,719           1,276,719      
Related Party [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Loan borrowed         423,167           423,167     165,000
Subsequent Event [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Escrow Deposit                       $ 605,000    
Promissory Note [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Loan borrowed $ 440,000 $ 165,000                        
Principal amount                         $ 715,000  
Extension Note Two [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Loan borrowed $ 440,000                          
Conversion price $ 10.00                          
Extension Note Two [Member] | Related Party [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Loan borrowed         330,000           330,000     0
Promissory Note 2 [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Loan borrowed $ 126,000                          
Conversion price $ 10.00                          
Promissory Note 2 [Member] | Related Party [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Loan borrowed         $ 126,000           $ 126,000     $ 0
IPO [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Issuance of common stock, shares       6,000,000             6,000,000      
Proceeds from sale of units       $ 60,000,000                    
Private Placement [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Number of additional private units issued       390,000             390,000      
Redemption ordinary per share       $ 10.00                    
Private Placement [Member] | Sponsor [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Number of additional private units issued       390,000                    
Sale of stock, price per share       $ 10.00                    
Over-Allotment Option [Member]                            
Subsidiary, Sale of Stock [Line Items]                            
Issuance of common stock, shares     900,000                      
Number of additional private units issued     40,500                      
Sale of stock, price per share         $ 10.00           $ 10.00      
Units issued during the period shares     900,000                      
Units issued aggregate amount     $ 9,000,000                      
Redemption ordinary per share     $ 10.00                      
Proceeds from issuance of private units     $ 405,000                      
v3.24.3
SCHEDULE OF NET INCOME (LOSS) PER SHARE (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Net income $ 502,021 $ 382,746 $ 349,241 $ 755,988 $ 704,556 $ 644,898 $ 1,234,008 $ 2,105,442
Accretion of temporary equity into redemption value (interest earned) (684,600)     (954,788)     (1,800,904) (2,630,689)
Accretion of temporary equity into redemption value (extension deposit) (220,000)         (385,000)
Net loss including accretion of equity into redemption value $ (402,579)     $ (198,800)     $ (951,896) $ (525,247)
Redeemable Common Stock [Member]                
Ownership percentage 67.00%     75.00%     67.00% 75.00%
Non redeemable Common Stock [Member]                
Ownership percentage 33.00%     25.00%     33.00% 25.00%
Redeemable Common Stock [Member]                
Weighted-average shares outstanding 4,725,829     6,900,000     4,725,829 6,900,000
Allocation of net loss including accretion of temporary equity $ (271,543)     $ (149,417)     $ (642,062) $ (394,772)
Interest earned on investment held in trust account 684,600     954,788     1,800,904 2,630,689
Accretion of temporary equity into redemption value (extension deposit) 220,000         385,000
Allocation of net income/(loss) $ 633,057     $ 805,371     $ 1,543,842 $ 2,235,917
Weighted-average shares outstanding 4,725,829     6,900,000     4,725,829 6,900,000
Basic net income/(loss) per share $ 0.13     $ 0.12     $ 0.33 $ 0.32
Diluted net income/(loss) per share $ 0.13     $ 0.12     $ 0.33 $ 0.32
Non redeemable Common Stock [Member]                
Weighted-average shares outstanding 2,280,500     2,280,500     2,280,500 2,280,500
Allocation of net loss including accretion of temporary equity $ (131,036)     $ (49,383)     $ (309,834) $ (130,475)
Interest earned on investment held in trust account        
Accretion of temporary equity into redemption value (extension deposit)        
Allocation of net income/(loss) $ (131,036)     $ (49,383)     $ (309,834) $ (130,475)
Weighted-average shares outstanding 2,280,500     2,280,500     2,280,500 2,280,500
Basic net income/(loss) per share $ (0.06)     $ (0.02)     $ (0.14) $ (0.06)
Diluted net income/(loss) per share $ (0.06)     $ (0.02)     $ (0.14) $ (0.06)
v3.24.3
SCHEDULE OF INITIAL PUBLIC OFFERING PROCEEDS TO COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION (Details) - USD ($)
3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Accounting Policies [Abstract]      
Balance $ 52,161,909 $ 51,521,768 $ 50,880,604
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account) 684,600 530,141 586,164
Accretion for ordinary shares subject to redemption (extension deposit) 220,000 110,000 55,000
Balance $ 53,066,509 $ 52,161,909 $ 51,521,768
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]          
Cash $ 7,095   $ 7,095   $ 28,560
Trust account balance 53,011,509   53,011,509   50,880,604
Interest earned from the trust account 684,600 $ 954,788 1,893,221 $ 2,592,461  
Cash held in trust escrow account not yet deposited 55,000   55,000    
Unrecognized tax benefits 0   0   0
Accrued for interest and penalties 0   0   0
Federal Depository Insurance Coverage 250,000   250,000    
Common Stock Subject to Mandatory Redemption [Member]          
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]          
Common stock subject to possible redemption value $ 53,066,509   $ 53,066,509   $ 50,880,604
v3.24.3
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
9 Months Ended
Dec. 29, 2022
Dec. 22, 2022
Sep. 30, 2024
IPO [Member]      
Subsidiary, Sale of Stock [Line Items]      
Number of shares issued   6,000,000 6,000,000
Sale of stock, description of transaction     Each Unit consists of one share of ordinary shares and one right to receive one-tenth (1/10) of one ordinary shares upon the consummation of the Company’s initial business combination one right (“Public Right”).
