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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 June 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.) |
420
Lexington Ave, Suite 2446
New
York, NY 10170
(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 August 19, 2024, there were 7,006,329 ordinary shares, par value $0.0001 issued and outstanding.
ALPHAVEST
ACQUISITION CORP
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS.
ALPHAVEST
ACQUISITION CORP
BALANCE
SHEETS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 13,793 | | |
$ | 28,560 | |
Prepaid expenses | |
| 55,948 | | |
| 34,573 | |
Total Current Assets | |
| 69,741 | | |
| 63,133 | |
Marketable securities held in trust account | |
| 51,996,909 | | |
| 50,880,604 | |
Cash held in trust escrow account | |
| 165,000 | | |
| - | |
Total Assets | |
$ | 52,231,650 | | |
$ | 50,943,737 | |
| |
| | | |
| | |
LIABILITIES, REDEEMABLE ORDINARY SHARES, AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable and accrued offering costs and expenses | |
$ | 386,512 | | |
$ | 213,118 | |
Due to related party | |
| 9,837 | | |
| 9,837 | |
Promissory notes – third party | |
| 236,000 | | |
| - | |
Promissory notes – related party | |
| 311,532 | | |
| 165,000 | |
Promissory notes | |
| 311,532 | | |
| 165,000 | |
Total Current Liabilities | |
| 943,881 | | |
| 387,955 | |
| |
| | | |
| | |
Total Liabilities | |
| 943,881 | | |
| 387,955 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Ordinary shares subject to possible redemption (4,725,829 shares at $11.04 and $10.77 per share as of June 30, 2024 and December 31, 2023, respectively) | |
| 52,161,909 | | |
| 50,880,604 | |
| |
| | | |
| | |
Shareholders’ Deficit: | |
| | | |
| | |
Preferred shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding as of June 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 June 30, 2024 and December 31, 2023, respectively | |
| 228 | | |
| 228 | |
Additional paid-in capital | |
| - | | |
| - | |
Accumulated deficit | |
| (874,368 | ) | |
| (325,050 | ) |
Total Shareholders’ Deficit | |
| (874,140 | ) | |
| (324,822 | ) |
Total Liabilities, Redeemable Ordinary Shares, and Shareholders’ Deficit | |
$ | 52,231,650 | | |
$ | 50,943,737 | |
The
accompanying notes are an integral part of these financial statements.
ALPHAVEST
ACQUISITION CORP
UNAUDITED
STATEMENTS OF OPERATIONS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Formation and operating costs | |
$ | 147,397 | | |
$ | 130,187 | | |
$ | 384,323 | | |
$ | 288,373 | |
Loss from operations | |
| (147,397 | ) | |
| (130,187 | ) | |
| (384,323 | ) | |
| (288,373 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income (expenses): | |
| | | |
| | | |
| | | |
| | |
Interest income on investments held in trust account | |
| 530,141 | | |
| 834,681 | | |
| 1,208,621 | | |
| 1,637,673 | |
Unrealized loss on investments held in trust account | |
| - | | |
| - | | |
| (92,316 | ) | |
| - | |
Bank interest income | |
| 2 | | |
| 61 | | |
| 5 | | |
| 154 | |
Total other income | |
| 530,143 | | |
| 834,742 | | |
| 1,116,310 | | |
| 1,637,827 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 382,746 | | |
$ | 704,555 | | |
$ | 731,987 | | |
$ | 1,349,454 | |
| |
| | | |
| | | |
| | | |
| | |
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 | |
$ | 0.10 | | |
$ | 0.11 | | |
$ | 0.19 | | |
$ | 0.21 | |
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 | |
$ | (0.04 | ) | |
$ | (0.01 | ) | |
$ | (0.08 | ) | |
$ | (0.04 | ) |
The
accompanying notes are an integral part of these financial statements.
