NEW YORK—AlphaVest Acquisition Corp, a blank check company, has received a notice from The Nasdaq Stock Market LLC indicating non-compliance with Nasdaq's listing rule, which requires a minimum of 400 holders for continued listing on The Nasdaq Global Market. The notice, received on Thursday, does not currently affect the company's listing.
The company, which specializes in mergers and acquisitions with a focus on real estate and construction, has been given 45 days, until October 28, 2024, to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant up to 180 days from the notice date to demonstrate compliance. Should the plan be rejected, the company can appeal before a Nasdaq Hearings Panel.
AlphaVest Acquisition Corp intends to monitor holder counts and explore options to meet the listing requirements, including a potential transfer to The Nasdaq Capital Market, subject to meeting that market's criteria.
The company's securities, including units (ATMVU), ordinary shares (ATMV), and rights (ATMVR), are currently traded on The Nasdaq Stock Market LLC. The forward-looking statements in the company's report acknowledge the uncertainties and risks associated with regaining compliance, including the possibility of appealing a delisting decision and the transfer of securities listing.
The information in this article is based on a press release statement filed with the U.S. Securities and Exchange Commission. The company's CEO, Yong (David) Yan, has signed the report dated today, confirming the company's current situation and its efforts to address the compliance issue with Nasdaq's Minimum Public Holders Rule.
InvestingPro Insights
In the context of AlphaVest Acquisition Corp's recent notification of non-compliance with Nasdaq's listing requirements, potential investors and current shareholders might benefit from additional insights provided by InvestingPro. According to InvestingPro data, AlphaVest Acquisition Corp has a market capitalization of approximately $77.98 million and is trading at a P/E ratio of 39.2, indicating a high valuation compared to earnings. Despite the challenges faced, the company has been profitable over the last twelve months, with a basic and diluted EPS (Continuing Operations) of $0.28.
Two InvestingPro Tips that could be particularly relevant for stakeholders are that the stock is currently trading near its 52-week high, at 95.51% of this peak, and the company does not pay a dividend to shareholders. These factors may influence investor decisions, especially in light of the company's need to regain compliance with Nasdaq's rules. For additional insights, there are numerous other InvestingPro Tips available on the InvestingPro platform.
For those considering investing in AlphaVest Acquisition Corp or monitoring their existing investment, these metrics and tips offer a snapshot of the company's financial health and market performance as they navigate the compliance process with Nasdaq.
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