Item 5. Market for Registrant’s Common Equity
ITEM
5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market
Information
Our
units, ordinary shares and rights are each traded on the Nasdaq Global Market (“Nasdaq”) under the symbols “ATMVU,”
“ATMV,” and “ATMVR”, respectively. Our units commenced public trading on December 23, 2022, and our ordinary
shares and rights commenced separate trading on January 25, 2023.
Holders
As
of date of this Form 10-K, we had three holders of record of our ordinary shares, one holders of record of our units and three holders
of record of our rights.
Dividends
We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition and will
be within the discretion of our board of directors. Further, if we incur any indebtedness, our ability to declare dividends may be limited
by restrictive covenants we may agree to in connection therewith.
Securities
Authorized for Issuance Under Equity Compensation Plans
None.
Unregistered
Sale of Equity Securities
On
February 7, 2022, our sponsor acquired 1,725,000 founder shares for an aggregate purchase price of $25,000. We also issued an aggregate
of 125,000 EBC founder shares to EBC on July 11, 2022 for an aggregate purchase price of $1,750.
Simultaneously
with the closing of the IPO, pursuant to the Private Placement Unit Purchase Agreement, the Company completed the private sale of 365,000
units (the “Private Placement Units”) to the Sponsor and 25,000 Private Placement Units to EBC at a purchase price of $10.00
per Private Placement Unit, generating gross proceeds to the Company of $3,900,000. The Private Placement Units are identical to the
Units sold in the IPO. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement
Units was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. No
underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. On December 29, 2022, simultaneously
with the sale of the over-allotment Units, the Company consummated the private sale of an additional 37,904 Private Placement Units to
the Sponsor and 2,596 Private Placements to EBC, generating additional gross proceeds of $405,000.
Use
of Proceeds
On
December 22, 2022, the Company consummated the initial public offering of 6,000,000 Units (the “Units” and, with respect
to the Ordinary shares included in the Units sold, the “Public Shares”), including 900,000 Units that were issued pursuant
to the underwriters’ exercise of their over-allotment option in full on December 29, 2022, at $10.00 per Unit, generating gross
proceeds of $73,305,000.
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Simultaneously
with the closing of the initial public offering, we consummated the sale of 365,000 Private Placement Units to the Sponsor and 25,000
Private Placement Units to EBC at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of
$3,900,000. On December 29, 2022, simultaneously with the sale of the over-allotment Units, the Company consummated the private sale
of an additional 37,904 Private Placement Units to the Sponsor and 2,596 Private Placements to EBC, generating additional gross proceeds
of $405,000.
The
underwriter was paid a cash underwriting discount of $0.20 per Unit, or $1,725,000 in the aggregate upon the closing of the Initial Public
Offering.
On
June 3, 2022, we issued an unsecured promissory note to our Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate of $150,000 to cover expenses related to the IPO. The
Promissory Note expired on the consummation of the IPO.
Transaction
costs related to the issuances described above amounted to $ 3,734,629 consisting of $ 1,725,000
of underwriting fees, and $2,009,629 of other offering costs. After deducting the underwriting discounts and commissions and offering
expenses, the total net proceeds from the initial public offering and the sale of the Private Placement Units $71,030,000 (or $10.20
per share sold in the initial public offering) was placed in the Trust Account.
Repurchases
None.
ITEM
6. [RESERVED]
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