Company: ATMCW
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001493152-25-024097
Chunk: 24

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 8
Chunk 24
---
 4, 2024. In connection with this extension, on December 28, 2023, the Company entered into
a non-interest bearing promissory note with the Sponsor for $660,000, that is payable on the earlier of January 4, 2025 or promptly after
the completion of an initial business combination. On April 14, 2025, the Company amended and restated the promissory note to extend
the maturity date to promptly after the date of the consummation of the business combination. Pursuant to the Trust Agreement Amendment,
the Company has extended the date by which it has to complete a business combination from the Termination Date up to ten (10) times,
with the first extension comprised of three months, and the subsequent nine (9) extensions comprised of one month each from the Termination
Date, or extended date, as applicable, to January 4, 2025 by providing five days’ advance notice to the trustee prior to the applicable
Termination Date, or extended date, and depositing into the Trust Account $55,000 for each monthly extension (the “Extension Payment”)
until January 4, 2025 (assuming a business combination has not occurred). Further, the Company drew down seven times monthly extension
fund with aggregate amount of $385,000 under the promissory note and deposited into the Trust Account to extend the deadline to complete
the business combination from April 4, 2024 to November 4, 2024. As on September 30, 2025 and December 31, 2024, there were outstanding
as loan amounts of $1,262,500 against promissory notes.

Due
to Related Parties

The
Sponsor paid certain formation, operating or deferred offering costs on behalf of the Company. These amounts are due on demand and non-interest
bearing. As of September 30, 2025 and December 31, 2024, due to related parties amounted to $784,700 and $568,299, respectively.

Advisory
Services Agreement

The
Company engaged TenX Global Capital LP (“TenX”), a related party to the Company, as an advisor in connection with the Initial
Public Offering and business combination, to assist in hiring consultants and other services providers in connection with our Initial
Public Offering and the business combination, assist in the preparation of financial statements and other relevant services to commence
trading including filing the necessary documents as part of the