Financial Performance - As of June 30, 2025, the company reported a net income of $23,368, consisting of interest income of $191,642, offset by formation and operating costs of $168,274 for the three months ended June 30, 2025 [97]. - For the six months ended June 30, 2025, the company had a net income of $32,064, with interest income of $378,821 and operating costs of $346,757 [98]. Initial Public Offering - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit [101]. - Following the full exercise of the over-allotment option, the company placed $70,380,000 in the trust account, which may be used for the initial business combination [103]. Financial Position and Concerns - As of June 30, 2025, the company had cash of $4,216 and a working capital deficit of $2,422,391, raising substantial doubt about its ability to continue as a going concern [108]. - There is no assurance that the company will successfully consummate a business combination within the combination period, which raises substantial doubt about its ability to continue as a going concern [107]. Business Operations - The company has not generated any operating revenues to date and will not do so until after the completion of its initial business combination [95]. - The company expects to incur significant costs related to being a public company and due diligence expenses in connection with the search for a business combination target [96]. Advisory and Fees - The company has engaged EBC as an advisor for its business combination, agreeing to pay a service fee of 3.5% of the gross proceeds of the IPO upon consummation of the initial business combination [113]. - The company has marketable securities held in the trust account amounting to $18,764,521, consisting of U.S. government securities [104].
Alphavest Acquisition Corp(ATMVU) - 2025 Q2 - Quarterly Report