Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 63

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 63
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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. On November 4, 2024, December 4, 2024, and January 4, 2025, the Company entered into monthly extension letters
with the sponsors to extend the timeline of the business combination from November 4, 2024 to December 4, 2024, from December 4, 2024
to January 4, 2025, and from January 4, 2025 to February 4, 2025, respectively. The November and December extension funds were deposited
into the trust account following December 31, 2024, and as a result, did not accrue interest income during that period. The November
and December extension payments were not included in the common stock subject to possible redemption figures as of December 31, 2024.
Pursuant to the extension amendment approved by the shareholders by special resolution at the meeting on December 28, 2023, the Company
has adopted the Company’s Third Amended and Restated Memorandum and Articles of Association, reflecting the extension of the date
by which the Company must consummate a business combination from January 4, 2024, (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 up 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 (the “Trust Account”) $55,000 for each monthly extension (the “Extension Payment”)
until January 4, 2025 ( for a period of time ending up to 24 months after the consummation of its initial public offering) in exchange
for a non-interest bearing, unsecured promissory note payable upon the consummation of a business combination.

In
connection with the shareholders’ vote at the meeting on December 28, 2023, 2,160,774 ordinary shares of the Company exercised
their right to redeem such shares (the “Redemption”) for a pro rata portion of the funds held in the Trust Account. As a
result, approximately $23,302,146 (approximately $10.78 per