Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 6

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 6
---
 November 4, 2024. On
November 4, 2024, the Company entered into the extension letters with the sponsors to extend the timeline of the business combination
from November 4, 2024 to December 4, 2024. The sponsors had initiated an aggregate of $165,000 extension fund, including the September
extension, into the trust account. Company expects that it will need additional capital to satisfy its liquidity needs beyond the net
proceeds from the consummation of the IPO and the proceeds held outside of the Trust Account for paying existing accounts payable, identifying
and evaluating prospective business combination candidates, performing due diligence on prospective target businesses, paying for travel
expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Initial Business
Combination. Although certain of the Company’s initial shareholders, officers and directors or their affiliates have committed to
loan the Company funds from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, there is no
guarantee that the Company will receive such funds.

The Company will use funds held outside the Trust
Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel
to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate
documents and material agreements of prospective target businesses, and structure, negotiate and complete a business combination. In addition,
we could use a portion of the funds not being placed in trust to pay commitment fees for financing, fees to consultants to assist us with
our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep target
businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such target
businesses) with respect to a particular proposed business combination, although we do not have any current intention to do so. If we
entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that would be used as
a down payment or to fund a “no-shop” provision would be determined based on the terms of the specific business combination
and the amount of our available funds at the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could
result in our not having sufficient funds to continue searching for, or conducting due diligence with respect to,