Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 348

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 348
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 of the
Company and our Sponsor, as sole shareholder of the Company, approved, through a special resolution, the following share capital changes:

    (a)
    Each of the authorized but unissued 200,000,000 Class A ordinary shares were cancelled and re-designated as ordinary shares of $0.0001 par value each;

    (b)
    Each of the 1,437,500 Class B ordinary shares in issue were repurchased in consideration for the issuance of 1,437,500 ordinary shares of $0.0001 par value each; and

    (c)
    Upon completion of the above steps, the authorized but unissued 20,000,000 Class B ordinary shares were cancelled.

On January 8, 2022, the Company issued an additional
287,500 ordinary shares to our Sponsor for no additional consideration, resulting in our Sponsor holding an aggregate of 1,725,000 ordinary
shares (the founder shares). The issuance was considered as a bonus share issuance, in substance a recapitalization transaction, which
was recorded and presented retroactively. The founder shares include an aggregate of up to 225,000 ordinary shares subject to forfeiture
to the extent that the underwriters’ over-allotment is not exercised in full or in part.

Prior to the initial investment in the Company of
$25,000 by our Sponsor, the Company had no assets, tangible or intangible. The number of founder shares issued was determined based on
the expectation that such founder shares would represent 20% of the outstanding shares upon completion of the IPO (excluding the private
shares and shares underlying the UPO). The per share purchase price of the founder shares was determined by dividing the amount of cash
contributed to the Company by the aggregate number of founder shares issued.

Our founders and advisors, or any of their respective
affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying
potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly
basis all payments that were made to our founders, advisors or our or their affiliates and will determine which expenses and the amount
of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons
in connection with activities on our behalf.

On September 30, 2021, our sponsor agreed to loan
us up to $300,000 to be