Company: ATMCW
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001493152-25-024097
Chunk: 11

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 8
Chunk 11
---

Sub 2”), and HCYC Merger Sub Limited (“Merger Sub 3”, and together with PubCo, Merger Sub 1 and Merger Sub 2, the “Acquisition
Entities”), and HCYC Group Company Limited, Cayman Islands exempted company (“HCYC”). Pursuant to the Merger Agreement,
the parties thereto will enter into a business combination transaction by which (i) the Company will merge with and into Merger Sub 1,
with the Company surviving such merger; (ii) the Company will merge with and into Merger Sub 2, with Merger Sub 2 surviving such merger;
and (iii) HCYC will merge with and into Merger Sub 3, with HCYC surviving such merger (collectively, the “Mergers”). The
Merger Agreement and the Mergers were unanimously approved by the boards of directors of each of the Company and HCYC. The Business Combination
is expected to be consummated after obtaining the required approval by the shareholders of the Company and HCYC and the satisfaction
of certain other customary closing conditions.

On September 14, 2025, the
“Company entered into Securities Purchase Agreements (the “SPA”) with certain accredited investors (the “Purchasers”),
pursuant to which the Company agreed to issue and sell, in a private placement, an aggregate of $11.5 million of its ordinary shares (the
“PIPE Shares”) and accompanying warrants (the “PIPE Warrants”) to purchase ordinary shares of the Company (the
“PIPE Financing”). The PIPE Financing is being conducted in connection with the Company’s previously announced business
combination (the “Business Combination”) with HCYC Group Company Limited and related parties.

The SPA provides for the
sale of an aggregate of 1,150,000 ordinary shares at a purchase price of $10.00 per share and warrants to purchase up to 2,300,000 ordinary
shares at an exercise price of $10.00 per share, subject to adjustment as set forth in the PIPE Warrants. The PIPE Warrants, which will
be issued in connection with closing of the PIPE Financing, are exercisable immediately upon issuance and have a term of five years from
the date of issuance. The PIPE Shares and PIPE Warrants, as well as the ordinary shares issuable upon exercise of the PIPE Warrants, are
subject to registration rights as described below.

The PIPE Financing is expected