ALPHAVEST
ACQUISITION CORP
UNAUDITED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)
FOR
THE THREE AND SIX MONTHS ENDED JUNE 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 | |
| - | | |
| - | | |
| - | | |
| 704,555 | | |
| 704,555 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 2,280,500 | | |
$ | 228 | | |
$ | - | | |
$ | 227,867 | | |
$ | 228,095 | |
FOR
THE THREE AND SIX MONTHS ENDED JUNE 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 | ) |
Balance | |
| 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 | ) |
Balance | |
| 2,280,500 | | |
$ | 228 | | |
$ | - | | |
$ | (874,368 | ) | |
$ | (874,140 | ) |
ALPHAVEST
ACQUISITION CORP
UNAUDITED
STATEMENTS OF CASH FLOWS
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 731,987 | | |
| 1,349,454 | |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Trust investment income | |
| (1,208,621 | ) | |
| (1,637,673 | ) |
Unrealized loss on investments held in trust account | |
| 92,316 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expense | |
| 75,058 | | |
| 48,582 | |
Accounts payable and accrued offering costs and expenses | |
| 279,953 | | |
| (198,599 | ) |
Promissory note – related party | |
| 14,540 | | |
| - | |
Net cash used in operating activities | |
| (14,767 | ) | |
| (438,236 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Cash deposited to trust escrow account | |
| (165,000 | ) | |
| - | |
Net cash used in investing activities | |
| (165,000 | ) | |
| - | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from promissory note – related party | |
| 55,000 | | |
| - | |
Proceeds from promissory note – third party | |
| 110,000 | | |
| - | |
Net cash provided by financing activities | |
| 165,000 | | |
| - | |
| |
| | | |
| | |
Net change in cash | |
| (14,767 | ) | |
| (438,236 | ) |
Cash at beginning of period | |
| 28,560 | | |
| 659,035 | |
Cash at end of period | |
$ | 13,793 | | |
| 220,799 | |
| |
| | | |
| | |
Supplemental disclosure of noncash investing and financing activities | |
| | | |
| | |
Accretion for ordinary shares subject to redemption amount | |
$ | 1,281,305 | | |
$ | 1,675,901 | |
Accrued expenses converted to promissory note– related party | |
$ | 76,992 | | |
$ | - | |
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.
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 June 30, 2024, the Company had not commenced any operations. All activity through June 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 Units (the “Private Placement Units”) at a price of $ 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 $ ($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
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 August 19, 2024, an aggregate of $440,000
was deposited into trust account and trust escrow
account to extend the business combination period to August 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 a potential target (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, potential target 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 June 30, 2024 and December 31, 2023, $110,000
and $0
were outstanding, respectively.
On May 2, 2024, the Company issued a
promissory note to a potential target (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, potential target 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 June 30, 2024 and December 31, 2023, $126,000
and $0
were outstanding, respectively.
Going
Concern Consideration and Management Liquidity Plans
As
of June 30, 2024, the Company had cash of $13,793 and working capital deficit of $874,140. 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.
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.
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 $13,793 and $28,560 as of June 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 June 30, 2024 and December 31, 2023, the trust account had balance of
$51,996,909 and
$50,880,604,
respectively. The interest earned from the trust account totaled $530,141
and $834,681
for three months ended
June 30, 2024 and 2023, respectively, and $1,208,621
and $1,637,673
for six months ended
June 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 June 30, 2024, the Company had $165,000 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 June 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:
SCHEDULE OF NET INCOME (LOSS) PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income | |
$ | 382,746 | | |
$ | 704,555 | | |
$ | 731,987 | | |
$ | 1,349,454 | |
Accretion of temporary equity into redemption value (interest earned) | |
| (530,141 | ) | |
| (834,681 | ) | |
| (1,116,305 | ) | |
| (1,675,901 | ) |
Accretion of temporary equity into redemption value (extension deposit) | |
| (110,000 | ) | |
| - | | |
| (165,000 | ) | |
| - | |
Net loss including accretion of equity into redemption value | |
$ | (257,395 | ) | |
$ | (130,126 | ) | |
$ | (549,318 | ) | |
$ | (326,447 | ) |
Particulars | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | |
| |
For Three Months Ended
June 30, 2024 | | |
For Six Months Ended
June 30, 2024 | | |
For Three Months Ended
June 30, 2023 | | |
For Six Months Ended
June 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 | |
| (173,615 | ) | |
| (101,682 | ) | |
| (370,520 | ) | |
| (178,798 | ) | |
| (97,802 | ) | |
| (32,324 | ) | |
| (245,355 | ) | |
| (81,092 | ) |
Interest earned on investment held in trust account | |
| 530,141 | | |
| - | | |
| 1,116,305 | | |
| - | | |
| 834,681 | | |
| - | | |
| 1,675,901 | | |
| - | |
Accretion of temporary equity into redemption value (extension deposit) | |
| 110,000 | | |
| - | | |
| 165,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Allocation of net income/(loss) | |
| 466,526 | | |
| (101,682 | ) | |
| 910,785 | | |
| (178,798 | ) | |
| 736,879 | | |
| (32,324 | ) | |
| 1,430,546 | | |
| (81,092 | ) |
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 | |
$ | 0.10 | | |
$ | (0.04 | ) | |
$ | 0.19 | | |
$ | (0.08 | ) | |
$ | 0.11 | | |
$ | (0.01 | ) | |
$ | 0.21 | | |
$ | (0.04 | ) |
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 June 30, 2024 and December
31, 2023, the ordinary shares subject to possible redemption in the amount of $52,161,909 and $50,880,604,
respectively, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
At
June 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:
SCHEDULE OF INITIAL PUBLIC OFFERING PROCEEDS TO COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION
| |
| | |
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 | |
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.
