Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 31

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 31
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acquisitions and pursue our growth strategies.

As
of March 31, 2025, we had a cash balance of $1,377 and a working capital deficit of $3,553,143. Until the consummation of our IPO, our
liquidity needs were satisfied through a capital contribution from our Sponsor of $25,000 to purchase the founder shares. As on March
31, 2025, there was an amount of $1,262,500 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 and an additional loan of $54,979 borrowed from HCYC to extend the business
combination period from November 4, 2024 to December 4, 2024. On December 4, 2024, January 4, 2025, February 4, 2025, March 4, 2025,
the Company entered into extension letters to extend the timeline of the business combination on a monthly basis through April 4, 2025.
Company expects that it will need additional capital to satisfy its liquidity needs beyond the net proceeds from the consummation of
the IPO and the proceeds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective
business combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting
the target business to merge with or acquire, and structuring, negotiating and consummating the Initial Business Combination. Although
certain of the Company’s initial shareholders, officers and directors or their affiliates have committed to loan the Company funds
from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, there is no guarantee that the Company
will receive such funds.

The
Company will use funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence
on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their
representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate
and complete a business combination. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees
for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop”
provision (a provision designed to keep target