Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 232

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 232
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 on, among other things, the limited number of closing conditions to the Business 
 Combination contained in the Merger Agreement.                                                   |

The HCYC Board also considered the potential risks of the merger, including the following:

| ● | Risk                                                                                              
 of Non-Completion. Although the HCYC Board considered consummation of the Business Combination    
 as likely, the Board also considered the risk that the Business Combination may not be completed  
 as a result of several factors, including (i) the non-fulfillment of a condition to closing,      
 or (ii) the occurrence of an event that would cause a material adverse effect upon the operations 
 or financial condition of either HCYC or AlphaTime that would prevent completion of the Business  
 Combination or otherwise permit the parties thereto to withdraw from or abandon the Business      
 Combination;                                                                                      |

| ● | Risk                                                                                  
 of Share Price Decline. The possibility that the HCYC share price may decline because 
 the investing public may assign lower values to AlphaTime’s business than the values  
 HCYC used in negotiating the terms of the Business Combination;                       |

| ● | Lack                                                                                            
 of Accretion; Dilution. The possibility that the Business Combination may not be accretive      
 to HCYC’s stockholders and that the exchange ratio as between the AlphaTime shareholders        
 and the HCYC shareholders will be dilutive to the value of the holdings of HCYC’s stockholders; |

| ● | Risk                                                                                     
 of Asset Impairment. The possibility that any goodwill or identifiable intangible assets 
 we record due to the Combination could become impaired; and                              |

| ● | Opportunity                                                                               
 Costs. The foreclosure of other possible transformative transactions for HCYC that cannot 
 be pursued because of the limited resources of HCYC’s management team to investigate      
 or evaluate any such possible transactions.                                               |

The HCYC Board believed that, overall, the potential benefits of the Business Combination to HCYC and its stockholders outweigh the risks considered by the HCYC Board.

| 127 |

After considering the factors discussed above, the HCYC Board (i) determined that it is advisable, fair to, and in the best interests of HCYC and its stockholders to enter into the Merger Agreement; and (ii) adopted the Merger Agreement and approved the transactions contemplated thereby.

The HCYC Board realized that there can be no assurance about future results, including results considered or expected as described in the factors listed above