AlphaVest Acquisition, a blank check company targeting businesses in Asia, filed on Friday with the SEC to raise up to $60 million in an initial public offering.
The New York, NY-based company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, AlphaVest Acquisition would command a market value of $80 million.
AlphaVest Acquisition is led by Chairman Pengfei Zheng, the founder and President of Shenzhen Guoxing Capital, and CEO and Director David Yan, a Partner at the Shanghai-based V-Stone Capital. The SPAC plans to target businesses in Asia, focusing on those with compelling economics, clear paths to positive operating cash flow, significant assets, and successful management teams. It will not pursue a combination with an entity or business with China operations consolidated through a variable interest entity (VIE) structure.
AlphaVest Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol ATMVU. EarlyBirdCapital is the sole bookrunner on the deal.
