Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 173

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 173
---
3 will merge with and into HCYC, with the Company being the surviving entity and becoming a wholly owned subsidiary of PubCo.

2. Basis of Presentation

The unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11. The historical financial information of ATMC and HCYC have been adjusted in the unaudited pro forma condensed combined financial information to reflect transaction accounting adjustments related to the Business Combination, in accordance with GAAP.

We expect the Business Combination to be accounted for as a “reverse recapitalization” in accordance with GAAP. Under the guidance in ASC 805, ATMC is expected to be treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination is expected to be reflected as the equivalent of HCYC issuing stock for the net assets of ATMC, accompanied by a recapitalization whereby no goodwill or other intangible assets are recorded. Operations prior to the Business Combination will be those of HCYC.

In addition, the values will be based on the actual values as of the Closing Date. The differences that may occur between the preliminary estimates and the final purchase accounting could have a material impact on the accompanying unaudited pro forma condensed combined financial information.

HCYC has been determined to be the accounting acquirer in the Business Combination based on the following predominate factors:

● HCYC’s existing stockholders will have the greatest voting interest in the Combined Company under the No Redemption Scenario and Maximum Redemption Scenarios with over 75% of the voting interest in each scenario;

● HCYC will have the ability to nominate a majority of the initial members of the Board of PubCo;

● HCYC’s senior management will be the senior management of the Combined Company;

● HCYC is the larger entity based on historical operating activity and has the larger employee base; and

● the Combined Company will assume HCYC’s branded name.

| 92 |

3. Transaction Accounting Adjustments

A Cash released from trust account

Adjustment to transfer investments held in trust account by ATMC into cash resources upon close of the Business Combination. The following table presents the detailed adjustments:

| (Amounts in US$)                                                                                     |     |            |   |
| Investments held in Trust Account                                                                    |     | 15,809,323 |   |
| Repayment of audit and legal fee that the HCYC shareholders paid on behalf of HCYC                   |     |   (495,800 | ) |
| Rep