Ogier advises AlphaVest Acquisition Corp on US$69 million SPAC IPO

Ogier acted as Cayman Islands counsel to AlphaVest Acquisition Corp, a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, on its US$69 million initial public offering, after giving effect to the exercise of the full over-allotment option by the underwriters (IPO) on Nasdaq.

The company completed the IPO of its 6,000,000 units at an offering price of US$10 per unit on 22 December 2022, and the underwriters exercised the full over-allotment option on 28 December 2022 to purchase an additional 900,000 units. The units issued by the company started trading under the ticker symbol "ATMVU" on the Nasdaq Stock Market LLC on 20 December 2022. AlphaVest Acquisition Corp intends to pursue business combinations with targets in the Asia region.

The Ogier team in Hong Kong was led by corporate partner, Florence Chan, with support from the firm's global head of Corporate, Nathan Powell, and paralegal Jenson Ng. Ogier worked alongside with Loeb & Loeb LLP as the US counsel and EarlyBirdCapital, Inc. as the sole book-running manager of the offering and Revere Securities is acting as co-manager of the offering.