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NEW YORK - AlphaVest Acquisition Corp (NASDAQ:ATMV) shareholders have approved the previously announced business combination with AMC Corporation, a security and safety technology solutions company, according to a press release issued Tuesday. The stock has shown remarkable momentum, surging 53.84% in the past week and maintaining a strong year-to-date return of 61.67%, according to InvestingPro data.
The approval came during AlphaVest’s Extraordinary General Meeting held on September 5. The companies also announced binding agreements for a private placement of $8 million in common stock and warrants, to be completed simultaneously with the business combination.
The transaction is expected to close in the coming weeks, subject to customary closing conditions. Upon completion, the combined entity will operate as AMC Robotics Corporation and trade on the Nasdaq Capital Market under the ticker symbol "AMCI."
AMC develops smart enterprise and consumer safety and security products. The company plans to use proceeds from the transaction to accelerate development and go-to-market strategy for its industrial warehouse solution featuring an AI-powered patrol and incident response robot.
"We believe the Business Combination will accelerate our growth trajectory and the development and go-to-market strategy for our new products," said Shengwei Da, Chairman and CEO of AMC, in the press release.
AMC reports it has progressed its warehouse solution from design stage to prototype this year, with plans to deliver the first commercial version by early 2026. The company claims it has seen "strong early customer interest" following recent product showcases in Japan and Las Vegas.
EarlyBirdCapital and Small Seashell Limited are serving as financial advisors to AlphaVest, while Revere Securities is acting as financial advisor to AMC.
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