As
of June 30, 2024 and December 31, 2023, the amounts due to related parties were $321,369 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 six months ended June 30,
2024, the Company incurred $30,000 and
$60,000 in
fees respectively for these services. As of June 30, 2024, the amount outstanding was $73,871. For three months and six months
ended June 30, 2023, the Company incurred $30,000 and
$60,000 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. As of June 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. As
of June 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”)). As of June 30, 2024 and December 31,
2023, $91,532 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 June 30, 2024 and 2023, the Company incurred $134 and $159 in fees for these services, respectively.
For six months ended June 30, 2024 and 2023, the Company incurred $291 and
$238 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.
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 $ 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 June
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 ( 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 ( private units purchased by the Sponsor and 2,596 private units purchased
by EBC) at a price of $10.00 per unit.
As
of June 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 June 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.
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 June 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 June 30, 2024, the Company has recognized the unrealizes loss of $92,316.
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
Date |
|
Trading
Securities |
|
Level |
|
|
Fair
Value |
|
June
30, 2024 |
|
Marketable
securities held in the trust account |
|
|
1 |
|
|
$ |
51,996,909 |
|
|
|
|
|
|
|
|
|
|
|
|
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
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.
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 June 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 June 30, 2024, we had a net income of $382,746, which consists of interest earned on marketable securities held in
Trust Account and bank interest income of $530,143, offset by formation and operating costs of $147,397.
For
six months ended June 30, 2024, we had a net income of $731,987, which consists of interest earned on marketable securities held in Trust
Account and bank interest income of $1,208,626, offset by formation and operating costs of $384,323 and unrealized loss on the investment
of $92,316.
For
three months ended June 30, 2023, we had a net income of $704,555, which consists of interest earned on marketable securities held in
Trust Account and bank interest income of $834,742, offset by formation and operating costs of $130,187.
For
six months ended June 30, 2023, we had a net income of $1,349,454, which consists of interest earned on marketable securities held in
Trust Account and bank interest income of $1,637,827, offset by formation and operating costs of $288,373.
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.
As
of June 30, 2024, we had marketable securities held in the trust account of $51,996,909 (including $4,734,845 of interest income
as of June 30, 2024) consisting of U.S. Treasury Bills with a maturity of 185 days or less. Interest income on the balance in the trust
account may be used by us to pay taxes. Through June 30, 2024, we have not withdrawn any interest earned from the trust account.
As
of June 30, 2024, we had cash of $13,793 and a working capital deficit of $874,140. On May 2, 2024, we issued a
promissory note to a potential target 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. As of June 30, 2024 and December 31, 2023,
$0 was outstanding.
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.
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. As of June 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”)). As of June 30, 2024, $91,532 were
outstanding.
As
of June 30, 2024 and December 31, 2023, the amounts due to related parties were $321,369 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.
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 June 30, 2024, pursuant to Rule 13a-15(b) under the
Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of June 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 June 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 June 30, 2024.
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.
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.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
*
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.
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 |
|
August 19, 2024 |
Yong
(David) Yan |
|
(Principal
Executive Officer) |
|
|
|
|
|
|
|
/s/
Song (Steve) Jing |
|
Principal
Financial Officer |
|
August 19, 2024 |
Song
(Steve) Jing |
|
(Principal
Financial Officer and Principal Accounting Officer) |
|
|
|
|
|
|
|
/s/
Pengfei Zheng |
|
Chairman |
|
August 19, 2024 |
Pengfei
Zheng |
|
|
|
|
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:
August 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:
August 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
June 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:
August 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
June 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:
August 19, 2024 |
By: |
/s/
Song (Steve) Jing |
|
|
Song
(Steve) Jing |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
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ALPHAVEST
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v3.24.2.u1
Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets: |
|
|
Cash |
$ 13,793
|
$ 28,560
|
Prepaid expenses |
55,948
|
34,573
|
Total Current Assets |
69,741
|
63,133
|
Marketable securities held in trust account |
51,996,909
|
50,880,604
|
Cash held in trust escrow account |
165,000
|
|
Total Assets |
52,231,650
|
50,943,737
|
Current Liabilities: |
|
|
Accounts payable and accrued offering costs and expenses |
386,512
|
213,118
|
Due to related party |
9,837
|
9,837
|
Total Current Liabilities |
943,881
|
387,955
|
Total Liabilities |
943,881
|
387,955
|
Commitments and contingencies |
|
|
Ordinary shares subject to possible redemption (4,725,829 shares at $11.04 and $10.77 per share as of June 30, 2024 and December 31, 2023, respectively) |
52,161,909
|
50,880,604
|
Shareholders’ Deficit: |
|
|
Preferred shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding as of June 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 June 30, 2024 and December 31, 2023, respectively |
228
|
228
|
Additional paid-in capital |
|
|
Accumulated deficit |
(874,368)
|
(325,050)
|
Total Shareholders’ Deficit |
(874,140)
|
(324,822)
|
Total Liabilities, Redeemable Ordinary Shares, and Shareholders’ Deficit |
52,231,650
|
50,943,737
|
Nonrelated Party [Member] |
|
|
Current Liabilities: |
|
|
Promissory notes |
236,000
|
|
Related Party [Member] |
|
|
Current Liabilities: |
|
|
Promissory notes |
$ 311,532
|
$ 165,000
|
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v3.24.2.u1
Balance Sheets (Parenthetical) - $ / shares
|
Jun. 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 |
$ 11.04
|
$ 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
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Formation and operating costs |
$ 147,397
|
$ 130,187
|
$ 384,323
|
$ 288,373
|
Loss from operations |
(147,397)
|
(130,187)
|
(384,323)
|
(288,373)
|
Other Income (expenses): |
|
|
|
|
Interest income on investments held in trust account |
530,141
|
834,681
|
1,208,621
|
1,637,673
|
Unrealized loss on investments held in trust account |
|
|
(92,316)
|
|
Bank interest income |
2
|
61
|
5
|
154
|
Total other income |
530,143
|
834,742
|
1,116,310
|
1,637,827
|
Net income |
$ 382,746
|
$ 704,555
|
$ 731,987
|
$ 1,349,454
|
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 |
$ 0.10
|
$ 0.11
|
$ 0.19
|
$ 0.21
|
Diluted net income per share |
$ 0.10
|
$ 0.11
|
$ 0.19
|
$ 0.21
|
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 |
$ (0.04)
|
$ (0.01)
|
$ (0.08)
|
$ (0.04)
|
Diluted net income per share |
$ (0.04)
|
$ (0.01)
|
$ (0.08)
|
$ (0.04)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.2.u1
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 |
|
|
|
1,349,454
|
Balance at Jun. 30, 2023 |
$ 228
|
|
227,867
|
228,095
|
Balance, shares at Jun. 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 |
|
|
704,555
|
704,555
|
Balance at Jun. 30, 2023 |
$ 228
|
|
227,867
|
228,095
|
Balance, shares at Jun. 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 |
|
|
|
731,987
|
Balance at Jun. 30, 2024 |
$ 228
|
|
(874,368)
|
(874,140)
|
Balance, shares at Jun. 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
|
|
|
|
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v3.24.2.u1
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 731,987
|
$ 1,349,454
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
Trust investment income |
(1,208,621)
|
(1,637,673)
|
Unrealized loss on investments held in trust account |
92,316
|
|
Changes in operating assets and liabilities: |
|
|
Prepaid expense |
75,058
|
48,582
|
Accounts payable and accrued offering costs and expenses |
279,953
|
(198,599)
|
Promissory note – related party |
14,540
|
|
Net cash used in operating activities |
(14,767)
|
(438,236)
|
Cash flows from investing activities: |
|
|
Cash deposited to trust escrow account |
(165,000)
|
|
Net cash used in investing activities |
(165,000)
|
|
Cash flows from financing activities: |
|
|
Proceeds from promissory note – related party |
55,000
|
|
Proceeds from promissory note – third party |
110,000
|
|
Net cash provided by financing activities |
165,000
|
|
Net change in cash |
(14,767)
|
(438,236)
|
Cash at beginning of period |
28,560
|
659,035
|
Cash at end of period |
13,793
|
220,799
|
Supplemental disclosure of noncash investing and financing activities |
|
|
Accretion for ordinary shares subject to redemption amount |
1,281,305
|
1,675,901
|
Accrued expenses converted to promissory note– related party |
76,992
|
|
Accrued expenses converted to promissory note – third party |
45,000
|
|
Prepaid expenses paid by promissory note – third party |
$ 81,000
|
|
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v3.24.2.u1
ORGANIZATION AND BUSINESS OPERATIONS
|
6 Months Ended |
Jun. 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 June 30, 2024, the Company had not commenced any operations. All activity through June 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 Units (the “Private Placement Units”) at a price of $ 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 $ ($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
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 August 19, 2024, an aggregate of $440,000
was deposited into trust account and trust escrow
account to extend the business combination period to August 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 a potential target (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, potential target 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 June 30, 2024 and December 31, 2023, $110,000
and $0
were outstanding, respectively.
