Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 433

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 433
---
 the consummation of the IPO. On December 31, 2022, there were no amounts outstanding, and the Promissory
Notes had then expired.

In addition, in order to finance transaction costs
in connection with an intended initial business combination, our founders or an affiliate of our founders may, but are not obligated to,
loan us funds as may be required. If we complete our initial business combination, we will repay such loaned amounts. In the event that
our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such
loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $300,000 of such loans may be convertible
into working capital units, at a price of $10.00 per unit at the option of the lender. Such working capital units would be identical to
the private units sold in the private placement. The terms of such loans by our founders or their affiliates, if any, have not been determined
and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our founders or an
affiliate of our founders as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all
rights to seek access to funds in our trust account, but in the event that we seek loans from any third parties, we will obtain a waiver
against any and all rights to seek access to funds in our trust account.

Private Placement Units

On January 4, 2023, simultaneously with the closing
of our IPO, we consummated the sale of 370,500 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement
to the Sponsor, generating total gross proceeds of $3,705,000.

On January 6, 2023, and effective January 9, 2023,
the underwriters in our IPO purchased an additional 900,000 Units to exercise its over-allotment option in full at a purchase price of
$10.00 per Unit, generating gross proceeds of $9,000,000. Simultaneously with the closing of the full exercise of the over-allotment option,
we completed the private sale of an aggregate of 38,700 Private Placement Units, at a purchase price of $10.00 per Private Placement Unit,
generating gross proceeds of $387,000.

Our Sponsor will be