Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 19

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 19
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 ordinary shares of $0.0001 par value each;

(b) Each of the 1,437,500 Class B ordinary shares
in issue were repurchased in consideration for the issuance of 1,437,500 ordinary shares of $0.0001 par value each; and

(c) Upon completion of the above steps, the authorized
but unissued 20,000,000 Class B ordinary shares were cancelled.

On January 8, 2022, the Company issued an additional
287,500 ordinary shares to the Sponsor for no additional consideration, resulting in the Sponsor holding an aggregate of 1,725,000 ordinary
shares (the “Founder Shares”). The issuance was considered as a bonus share issuance, in substance a recapitalization transaction,
which was recorded and presented retroactively. The Founder Shares include an aggregate of up to 225,000 ordinary shares subject to forfeiture
to the extent that the underwriters’ over-allotment is not exercised in full or in part (refer Note 7). On January 6, 2023, the
underwriters notified the Company that it is exercising the over-allotment option with respect to the 900,000 additional Units, which
was subsequently closed on January 9, 2023, generating gross proceeds to the Company of $9,000,000. Simultaneously, an amount of $352,350
due to related party was converted into over-allotment of Private Placement, and the underwriter deposited additional $34,650 on behalf
of Sponsor for 17,325 Founder Shares for $2.00 per share which was sold by the Sponsor to underwriters. As a result, the Sponsor purchased
an additional 38,700 Private Units, an aggregate of 409,200 units at a price of $10.00 per Private Placement Unit (an aggregate of $4,092,000).

On January 3, 2023, the Founder Shares and Private
Units were placed into an escrow account maintained by American Stock Transfer & Trust Company acting as escrow agent. The Founder
Shares and Private Units (and underlying securities) will not, subject to certain exceptions, be transferred, assigned, sold or released
from escrow in the case of (i) 50% of the Founder Shares and Private Units (and underlying securities) until the earlier to occur of:
(A) six months after the date of the consummation of our initial business combination, or (B) the date on which