Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 21

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 21
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 February 20, 2024, bringing the total drawdown beyond the original principal amount of $690,000.
On January 4, 2024, the Company deposited $165,000 into the Trust
Account to extend the deadline to complete the business combination from January 4, 2024 to April 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 March 31, 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 March 31, 2025 and December 31,
2024, due to related parties amounted to $724,478 and $568,299, respectively.

Advisory Services Agreement

The Company engaged TenX Global Capital LP (“TenX”),
a related party to the Company, as