AlphaVest Soars 50% on AMC Robotics Merger Approval
Shareholder vote clears path for the SPAC to merge with AI security firm, supported by an $8 million financing deal to develop warehouse robots.
Shares of AlphaVest Acquisition Corp (NASDAQ: ATMV) skyrocketed nearly 50% after the special purpose acquisition company announced it received with robotics and AI firm AMC Corporation.
The deal paves the way for the creation of a new public entity to be named AMC Robotics Corporation, which is expected to trade on the Nasdaq under the new ticker symbol 'AMCI'. The transaction, first announced in August 2024, .
Fueling the new venture, the companies also executed definitive agreements for an deal. The proceeds are earmarked to accelerate the development and go-to-market strategy for AMC's flagship product: an AI-powered industrial warehouse patrol and incident response robot. The company is targeting a commercial launch for the robotics solution by early 2026.
The merger's approval marks a significant step for AMC, a security and technology firm distinct from the well-known movie theater chain AMC Entertainment Holdings. The new AMC Robotics Corporation aims to capture a share of the growing market for automated security and logistics solutions. The final closing of the business combination is expected to be completed in the coming weeks, subject to customary closing conditions.