AlphaVest Acquisition enters merger agreement with Wanshun Technology

AlphaVest Acquisition Corp 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 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.