Company: ATMCW
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001493152-25-024097
Chunk: 59

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 2
Chunk 59
---
 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 used for a portion of the expenses of the IPO. This loan is non-interest
bearing, unsecure and is due at the earlier of (1) December 31, 2022, and (2) the consummation of the IPO. On December 31, 2022, there
were no amounts outstanding, and the Promissory Notes had then expired.

In
addition, in order to finance transaction costs in connection with an intended initial business combination, our founders or an affiliate
of our founders may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we
will repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working
capital held outside the trust account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment.
Up to $300,000 of such loans may be convertible into working capital units, at a price of $10.00 per unit at the option of the lender.
Such working capital units would be identical to the private units sold in the private placement. The terms of such loans by our founders
or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to
seek loans from parties other than our founders or an affiliate of our founders as we do not believe third parties will be willing to
loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account, but in the event that we
seek loans from any third parties, we will obtain a waiver against any and all rights to seek access to funds in our trust account.

Private
Placement Units

On
January 4, 2023, simultaneously with the closing of our IPO, we consummated the sale of 370,500 Private Placement Units at a price of
$10.00 per Private Placement Unit in a private placement to the Sponsor, generating total gross proceeds of $3,705,000.

On
January 6, 2023, and effective January 9,