Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 9

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 9
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, 2025, the Company entered into extension letters to extend the
timeline of the business combination on a monthly basis through April 4, 2025. As of March 31, 2025, the extension payments for
December, January, February, and March had not yet been deposited into the Trust Account and, accordingly, did not accrue interest
income during the period. These extension payments were also not included in the common stock subject to possible redemption as of
March 31, 2025. 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 (the “Extended Date”) (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 share)
has been removed from the Trust Account to pay such holders and approximately $51,712,221 remained in the Trust Account. Following the
Redemption, the Company had 6,873,426 Ordinary Shares outstanding.

At an extraordinary general meeting
of shareholders held on December 20, 2024 (the “Second Meeting”), the Company adopted an amendment to the Third Amended
and Restated Memorandum and Articles of Association (the