Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 594

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 594
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 (the “Second
Redemption”) for a pro rata portion of the funds held in the Trust Account. As a result, approximately $38,852,320.60 (approximately
$11.41 per share) was removed from the Trust Account to pay such holders and approximately $15,240,284 remained in the Trust Account.
Following the aforementioned Second Redemption, AlphaTime had 3,469,450 Ordinary Shares outstanding.

On January 5, 2024, the Company entered into an Agreement
and Plan of Merger (the “Merger Agreement”) by and among the Company, HCYC Holding Company (“PubCo”), ATMC Merger
Sub 1 Limited (“Merger Sub 1”), ATMC Merger Sub 2 Limited (“Merger Sub 2”), and HCYC Merger Sub Limited (“Merger
Sub 3”, and together with PubCo, Merger Sub 1 and Merger Sub 2, the “Acquisition Entities”), and HCYC Group Company
Limited, Cayman Islands exempted company (“HCYC”). Pursuant to the Merger Agreement, the parties thereto will enter into a
business combination transaction by which (i) the Company will merge with and into Merger Sub 1, with the Company surviving such merger;
(ii) the Company will merge with and into Merger Sub 2, with Merger Sub 2 surviving such merger; and (iii) HCYC will merge with and into
Merger Sub 3, with HCYC surviving such merger (collectively, the “Mergers”). The Merger Agreement and the Mergers were unanimously
approved by the boards of directors of each of the Company and HCYC. The Business Combination is expected to be consummated after obtaining
the required approval by the shareholders of the Company and HCYC and the satisfaction of certain other customary closing conditions.

Accordingly, the accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern
and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial
statement does not include any adjustments that might result from the outcome of this uncertainty. Further, we have incurred and expect
to continue to incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty
during the period leading up to the Initial Business Combination. The Company cannot provide any assurance that its plans to raise capital