Company: ATMCW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023265
Chunk: 33

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 33
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5, there was an amount of $1,262,500 outstanding as loan against promissory notes issued to the Sponsor for extension of the period
of business combination from October 4, 2023 to November 4, 2024 and an additional loan of $104,979 borrowed from HCYC to extend the
business combination period from November 4, 2024 to January 4, 2024. The total deposits made to date were $5,021 less than the amount
required to fully fund the extensions through January 4, 2025. On January 4, 2025, February 4, 2025, March 4, 2025, April 4, 2025, May
4, 2025,  June 4, 2025, July 4, 2025 and August 4, 2025, the Company entered into extension letters to extend the timeline of the business combination on a monthly
basis through September 4, 2025. 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 target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their
representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate
and complete a business combination. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees
for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop”
provision (a provision designed to keep target businesses from “shopping” around for transactions with other companies or
investors on terms more