On May 2, 2024, the Company issued a
promissory note to a potential target (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, potential target 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 June 30, 2024 and December 31, 2023, $126,000
and $0
were outstanding, respectively.
Going
Concern Consideration and Management Liquidity Plans
As
of June 30, 2024, the Company had cash of $13,793 and working capital deficit of $874,140. 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.
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.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 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 $13,793 and $28,560 as of June 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 June 30, 2024 and December 31, 2023, the trust account had balance of
$51,996,909 and
$50,880,604,
respectively. The interest earned from the trust account totaled $530,141
and $834,681
for three months ended
June 30, 2024 and 2023, respectively, and $1,208,621
and $1,637,673
for six months ended
June 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 June 30, 2024, the Company had $165,000 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 June 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:
SCHEDULE OF NET INCOME (LOSS) PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income | |
$ | 382,746 | | |
$ | 704,555 | | |
$ | 731,987 | | |
$ | 1,349,454 | |
Accretion of temporary equity into redemption value (interest earned) | |
| (530,141 | ) | |
| (834,681 | ) | |
| (1,116,305 | ) | |
| (1,675,901 | ) |
Accretion of temporary equity into redemption value (extension deposit) | |
| (110,000 | ) | |
| - | | |
| (165,000 | ) | |
| - | |
Net loss including accretion of equity into redemption value | |
$ | (257,395 | ) | |
$ | (130,126 | ) | |
$ | (549,318 | ) | |
$ | (326,447 | ) |
Particulars | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | |
| |
For Three Months Ended
June 30, 2024 | | |
For Six Months Ended
June 30, 2024 | | |
For Three Months Ended
June 30, 2023 | | |
For Six Months Ended
June 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 | |
| (173,615 | ) | |
| (101,682 | ) | |
| (370,520 | ) | |
| (178,798 | ) | |
| (97,802 | ) | |
| (32,324 | ) | |
| (245,355 | ) | |
| (81,092 | ) |
Interest earned on investment held in trust account | |
| 530,141 | | |
| - | | |
| 1,116,305 | | |
| - | | |
| 834,681 | | |
| - | | |
| 1,675,901 | | |
| - | |
Accretion of temporary equity into redemption value (extension deposit) | |
| 110,000 | | |
| - | | |
| 165,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Allocation of net income/(loss) | |
| 466,526 | | |
| (101,682 | ) | |
| 910,785 | | |
| (178,798 | ) | |
| 736,879 | | |
| (32,324 | ) | |
| 1,430,546 | | |
| (81,092 | ) |
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 | |
$ | 0.10 | | |
$ | (0.04 | ) | |
$ | 0.19 | | |
$ | (0.08 | ) | |
$ | 0.11 | | |
$ | (0.01 | ) | |
$ | 0.21 | | |
$ | (0.04 | ) |
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 June 30, 2024 and December
31, 2023, the ordinary shares subject to possible redemption in the amount of $52,161,909 and $50,880,604,
respectively, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
At
June 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:
SCHEDULE OF INITIAL PUBLIC OFFERING PROCEEDS TO COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION
| |
| | |
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 | |
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.
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v3.24.2.u1
INITIAL PUBLIC OFFERING
|
6 Months Ended |
Jun. 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.
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v3.24.2.u1
PRIVATE PLACEMENTS
|
6 Months Ended |
Jun. 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.
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v3.24.2.u1
RELATED PARTIES
|
6 Months Ended |
Jun. 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 June 30, 2024 and December 31, 2023, the amounts due to related parties were $321,369 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 six months ended June 30,
2024, the Company incurred $30,000 and
$60,000 in
fees respectively for these services. As of June 30, 2024, the amount outstanding was $73,871. For three months and six months
ended June 30, 2023, the Company incurred $30,000 and
$60,000 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. As of June 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. As
of June 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”)). As of June 30, 2024 and December 31,
2023, $91,532 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 June 30, 2024 and 2023, the Company incurred $134 and $159 in fees for these services, respectively.
For six months ended June 30, 2024 and 2023, the Company incurred $291 and
$238 in fees for these services, respectively.
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCY
|
6 Months Ended |
Jun. 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 $ 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.
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v3.24.2.u1
SHAREHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 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 June
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 ( 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 ( private units purchased by the Sponsor and 2,596 private units purchased
by EBC) at a price of $10.00 per unit.
As
of June 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 June 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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v3.24.2.u1
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jun. 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 June 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 June 30, 2024, the Company has recognized the unrealizes loss of $92,316.
