AlphaVest Acquisition Corp (NASDAQ:ATMV), a $78.8 million market cap company specializing in home furniture and furnishings retail, announced on Monday the resignation of Brian Hartzband from its Board of Directors, effective November 25, 2024.
According to InvestingPro data, the company currently maintains a FAIR financial health score, with its stock showing a 5.2% year-to-date return. Mr. Hartzband's departure from the board, as well as from his roles on the Audit and Compensation Committees, was not due to any disagreement with the company.
Concurrently, Jiangang Luo has been appointed as a Class I director, with his term set to end at the company's first annual stockholders meeting. The Board has confirmed Mr. Luo's status as an independent director in accordance with Nasdaq Stock Market Rules. In addition to his board appointment, Mr. Luo will also serve on the Audit and Compensation Committees.
Mr. Luo brings a wealth of experience to AlphaVest Acquisition Corp, having managed Cleantech Global Limited since 2014 and served as president of Prime Science & Technology, Inc. since 2006.
He holds leadership roles at PNE Limited Partner LLC and Luo & Long General Partner LLC, investment entities focused on a US-based cleantech company. Since March 2023, he has been the CEO of Bowen Acquisition Corporation, a blank check company.
His previous experience includes a managing partner position at Faith Asset Management LLC and a Principal Consultant role at Oracle (NYSE:ORCL). Mr. Luo's background also encompasses significant involvement in non-profit organizations and investment in cleantech and fintech companies over the past decade.
Mr. Luo's educational credentials include degrees in Applied Mathematics and Computer Science from Tsinghua University, a Master's in Computer Science from New Jersey Institute of Technology, and a Master's in Computational Mathematics from Tsinghua University.
The company has clarified that there are no compensation arrangements for directors, including Mr. Luo, and there are no other relationships or agreements that would necessitate disclosure under SEC regulations.
This announcement is based on a press release statement filed with the Securities and Exchange Commission on December 2, 2024. Want to stay ahead of corporate developments and make informed investment decisions? InvestingPro offers real-time alerts, detailed governance metrics, and expert analysis to help you navigate important corporate events like this one.
In other recent news, AlphaVest Acquisition Corp, known for its mergers and acquisitions in the real estate and construction sectors, has successfully transitioned its stock listing from The Nasdaq Global Market to The Nasdaq Capital Market. This voluntary move, approved by the Listing Qualifications Department of The Nasdaq Stock Market LLC, aligns with AlphaVest's current listing status and strategic goals. The company's trading symbols will remain unchanged following the transition.
In addition to this transition, AlphaVest has received a notice of non-compliance from The Nasdaq Stock Market LLC, regarding the Nasdaq's listing rule that requires a minimum of 400 holders for continued listing on The Nasdaq Global Market. The company has been given a 45-day period to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant an extension of up to 180 days from the notice date to demonstrate compliance.
AlphaVest Acquisition Corp is exploring options to meet the listing requirements, including a potential transfer to The Nasdaq Capital Market, subject to meeting that market's criteria. The company's CEO, Yong (David) Yan, has confirmed the company's current situation and its efforts to address the compliance issue with Nasdaq's Minimum Public Holders Rule. These developments are part of the company's ongoing navigation of the regulatory landscape of public trading.
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