Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 218

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 218
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 its opinion to the ATMC Board for the benefit and use of the ATMC Board (in its capacity as such) in connection with and for the purposes of its evaluation of the Business Combination from a financial point of view. Newbridge’s opinion also does not address the relative merits of the Business Combination as compared to any alternative business strategies or transactions that might exist for ATMC, or the underlying business decision of ATMC whether to proceed with those business strategies or transactions.

In connection with rendering its opinion, Newbridge, among other things:

| ■ | considered                                                                                    
 our assessment of general economic, market and financial conditions as well as our experience 
 in connection with similar transactions, and business and securities valuations generally;    |

| ■ | reviewed                                                                                  
 ATMC’s publicly available historical financial results, as well as certain publicly       
 available information concerning the trading of, and the trading market for, the ordinary 
 shares of ATMC since its initial public offering;                                         |

| ■ | conducted                                                                           
 discussions with HCYC’s management team to better understand HCYC’s recent business 
 history, and near-term financials;                                                  |

| ■ | reviewed                                                                                        
 a financial model of HCYC with historical and future financial projections (including potential 
 revenue growth, net income and net income margins) provided by the Company’s management         
 team;                                                                                           |

| ■ | performed                                                                                   
 a public company comparable analysis of similar companies to HCYC that trade on senior U.S. 
 stock exchanges (NYSE American / NASDAQ / NYSE), and operate in the “Insurance Brokerage”   
 sector, to derive certain forward Price-to-Earnings (P/E) multiples; and                    |

| ■ | performed                                                                               
 an M&A transaction comparable analysis of similar companies to HCYC that operate in the 
 “Insurance Brokerage” sector, to derive certain implied equity value / net income       
 multiples.                                                                              |

Newbridge also considered such other information, financial studies, analyses and investigations, and financial, economic and market criteria which it deemed relevant. Specifically, Newbridge relied upon HCYC’s 2024E Net Income projections of $5.8M, which it then used as part of its public company comparable analysis and its M&A transaction comparable analysis. The 2024E financial projection of $38.5M in revenues, and $5.8M in Net Income are part of a trend of a return to normalcy in pre-Covid 19 pandemic financials. The reasons for selecting these revenue and net income