Company: ATMCW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023265
Chunk: 40

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 40
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 agreements with respect to such securities as the founders. Otherwise, these private units (and underlying securities) will
be subject to certain transfer restrictions, subject to certain limited exceptions, as described under “Principal Shareholders
— Restrictions on Transfers of Founder Shares and Private Units.”

Promissory
Notes — Related Party

On
September 27, 2023, the Company notified Equiniti Trust Company, the trustee of the Company’s trust account (the “Trust Account”),
that it was extending the time available to the Company to consummate its initial business combination from October 4, 2023, to January
4, 2024 (the “Extension”). The Extension is the first of up to three (3) three-month extensions permitted under the Company’s
governing documents.

5

On
September 27, 2023, the Company extended the time to complete its initial business combination from October 4, 2023 to January 4, 2024
by depositing an aggregate of $690,000 into the Trust Account. In connection with this extension, on September 26, 2023, the Company
also entered into a non-interest bearing promissory note with the Sponsor for $690,000, that is payable on the earlier of January 4,
2024 or promptly after the completion of an initial business combination. On January 4, 2024, the Company deposited $165,000 into the
Trust Account to extend the deadline to complete the business combination from January 4, 2024 to April 4, 2024. On February 20, 2024,
the Company further raised $20,000 from the sponsor against a promissory note. In connection with this extension, on December 28, 2023,
the Company entered into a non-interest bearing promissory note with the Sponsor for $660,000, that is payable on the earlier of January
4, 2025 or promptly after the completion of an initial business combination. On April 14, 2025, the Company amended and restated the
promissory note to extend the maturity date to promptly after the date of the consummation of the business combination. As on June 30,
2025 and December 31, 2024, there were outstanding as loan amounts of $1,262,500 and $1,262,500, respectively, against a promissory note
issued to the Sponsor for