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
Date |
|
Trading
Securities |
|
Level |
|
|
Fair
Value |
|
June
30, 2024 |
|
Marketable
securities held in the trust account |
|
|
1 |
|
|
$ |
51,996,909 |
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2023 |
|
Marketable
securities held in the trust account |
|
|
1 |
|
|
$ |
50,880,604 |
|
|
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 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
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.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 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 $13,793 and $28,560 as of June 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 June 30, 2024 and December 31, 2023, the trust account had balance of
$51,996,909 and
$50,880,604,
respectively. The interest earned from the trust account totaled $530,141
and $834,681
for three months ended
June 30, 2024 and 2023, respectively, and $1,208,621
and $1,637,673
for six months ended
June 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 June 30, 2024, the Company had $165,000 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 June 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:
SCHEDULE OF NET INCOME (LOSS) PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income | |
$ | 382,746 | | |
$ | 704,555 | | |
$ | 731,987 | | |
$ | 1,349,454 | |
Accretion of temporary equity into redemption value (interest earned) | |
| (530,141 | ) | |
| (834,681 | ) | |
| (1,116,305 | ) | |
| (1,675,901 | ) |
Accretion of temporary equity into redemption value (extension deposit) | |
| (110,000 | ) | |
| - | | |
| (165,000 | ) | |
| - | |
Net loss including accretion of equity into redemption value | |
$ | (257,395 | ) | |
$ | (130,126 | ) | |
$ | (549,318 | ) | |
$ | (326,447 | ) |
Particulars | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | |
| |
For Three Months Ended
June 30, 2024 | | |
For Six Months Ended
June 30, 2024 | | |
For Three Months Ended
June 30, 2023 | | |
For Six Months Ended
June 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 | |
| (173,615 | ) | |
| (101,682 | ) | |
| (370,520 | ) | |
| (178,798 | ) | |
| (97,802 | ) | |
| (32,324 | ) | |
| (245,355 | ) | |
| (81,092 | ) |
Interest earned on investment held in trust account | |
| 530,141 | | |
| - | | |
| 1,116,305 | | |
| - | | |
| 834,681 | | |
| - | | |
| 1,675,901 | | |
| - | |
Accretion of temporary equity into redemption value (extension deposit) | |
| 110,000 | | |
| - | | |
| 165,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Allocation of net income/(loss) | |
| 466,526 | | |
| (101,682 | ) | |
| 910,785 | | |
| (178,798 | ) | |
| 736,879 | | |
| (32,324 | ) | |
| 1,430,546 | | |
| (81,092 | ) |
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 | |
$ | 0.10 | | |
$ | (0.04 | ) | |
$ | 0.19 | | |
$ | (0.08 | ) | |
$ | 0.11 | | |
$ | (0.01 | ) | |
$ | 0.21 | | |
$ | (0.04 | ) |
|
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 June 30, 2024 and December
31, 2023, the ordinary shares subject to possible redemption in the amount of $52,161,909 and $50,880,604,
respectively, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
At
June 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:
SCHEDULE OF INITIAL PUBLIC OFFERING PROCEEDS TO COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION
| |
| | |
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 | |
|
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.
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 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:
SCHEDULE OF NET INCOME (LOSS) PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income | |
$ | 382,746 | | |
$ | 704,555 | | |
$ | 731,987 | | |
$ | 1,349,454 | |
Accretion of temporary equity into redemption value (interest earned) | |
| (530,141 | ) | |
| (834,681 | ) | |
| (1,116,305 | ) | |
| (1,675,901 | ) |
Accretion of temporary equity into redemption value (extension deposit) | |
| (110,000 | ) | |
| - | | |
| (165,000 | ) | |
| - | |
Net loss including accretion of equity into redemption value | |
$ | (257,395 | ) | |
$ | (130,126 | ) | |
$ | (549,318 | ) | |
$ | (326,447 | ) |
Particulars | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | | |
Shares | |
| |
For Three Months Ended
June 30, 2024 | | |
For Six Months Ended
June 30, 2024 | | |
For Three Months Ended
June 30, 2023 | | |
For Six Months Ended
June 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 | |
| (173,615 | ) | |
| (101,682 | ) | |
| (370,520 | ) | |
| (178,798 | ) | |
| (97,802 | ) | |
| (32,324 | ) | |
| (245,355 | ) | |
| (81,092 | ) |
Interest earned on investment held in trust account | |
| 530,141 | | |
| - | | |
| 1,116,305 | | |
| - | | |
| 834,681 | | |
| - | | |
| 1,675,901 | | |
| - | |
Accretion of temporary equity into redemption value (extension deposit) | |
| 110,000 | | |
| - | | |
| 165,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Allocation of net income/(loss) | |
| 466,526 | | |
| (101,682 | ) | |
| 910,785 | | |
| (178,798 | ) | |
| 736,879 | | |
| (32,324 | ) | |
| 1,430,546 | | |
| (81,092 | ) |
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 | |
$ | 0.10 | | |
$ | (0.04 | ) | |
$ | 0.19 | | |
$ | (0.08 | ) | |
$ | 0.11 | | |
$ | (0.01 | ) | |
$ | 0.21 | | |
$ | (0.04 | ) |
|
SCHEDULE OF INITIAL PUBLIC OFFERING PROCEEDS TO COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION |
At
June 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:
SCHEDULE OF INITIAL PUBLIC OFFERING PROCEEDS TO COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION
| |
| | |
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 | |
|
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v3.24.2.u1
FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 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 June 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 June 30, 2024, the Company has recognized the unrealizes loss of $92,316.
