AlphaVest Acquisition Corp Enters Merger Agreement with AMC Corp
AlphaVest Acquisition Corp Announces Strategic Merger with AMC Corporation
New York, NY -- AlphaVest Acquisition Corp (NASDAQ: ATMV) (“ATMV”), a prominent special purpose acquisition company, has officially executed a Business Combination Agreement (the “Merger Agreement”) with AMC Corporation (“AMC”), an industry leader in the development of a native computer vision AI platform.
The structure of this transaction will involve a business combination with ATMV’s wholly owned subsidiary, AV Merger Sub. As per the agreement, AMC stockholders are set to receive shares of ATMV capital stock valued at $175 million in this Business Combination. Importantly, this transaction has reached approval from the boards of directors of both ATMV and AMC. Its expected consummation is slated for the fourth quarter of 2024, pending regulatory approvals and conditions customary to such agreements.
Innovative Solutions from AMC Corporation
AMC specializes in creating and distributing cutting-edge security solutions and consumer electronics. The company focuses on high-quality, internet-connected smart home products and augmented reality wearable devices designed to be accessible, affordable, and user-friendly.
Future Outlook for the Combined Entity
Upon successful completion of the Business Combination, the unified company is anticipated to operate under the AMC Corporation name and retain NASDAQ listing status under a new ticker symbol. The executive leadership of AMC will continue to manage the integrated company. It is noteworthy that there are no assurances regarding the continued NASDAQ listing of the combined company.
Michael Adair, the CEO of AMC, expressed his excitement regarding the merger, stating, “We are thrilled to announce the business combination with ATMV. This will strategically position the company to capitalize on the burgeoning business security market while leveraging our cutting-edge Vision AI solutions.”
David Yan, the Chief Executive Officer of ATMV, added, “We are enthusiastic about merging with AMC. After thorough evaluations and an extensive search for potential partners, AMC stood out as the most promising opportunity for delivering stockholder value. This integration will give ATMV investors an equity stake in a pioneering Vision AI company that has demonstrated significant success in the home security sector and is now venturing into small to medium business applications.”
Advisory Team for the Merger
The legal counsel for ATMV is provided by Winston & Strawn LLP, while AMC has enlisted Graubard Miller for legal advisory services. Financial advisory for AMC is being handled by Revere Securities, and Small Seashell Limited is serving the same role for ATMV.
About AMC Corporation
AMC is dedicated to creating innovative security and consumer electronics solutions. The company aims to build robust relationships with consumers and partners, focusing on high-quality, accessible smart home products through a seamless and scalable AI platform.
About AlphaVest Acquisition Corp
AlphaVest Acquisition Corp is a blank check company that seeks to pursue mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with multiple enterprises. Although there is no restriction on geographical or industrial boundaries, ATMV aims to concentrate its acquisition efforts within the Asian market.
Contact Information
For investor and media inquiries, please reach out to:
David Yan
Email: david.yan@alphavestacquisition.com
Phone: 203-998-5540
Frequently Asked Questions
1. What is the focus of the merger between AlphaVest Acquisition Corp and AMC Corporation?
The merger aims to form a combined entity focused on enhancing market presence in the business security sector, leveraging innovative Vision AI solutions.
2. When is the merger between ATMV and AMC expected to be completed?
The merger is anticipated to be finalized in the fourth quarter of 2024, subject to necessary regulatory and stockholder approvals.
3. How does AMC Corporation differentiate itself in the market?
AMC Corporation specializes in producing advanced security solutions and consumer electronics, known for their affordability and ease of use, particularly in smart home technology.
4. Who will lead the combined company after the merger?
The executive management team from AMC Corporation will lead the combined organization post-merger.
5. What are the expected benefits of this merger for investors?
This merger is expected to provide ATMV investors with an equity stake in a forward-thinking AI company with established success in the home security market and expansion into additional business sectors.
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