Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 186

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 186
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 of filing         
 of the PubCo 2025 Audited Financials. For the avoidance of doubt, and subject to adjustment         
 pursuant to Section 4.6(d) of the Merger Agreement, the maximum aggregate number of Earnout         
 Shares available to Pre-Closing Company Shareholders pursuant to Section 4.6 of the Merger          
 Agreement shall not exceed 1,500,000.                                                               |

| 99 |

Reasons for the Structure of the Business Combination

As described above and contemplated by the Merger Agreement, the Business Combination will be consummated via a multiple-merger structure (also known as “double dummy”), consisting of the Initial Mergers and the Acquisition Merger. Under such structure, each of AlphaTime and HCYC will merge with a subsidiary of PubCo, a newly formed company, through the Initial Mergers and the Acquisition Merger, respectively. Upon the consummation of the Business Combination, PubCo will be the public company listed on Nasdaq. The multiple-merger structure was chosen by the parties to the Merger Agreement for business, legal and accounting reasons. In particular, given PubCo’s eligibility as a foreign private issuer, its reporting obligations under U.S. securities laws will be less burdensome compared to domestic registrants and PubCo will prepare and file its financial statements in accordance with the U.S. GAAP. Such benefit will not be available immediately upon Closing if the Business Combination were to be conducted through a reverse triangular merger in which HCYC would be acquired directly by AlphaTime, which would continue to report as a domestic registrant upon Closing until further assessment of factors such as its shareholder base and location of assets at a future date pursuant to U.S. securities laws. Operationally, following the Business Combination conducted via the proposed structure, PubCo will be a holding company that will operate HCYC’s current business through its subsidiaries, which is consistent with the expectations of HCYC and AlphaTime’s management in relation to post-Business Combination corporate and operational structure. As such, immediately following the Business Combination, PubCo will qualify as a foreign private issuer and will prepare its consolidated financial statements and pro forma financial statements in accordance with U.S. GAAP. The unaudited pro forma condensed combined financial information and the comparative per share information that will be presented in this proxy statement/prospectus will be prepared in accordance with U.S. GAAP.

In addition, the Initial Mergers are structured as two separate mergers primarily for U