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
Date |
|
Trading
Securities |
|
Level |
|
|
Fair
Value |
|
June
30, 2024 |
|
Marketable
securities held in the trust account |
|
|
1 |
|
|
$ |
51,996,909 |
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2023 |
|
Marketable
securities held in the trust account |
|
|
1 |
|
|
$ |
50,880,604 |
|
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.24.2.u1
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
May 02, 2024 |
Dec. 21, 2023 |
Dec. 29, 2022 |
Dec. 22, 2022 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Aug. 19, 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
|
|
|
(530,141)
|
$ (586,164)
|
$ (834,681)
|
$ (841,220)
|
|
|
|
|
Escrow Deposit |
|
|
|
|
165,000
|
|
|
|
165,000
|
|
|
|
Cash |
|
|
|
|
13,793
|
|
|
|
13,793
|
|
|
28,560
|
Working capital deficit |
|
|
|
|
874,140
|
|
|
|
874,140
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Loan borrowed |
|
|
|
|
311,532
|
|
|
|
311,532
|
|
|
165,000
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Escrow Deposit |
|
|
|
|
|
|
|
|
|
$ 440,000
|
|
|
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 |
|
|
|
|
110,000
|
|
|
|
110,000
|
|
|
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 private units sold, shares |
|
|
|
390,000
|
|
|
|
|
390,000
|
|
|
|
Redemption ordinary per share |
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
Private Placement [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of private units sold, shares |
|
|
|
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 private units sold, shares |
|
|
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
|
|
|
|
|
|
|
|
|
|
Number of additional private units issued |
|
|
40,500
|
|
|
|
|
|
|
|
|
|
Redemption ordinary per share |
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private units |
|
|
$ 405,000
|
|
|
|
|
|
|
|
|
|
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v3.24.2.u1
SCHEDULE OF NET INCOME (LOSS) PER SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Net income |
$ 382,746
|
$ 349,241
|
$ 704,555
|
$ 644,898
|
$ 731,987
|
$ 1,349,454
|
Accretion of temporary equity into redemption value (interest earned) |
(530,141)
|
|
(834,681)
|
|
(1,116,305)
|
(1,675,901)
|
Accretion of temporary equity into redemption value (extension deposit) |
(110,000)
|
|
|
|
(165,000)
|
|
Net loss including accretion of equity into redemption value |
$ (257,395)
|
|
$ (130,126)
|
|
$ (549,318)
|
$ (326,447)
|
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 |
$ (173,615)
|
|
$ (97,802)
|
|
$ (370,520)
|
$ (245,355)
|
Interest earned on investment held in trust account |
530,141
|
|
834,681
|
|
1,116,305
|
1,675,901
|
Accretion of temporary equity into redemption value (extension deposit) |
110,000
|
|
|
|
165,000
|
|
Allocation of net income/(loss) |
$ 466,526
|
|
$ 736,879
|
|
$ 910,785
|
$ 1,430,546
|
Weighted-average shares outstanding |
4,725,829
|
|
6,900,000
|
|
4,725,829
|
6,900,000
|
Basic net income/(loss) per share |
$ 0.10
|
|
$ 0.11
|
|
$ 0.19
|
$ 0.21
|
Diluted net income/(loss) per share |
$ 0.10
|
|
$ 0.11
|
|
$ 0.19
|
$ 0.21
|
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 |
$ (101,682)
|
|
$ (32,324)
|
|
$ (178,798)
|
$ (81,092)
|
Interest earned on investment held in trust account |
|
|
|
|
|
|
Accretion of temporary equity into redemption value (extension deposit) |
|
|
|
|
|
|
Allocation of net income/(loss) |
$ (101,682)
|
|
$ (32,324)
|
|
$ (178,798)
|
$ (81,092)
|
Weighted-average shares outstanding |
2,280,500
|
|
2,280,500
|
|
2,280,500
|
2,280,500
|
Basic net income/(loss) per share |
$ (0.04)
|
|
$ (0.01)
|
|
$ (0.08)
|
$ (0.04)
|
Diluted net income/(loss) per share |
$ (0.04)
|
|
$ (0.01)
|
|
$ (0.08)
|
$ (0.04)
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SCHEDULE OF INITIAL PUBLIC OFFERING PROCEEDS TO COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION (Details) - USD ($)
|
3 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
|
Balance |
$ 51,521,768
|
$ 50,880,604
|
Accretion for ordinary shares subject to redemption (income earned on investment held in trust account) |
530,141
|
586,164
|
Accretion for ordinary shares subject to redemption (extension deposit) |
