Company: ATMCW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023265
Chunk: 32

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 32
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000,000. Simultaneously with the closing of the
full exercise of the over-allotment option, we completed the private sale of an aggregate of 38,700 Private Placement Units, at a purchase
price of $10.00 per Private Placement Unit, generating gross proceeds of $387,000. Transaction costs amounted to $4,892,699 consisting
of $1,612,500 of underwriting discount, $2,415,000 of deferred underwriting commission and $865,199 of other offering costs.

Following
the closing of our IPO and the sale of over-allotment units, an aggregate of $70,242,000 ($10.18 per Unit) from the net proceeds and
the sale of the Private Placement Units was held in a Trust Account (“Trust Account”). As of June 30, 2025, we had marketable
securities held in the Trust Account of $15,809,323 consisting of securities held in a treasury money market fund that invests in United
States government treasury bills, bonds or notes with a maturity of 180 days or less. We intend to use substantially all of the funds
held in the Trust Account, including any amounts representing income earned on the Trust Account (less amounts released to us for taxes
payable and deferred underwriting commissions) to complete our initial business combination. We may withdraw interest and dividend income
to pay taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts
held in the Trust Account. We expect the interest and dividend income earned on the amount in the Trust Account (if any) will be sufficient
to pay our taxes. Through June 30, 2025, we did not withdraw any income earned on the Trust Account to pay our taxes. To the extent that
our equity or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds
held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other
acquisitions and pursue our growth strategies.

As
of June 30, 2025, we had a cash balance of $1,329 and a working capital deficit of $3,893,147. 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 June
30, 202