Over-Allotment Option [Member]      
Subsidiary, Sale of Stock [Line Items]      
Number of shares issued 900,000    
Sale of stock, price per share     $ 10.00
Number of shares issued, value $ 9,000,000    
v3.24.3
PRIVATE PLACEMENTS (Details Narrative) - USD ($)
9 Months Ended
Dec. 29, 2022
Dec. 22, 2022
Sep. 30, 2024
Dec. 21, 2023
Subsidiary, Sale of Stock [Line Items]        
Number of private units issued, price per share       $ 10.71
Private Placement [Member]        
Subsidiary, Sale of Stock [Line Items]        
Number of additional private units issued   390,000 390,000  
Sale of stock, description     Each Unit consists of one share of ordinary shares and one right to receive one-tenth (1/10) of one share of ordinary shares upon the consummation of the Company’s initial business combination (“Private Right”).  
Number of private units issued, price per share   $ 10.00    
Over-Allotment Option [Member]        
Subsidiary, Sale of Stock [Line Items]        
Number of additional private units issued 40,500      
Number of private units issued, price per share $ 10.00      
Proceeds from issuance of private units $ 405,000      
v3.24.3
RELATED PARTIES (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Feb. 22, 2024
Dec. 21, 2023
Feb. 22, 2023
Dec. 29, 2022
Jun. 03, 2022
Feb. 07, 2022
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Apr. 15, 2024
Mar. 12, 2024
Dec. 31, 2023
Apr. 18, 2023
Related Party Transaction [Line Items]                            
Due to related party             $ 433,004   $ 433,004       $ 174,837  
Professional Fees             30,000 $ 30,000 90,000 $ 90,000        
Administrative expense outstanding             103,871   103,871          
Unsecured promissory note         $ 150,000                  
Outstanding balance             0   0       0  
Annual website service fees $ 537   $ 784       134 $ 198 425 $ 436        
Related Party [Member]                            
Related Party Transaction [Line Items]                            
Loan borrowed             423,167   423,167       165,000  
TenX Global Capital LP [Member]                            
Related Party Transaction [Line Items]                            
Maximum borrowing capacity                       $ 400,000    
Loan borrowed             203,167   203,167       0  
Extension Note [Member]                            
Related Party Transaction [Line Items]                            
Loan borrowed   $ 165,000                 $ 715,000      
Amount drawdowns used for extension payments   $ 715,000                        
Extension Note [Member] | Related Party [Member]                            
Related Party Transaction [Line Items]                            
Loan borrowed             $ 220,000   220,000       $ 165,000  
AlphaVest Holding, LP [Member] | Peace Capital Limited [Member]                            
Related Party Transaction [Line Items]                            
Transferred shares                           1,035,000
Over-Allotment Option [Member]                            
Related Party Transaction [Line Items]                            
Sale of stock, number of shares issued       40,500                    
Founder Shares [Member]                            
Related Party Transaction [Line Items]                            
Deferred offering costs           $ 25,000                
Founder Shares [Member] | Over-Allotment Option [Member] | Maximum [Member]                            
Related Party Transaction [Line Items]                            
Shares subject to forfeiture to underwriters           225,000                
TenX Global Capital LP [Member]                            
Related Party Transaction [Line Items]                            
Selling, General and Administrative Expense                 $ 10,000          
Common Stock [Member] | Over-Allotment Option [Member] | Maximum [Member]                            
Related Party Transaction [Line Items]                            
Shares subject to forfeiture to underwriters           225,000                
Common Stock [Member] | Founder Shares [Member]                            
Related Party Transaction [Line Items]                            
Sale of stock, number of shares issued           1,725,000                
v3.24.3
COMMITMENTS AND CONTINGENCY (Details Narrative) - USD ($)
9 Months Ended
Dec. 29, 2022
Dec. 22, 2022
Sep. 15, 2022
Sep. 30, 2024
Subsidiary, Sale of Stock [Line Items]        
Payment of cash underwriting discount $ 1,725,000      