110,000
|
55,000
|
Balance |
$ 52,161,909
|
$ 51,521,768
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] |
|
|
|
|
|
Cash |
$ 13,793
|
|
$ 13,793
|
|
$ 28,560
|
Trust account balance |
51,996,909
|
|
51,996,909
|
|
50,880,604
|
Investment Income, Interest |
530,141
|
$ 834,681
|
1,208,621
|
$ 1,637,673
|
|
Cash held in trust escrow account not yet deposited |
165,000
|
|
165,000
|
|
|
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 |
$ 52,161,909
|
|
$ 52,161,909
|
|
$ 50,880,604
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v3.24.2.u1
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
Dec. 29, 2022 |
Dec. 22, 2022 |
Jun. 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
|
|
|
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v3.24.2.u1
PRIVATE PLACEMENTS (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
Dec. 29, 2022 |
Dec. 22, 2022 |
Jun. 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] |
|
|
|
|
Sale of stock, number of shares 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] |
|
|
|
|
Sale of stock, number of shares issued |
40,500
|
|
|
|
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
|
|
|
|
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v3.24.2.u1
RELATED PARTIES (Details Narrative) - USD ($)
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Feb. 22, 2024 |
Dec. 21, 2023 |
Feb. 22, 2023 |
Dec. 29, 2022 |
Jun. 03, 2022 |
Feb. 07, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Apr. 15, 2024 |
Mar. 12, 2024 |
Dec. 31, 2023 |
Apr. 18, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to related party |
|
|
|
|
|
|
$ 321,369
|
|
$ 321,369
|
|
|
|
$ 174,837
|
|
Professional Fees |
|
|
|
|
|
|
30,000
|
$ 30,000
|
60,000
|
$ 60,000
|
|
|
|
|
Administrative expense outstanding |
|
|
|
|
|
|
73,871
|
|
73,871
|
|
|
|
|
|
Unsecured promissory note |
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
Outstanding balance |
|
|
|
|
|
|
0
|
|
0
|
|
|
|
0
|
|
Annual website service fees |
$ 537
|
|
$ 784
|
|
|
|
134
|
$ 159
|
291
|
$ 238
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan borrowed |
|
|
|
|
|
|
311,532
|
|
311,532
|
|
|
|
165,000
|
|
TenX Global Capital LP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
|
|
$ 400,000
|
|
|
Loan borrowed |
|
|
|
|
|
|
91,532
|
|
91,532
|
|
|
|
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
|
|
|
|
|
|
|
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCY (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
Dec. 29, 2022 |
Dec. 22, 2022 |
Sep. 15, 2022 |
Jun. 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] |
|
|
|
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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 |
|
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|
3.50%
|
Proceeds from initial public offering |
|
$ 60,000,000
|
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v3.24.2.u1
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
6 Months Ended |
|
|
Dec. 29, 2022 |
Dec. 22, 2022 |
Jul. 11, 2022 |
Feb. 07, 2022 |
Jun. 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
|
|
|
|
|
|
|
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] |
|
|
|
|
|
|
|
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%
|
|
|
|
Common Stock [Member] | 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
|
|
|
|
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SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($)
|
Jun. 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 |
$ 51,996,909
|
$ 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 |
$ 51,996,909
|
$ 50,880,604
|
X |
- DefinitionThe amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which assets are available to be used by beneficiaries to that agreement only within the specific terms thereof and which agreement is expected to terminate more than one year from the balance sheet date (or operating cycle, if longer) at which time the assets held-in-trust will be released or forfeited.
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AlphaVest Acquisition (NASDAQ:ATMVU)
過去 株価チャート
から 7 2024 まで 8 2024
AlphaVest Acquisition (NASDAQ:ATMVU)
過去 株価チャート
から 8 2023 まで 8 2024