Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 37

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 37
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4

In
addition, in order to finance transaction costs in connection with an intended initial business combination, our founders or an affiliate
of our founders may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we
will repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working
capital held outside the trust account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment.
Up to $300,000 of such loans may be convertible into working capital units, at a price of $10.00 per unit at the option of the lender.
Such working capital units would be identical to the private units sold in the private placement. The terms of such loans by our founders
or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to
seek loans from parties other than our founders or an affiliate of our founders as we do not believe third parties will be willing to
loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account, but in the event that we
seek loans from any third parties, we will obtain a waiver against any and all rights to seek access to funds in our trust account.

Private
Placement Units

On
January 4, 2023, 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.

Our
Sponsor will be permitted to transfer the private units held by them to certain permitted transferees, including our officers and directors
and other persons or