Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 259

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 259
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 earned on the Trust Account to pay our taxes. To the extent that our equity or debt is used, in whole or
in part, as consideration to complete our initial business combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

71

As of December 31, 2024, we had a cash balance of
$1,425 and a working capital deficit of $3,314,762. Until the consummation of our IPO, our liquidity needs were satisfied through a capital
contribution from our Sponsor of $25,000 to purchase the founder shares. As on December 31, 2024, there was an amount of $1,262,500 outstanding
as loans against a promissory note issued to the Sponsor for extension of the period of business combination from October 4, 2023 to September
4, 2024 which was deposited into the Trust Account. On September 3, 2024 and October 2, 2024, respectively, the Company entered into the
extension letters with the sponsors to extend the timeline of the business combination from September 4, 2024 to November 4, 2024. On
November 4, 2024, the Company entered into the extension letters with the sponsors to extend the timeline of the business combination
from November 4, 2024 to December 4, 2024. The sponsors had initiated an aggregate of $165,000 extension fund, including the September
extension, into the trust account. Company expects that it will need additional capital to satisfy its liquidity needs beyond the net
proceeds from the consummation of the IPO and the proceeds held outside of the Trust Account for paying existing accounts payable, identifying
and evaluating prospective business combination candidates, performing due diligence on prospective target businesses, paying for travel
expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Initial Business
Combination. Although certain of the Company’s initial shareholders, officers and directors or their affiliates have committed to
loan the Company funds from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, there is no
guarantee that the Company will receive such funds.

The Company will use funds held outside the Trust
Account primarily to identify and evaluate target businesses, perform business due diligence on prospective