AlphaVest Acquisition Corp Announces Merger Agreement with AMC Corporation
New York, NY -- AlphaVest Acquisition Corp (NASDAQ: ATMV) (“ATMV”), a special purpose acquisition company, has announced that it has entered into a Business Combination Agreement (the “Merger Agreement”) with AMC Corporation (“AMC”), a prominent provider of a native computer vision AI platform.
This transaction will be structured as a business combination involving ATMV’s wholly owned subsidiary, AV Merger Sub. It is expected that AMC stockholders will receive shares of ATMV capital stock as part of this Business Combination. Both ATMV and AMC's boards of directors have approved the transaction, which is anticipated to close in the fourth quarter of 2024, pending regulatory and stockholder approvals from both ATMV and AMC, as well as the fulfillment of certain customary closing conditions.
AMC specializes in creating and distributing innovative security and consumer electronics solutions. The company offers high-quality, internet-connected smart home products and augmented reality wearable devices that are designed to be accessible, affordable, and user-friendly.
Once the Business Combination is finalized, the new entity is expected to operate under the name AMC Corporation and will continue to be a NASDAQ-listed public company, albeit under a new ticker symbol. The executive management team from AMC will remain in charge of the combined organization. However, there is no guarantee that the new company will continue to be listed on NASDAQ.
David Yan, the Chief Executive Officer of ATMV, expressed his enthusiasm about the merger, stating, “We’re very excited to announce the proposed merger with AMC. Our extensive search and thorough evaluation of numerous potential business combination partners led us to AMC, which our board and management team believes offers the most compelling opportunity to deliver stockholder value. This business combination, if consummated, will grant ATMV investors an equity stake in a pioneering Vision AI company that has successfully established itself in the home security market and is now expanding into various small to medium business applications. We fully endorse AMC’s vision and are committed to supporting its goal of enabling Vision AI across all relevant environments and situations.”
The summary provided here regarding the Business Combination is not exhaustive and is subject to the details outlined in the Merger Agreement related to the transaction. For more information, please refer to ATMV’s Current Report on Form 8-K, which will be filed promptly and can be accessed on the U.S. Securities and Exchange Commission (“SEC”) website.
As previously mentioned in a Form 8-K filed with the SEC, ATMV has terminated its earlier announced business combination agreement with Wanshun Technology Industrial Group Limited, effective March 13, 2024.
Advisors
Winston & Strawn LLP is acting as legal counsel for ATMV. EarlyBirdCapital, Inc. and Small Seashell Limited are serving as financial advisors to ATMV. Graubard Miller is providing legal advice to AMC, while Revere Securities is acting as AMC’s financial advisor.
About AMC Corporation
AMC is dedicated to creating and distributing innovative security and consumer electronics solutions. The company builds strong relationships with its customers and partners to develop high-quality, internet-connected smart home products and augmented reality wearable devices that are accessible, affordable, and easy to use. AMC’s mission is to make advanced computer vision AI accessible to both consumers and businesses through a highly scalable, hardware-agnostic native AI platform.
About AlphaVest Acquisition Corp
AlphaVest Acquisition Corp is a blank check company focused on executing mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with one or more businesses. While the company is not restricted to a specific industry or geographic region for identifying and acquiring target companies, it intends to concentrate its search on businesses throughout Asia.
Frequently Asked Questions
What is the merger about?
The merger involves AlphaVest Acquisition Corp combining with AMC Corporation, which specializes in native computer vision AI solutions.
When is the merger expected to be completed?
The merger is anticipated to be finalized in the fourth quarter of 2024, pending necessary approvals.
What will the new company be named?
After the merger, the combined entity will operate under the name AMC Corporation.
Who will lead the new company?
The executive management team from AMC will continue to lead the combined company following the merger.
How can I contact for more information?
For inquiries from investors and the media, please reach out to David Yan at 203-998-5540 or via email at david.yan@alphavestacquisition.com.
