Tue, Nov 19, 10:00 PM (90 days ago)
For the quarter ending September 30, 2024, AlphaVest Acquisition Corp (ATMVU) reported a net income of $502,021, a decrease from $755,988 in the same quarter of 2023. This income primarily stemmed from interest earned on marketable securities held in trust, totaling $684,600, offset by formation and operating costs of $182,580. Year-to-date, net income reached $1,234,008, down from $2,105,442 in 2023, reflecting a notable decline in interest income and an unrealized loss of $92,316 on investments. As of September 30, 2024, the company held $53,011,509 in marketable securities and $7,095 in cash, with a working capital deficit of $1,276,719. Significant liabilities included promissory notes totaling $423,167. The company has extended its business combination deadline to December 22, 2024, amid ongoing uncertainties regarding its operations and compliance with Nasdaq listing rules. The outlook remains uncertain as the company has yet to identify a business combination target and continues to incur costs associated with being a public entity. Management expresses doubt about the company's ability to continue as a going concern if a business combination is not completed by the extended deadline.