Eos Energy stock falls after Fuzzy Panda issues short report
AlphaVest Acquisition Corp. (NASDAQ:ATMV) announced Monday that it deposited two extension payments of $55,000 each into its trust account on October 22 and October 23. According to a statement in a press release, these deposits bring the redemption value to approximately $12.09 per ordinary share, notably above the current market price of $9.50. InvestingPro data shows the company’s market capitalization stands at $37.01 million, with a concerning current ratio of 0.02.
The company also reported that a total of 1,399,308 ordinary shares were submitted for redemption in connection with extraordinary general meetings held on September 5 and September 19, after considering any reversal requests. As a result, approximately $16,917,633.70, or about $12.09 per share, will be distributed from the trust account to shareholders who redeemed their shares, subject to any additional approved redemption reversal requests before the closing of the business combination. InvestingPro analysis reveals the stock trades at a high P/E ratio of 62.92, with additional financial health indicators available to subscribers.
AlphaVest Acquisition Corp. is listed on The Nasdaq Stock Market LLC under the tickers ATMVU, ATMV, and ATMVR. The company is incorporated in the Cayman Islands and operates in the retail-home furniture, furnishings, and equipment stores sector.
All information is based on a statement provided in a recent SEC filing.
In other recent news, AlphaVest Acquisition Corp. has received shareholder approval to extend the deadline for completing a business combination. The amendments, approved during an extraordinary general meeting, allow the company to extend the deadline up to four times, with each extension lasting one month. This could potentially move the final deadline from September 22, 2025, to as late as January 22, 2026. Each extension will necessitate a $55,000 deposit into the company’s trust account. These developments come as AlphaVest Acquisition continues to navigate the complexities of finalizing a business combination. The decision reflects the company’s strategic approach to ensuring the successful completion of its merger plans. Investors will be closely monitoring how these extensions impact the company’s future business activities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.