Wanshun Technology Industrial Group Limited entered into a business combination agreement to acquire AlphaVest Acquisition Corp (NasdaqGM:ATMV) for approximately $300 million on August 11, 2023. The transaction will be structured as a business combination with ATMV shareholders receiving shares of Wanshun capital stock valued at approximately $300 million. 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. If the Business Combination Agreement is terminated pursuant to clauses (ii) or (v) above, then immediately following such termination, the Sponsor will be entitled to receive a termination fee of $12.075 million from Wanshun.

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. Mike Blankenship and Dean Hinderliter of 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. Yingke Law Firm acted as a legal advisor to Wanshun Technology Industrial Group Limited.