New York, NY, Aug. 14, 2023 (GLOBE NEWSWIRE) — AlphaVest Acquisition Corp (NASDAQ: ATMV), a special purpose acquisition company, announced the execution of a Business Combination Agreement with Wanshun Technology Industrial Group Limited, primarily a peer-to-peer marketplace for on-demand rides hailing services in China. The transaction will be structured as a business combination with ATMV’s wholly owned subsidiary, AV Merger Sub, and is anticipated to result in ATMV shareholders receiving shares of Wanshun capital stock valued at approximately $300 million (the “Business Combination”). The transaction has been approved by the boards of directors of both ATMV and Wanshun and is expected to be consummated in the fourth quarter of 2023 or early 2024, subject to regulatory approval and respective stockholder approval by the stockholders of ATMV and the stockholders of Wanshun and the satisfaction of certain other customary closing conditions.
Wanshun, based in Shenzhen, China, and established in 2016, operates an app-based ride-hailing service. Building on its established ride-hailing business, Wanshun is creating an online and offline ecosystem by integrating complimentary verticals including physical stores/showrooms for existing and new drivers, customized white-label electric vehicle and smart life service.
Upon the closing of the Business Combination, the combined company is expected to operate under the name Wanshun Technology Industrial Group Limited and remain a NASDAQ-listed public company trading under a new ticker symbol. Wanshun’s executive management team will continue to lead the combined company. There can be no assurance that the combined company will remain listed on NASDAQ.
“AlphaVest recognizes the significant opportunity within Wanshun’s distinctive business model and recent launches of new growth initiatives, which created a vibrant synergy within its business ecosystem,” said Dr. David Yan, Chief Executive Officer of ATMV. “We are excited to have Wanshun for this business merger and look forward very much to consummating this transaction. We believe that, with the value proposition that AlphaVest brings into this transaction, Wanshun will have the ability to amplify its growth plans and create significant value for stockholders over time.”
The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the transaction. For additional information, see ATMV’s Current Report on Form 8-K, which will be filed promptly and can be obtained at the website of the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov.
Advisors
Winston & Strawn is serving as legal advisor to ATMV. Jun He Law Offices LLC is serving as legal advisor to Wanshun. Small Seashell Limited is serving as financial advisor to ATMV.
About Wanshun Technology Industrial Group Limited
Wanshun, based in Shenzhen, China, and established in 2016, engages primarily a peer-to-peer marketplace for on-demand rides hailing services with around 5.8 million registered drivers. The company offers drivers affordable subscription plans to enhance driver loyalty and stickiness to its platform, alongside the traditional commission based fee structure. Building on its established ride-hailing business, Wanshun is creating an online and offline ecosystem by integrating complimentary verticals including physical stores/showrooms for existing and new drivers, customized white-label electric vehicle and smart life service.
About AlphaVest Acquisition Corp
AlphaVest Acquisition Corp is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, the company intends to focus its search on businesses throughout Asia.