Percentage of cash fee on consideration payable in initial business combination       1.00%
Sponsor [Member]        
Subsidiary, Sale of Stock [Line Items]        
Proceeds from initial public offering       $ 2,415,000
Over-Allotment Option [Member]        
Subsidiary, Sale of Stock [Line Items]        
Additional units to cover over-allotments     900,000  
IPO [Member]        
Subsidiary, Sale of Stock [Line Items]        
Percentage of cash fee upon initial business combination on gross proceeds       3.50%
Proceeds from initial public offering   $ 60,000,000    
v3.24.3
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)
9 Months Ended
Dec. 29, 2022
Dec. 22, 2022
Jul. 11, 2022
Feb. 07, 2022
Sep. 30, 2024
Dec. 31, 2023
Dec. 21, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Preferred stock, shares authorized         2,000,000 2,000,000  
Preferred stock par or stated value per share         $ 0.0001 $ 0.0001  
Preferred stock, shares issued         0 0  
Preferred stock, shares outstanding         0 0  
Common stock, shares authorized         200,000,000 200,000,000  
Common stock par or stated value per share         $ 0.0001 $ 0.0001  
Number of shares issued, price per share             $ 10.71
Common stock, shares issued         2,280,500 2,280,500  
Common stock, shares outstanding         2,280,500 2,280,500  
Temproary equity, redemption shares         4,725,829 4,725,829  
Over-Allotment Option [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Sale of stock, number of shares issued 40,500            
Aggregate purchase price $ 405,000            
Number of shares issued, price per share $ 10.00            
Private Placement [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Sale of stock, number of shares issued   390,000     390,000    
Number of shares issued, price per share   $ 10.00          
Proceeds from issuance of private placement   $ 3,900,000          
Founder Shares [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Deferred offering costs       $ 25,000      
Founder Shares [Member] | Over-Allotment Option [Member] | Maximum [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Shares subject to forfeiture to underwriters       225,000      
EBC Founder Shares [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Sale of stock, number of shares issued     125,000        
Aggregate purchase price     $ 1,750        
Number of shares issued, price per share     $ 0.014        
Estimated fair value     $ 1,812        
EBC Founder Shares [Member] | Over-Allotment Option [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Sale of stock, number of shares issued 2,596            
EBC Founder Shares [Member] | Private Placement [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Sale of stock, number of shares issued   25,000          
Sponsor [Member] | Over-Allotment Option [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Sale of stock, number of shares issued 37,904            
Sponsor [Member] | Private Placement [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Sale of stock, number of shares issued   365,000          
Common Stock [Member] | Over-Allotment Option [Member] | Maximum [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Shares subject to forfeiture to underwriters       225,000      
Common Stock [Member] | Founder Shares [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Sale of stock, number of shares issued       1,725,000      
Percentage of common stock issued and outstanding       20.00%      
v3.24.3
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities held in the trust account $ 53,011,509 $ 50,880,604
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities held in the trust account $ 53,011,509 $ 50,880,604
v3.24.3
Fair Value Measurements (Details Narrative)
9 Months Ended
Sep. 30, 2024
USD ($)
Fair Value Disclosures [Abstract]  
Unrealizes loss recognized $ 92,316
v3.24.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
Oct. 11, 2024
Nov. 14, 2024
Sep. 30, 2024
Dec. 31, 2023
Related Party [Member]        
Subsequent Event [Line Items]        
Loan borrowed     $ 423,167 $ 165,000
Promissory Note 3 [Member] | Subsequent Event [Member]        
Subsequent Event [Line Items]        
Loan borrowed $ 100,000      
Conversion price $ 10.00      
Promissory Note 3 [Member] | Subsequent Event [Member] | Related Party [Member]        
Subsequent Event [Line Items]        
Loan borrowed   $ 54,285    

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