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

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 20
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 the closing price of our
ordinary shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after our initial business combination and (ii) the remaining 50%
of the Founder Shares and Private Units (and underlying securities) until six months after the date of the consummation of our initial
business combination, or earlier, in either case, if, subsequent to our initial business combination, we consummate a subsequent liquidation,
merger, stock exchange or other similar transaction which results in all of our shareholders having the right to exchange their shares
for cash, securities or other property.

Promissory Notes - Related Party

On September 27, 2023, the Company notified Equiniti
Trust Company, the trustee of the Company’s trust account (the “Trust Account”), that it was extending the time available
to the Company to consummate its initial business combination from October 4, 2023, to January 4, 2024 (the “Extension”).
The Extension is the first of up to three (3) three-month extensions permitted under the Company’s governing documents.

    F-15

On September 27, 2023, the Company extended
the time to complete its initial business combination from October 4, 2023 to January 4, 2024 by depositing an aggregate of $690,000
into the Trust Account. In connection with this extension, on September 26, 2023, the Company also entered into a non-interest bearing
promissory note with the Sponsor for $690,000,
that is payable on the earlier of January 4, 2024 or promptly after the completion of an initial business combination. On April 12, 2024,
the Company amended and restated the promissory note to extend the maturity date to the earlier of January 4, 2025 or promptly after
the date of the consummation of the business combination. On April 14, 2025, the promissory note was further amended and restated to
extend the maturity date to promptly after the date the business combination is consummated. On January 4, 2024, the Company raised $2,500
from the sponsor against a promissory note for working capital purposes and further raised an additional $20,000
on