Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 47

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 47
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969, which consists of loss of $183,402 derived from formation and
operating costs offset by income earned on investment held in Trust Account of $301,371.

For
the three months ended March 31, 2024, we had a net income of $442,265, which consists of loss of $344,903 derived from formation and
operating costs offset by income earned on investment held in Trust Account of $787,168.

Liquidity
and Capital Resources

On
January 4, 2023, we consummated our IPO of 6,000,000 units (the “Units”), at $10.00 per Unit, generating gross proceeds of
$60,000,000. 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, 2023, the underwriters in our IPO purchased an additional 900,000 Units to exercise its over-allotment
option in full at a purchase price of $10.00 per Unit, generating gross proceeds of $9,000,000. Simultaneously with the closing of the
full exercise of the over-allotment option, we completed the private sale of an aggregate of 38,700 Private Placement Units, at a purchase
price of $10.00 per Private Placement Unit, generating gross proceeds of $387,000. Transaction costs amounted to $4,892,699 consisting
of $1,612,500 of underwriting discount, $2,415,000 of deferred underwriting commission and $865,199 of other offering costs.

1

Following
the closing of our IPO and the sale of over-allotment units, an aggregate of $70,242,000 ($10.18 per Unit) from the net proceeds and
the sale of the Private Placement Units was held in a Trust Account (“Trust Account”). As of March 31, 2025, we had marketable
securities held in the Trust Account of $15,596,634 consisting of securities held in a treasury money market fund that invests in United
States government treasury bills, bonds or notes with a maturity of 180 days or less. We intend to use substantially all of the funds
held