Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 190

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 190
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 the Merger Agreement

On July 3, 2024, the Parties informed their respective counsel that they desired to amend the Merger Agreement to increase the amount of PIPE Investment Procured by Company (as defined the Merger Agreement). Accordingly, on August 19, 2024, the parties to the Merger Agreement entered into the Amendment, pursuant to which, among other things, the parties agreed to increase the PIPE Investment Procured by Company (as defined in the Merger Agreement) to $9,000,000. The proceeds of the PIPE Investment Procured by Company will be used to pay transaction expenses of the SPAC, the Sponsor and the Company and for general working capital purposes.

PIPE Financing

On August 14, 2025 HCYC Holding Company entered into the HCYC SPA, which was intended to be amended and restated on September 14, 2025 by the ATMC SPA, which the HCYC SPA and the ATMC SPA were in turn amended and restated on September 16, 2025 by the A&R SPA, with certain institutional investors for a total of $11.5 million in PIPE financing in exchange for 1,150,000 Ordinary Shares and 2,300,000 warrants to purchase Ordinary Shares. The financing is contingent upon the consummation of the Business Combination and had a purchase price of $10 per share.

The Purchase Agreement includes standard representations and warranties, indemnification obligations, and confidentiality covenants. The Purchase Agreement and the warrants also include customary beneficial ownership limitations, pursuant to which a holder may not exercise the warrants or convert securities issued under the Purchase Agreement to the extent such exercise or conversion would result in the holder beneficially owning more than 4.99% (or, at the election of the holder upon written notice and in accordance with the terms of the agreement, 9.99%) of the Company’s outstanding Ordinary Shares immediately after giving effect to such exercise or conversion.

The warrants have an expiration date of five (5) years from the date of issuance and an exercise price of $10.00. The warrant also provides for a Cashless Exercise option, allowing the holder to exercise the warrants without payment of the exercise price in cash, as described in the warrant agreement. Additionally beginning three (3) months after the initial exercise date, in lieu of the Ordinary Shares to be issued in a Cashless Exercise, the holder may elect to exchange all, or any part, of the warrant into such aggregate number of Ordinary Shares