AlphaVest Acquisition announced a business combination agreement with Wanshun Technology Industrial Group, primarily a peer-to-peer marketplace for on-demand rides hailing services in China.
The transaction will be structured as a business combination with the SPAC’s wholly-owned subsidiary, AV Merger Sub, and is anticipated to result in shareholders receiving Wanshun capital stock valued at approximately $300 million. The deal is expected to be consummated by early 2024.
Wanshun, based in Shenzhen, China, and established in 2016, operates an app-based ride-hailing service. Building on its established ride-hailing business, Wanshun is creating an online and offline ecosystem by integrating complimentary verticals including physical stores/showrooms for existing and new drivers, customized white-label electric vehicle and smart life service.
AlphaVest raised $60 million in a December 2022 IPO.
Winston & Strawn is serving as legal advisor to the SPAC. Jun He Law Offices is legal advisor to Wanshun. Small Seashell Limited is serving as financial advisor to AlphaVest. Read more.
