Alphavest Acquisition in an 8-K said its shareholders approved a deadline extension up to December 2024 in three-month increments.
The SPAC said 2,174,171 shares were redeemed in connection with the vote, removing nearly $23.3 million from the trust. Narly $51 million will remain in the trust and AlphaVest will then have 7,006,329 shares outstanding.
AlphaVest in August announced a business combination agreement with Wanshun Technology Industrial Group, primarily a peer-to-peer marketplace for on-demand ride hailing services in China. The transaction would 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.
AlphaVest raised $60 million in a December 2022 IPO. Read more.
