Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 597

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 597
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 such loans. We do not expect to seek loans from parties other than our founders or an
affiliate of our founders as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all
rights to seek access to funds in our trust account, but in the event that we seek loans from any third parties, we will obtain a waiver
against any and all rights to seek access to funds in our trust account.

Private Placement Units

On January 4, 2023, simultaneously with the closing
of our IPO, we consummated the sale of 370,500 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement
to the Sponsor, generating total gross proceeds of $3,705,000.

On January 6, 2023, and effective January 9, 2023,
the underwriters in our IPO purchased an additional 900,000 Units to exercise its over-allotment option in full at a purchase price of
$10.00 per Unit, generating gross proceeds of $9,000,000. 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.

Our Sponsor will be permitted to transfer the private
units held by them to certain permitted transferees, including our officers and directors and other persons or entities affiliated with
or related to it or them, but the transferees receiving such securities will be subject to the same agreements with respect to such securities
as the founders. Otherwise, these private units (and underlying securities) will be subject to certain transfer restrictions, subject
to certain limited exceptions, as described under “Principal Shareholders — Restrictions on Transfers of Founder Shares and
Private Units.”

Promissory Notes — Related Party

On September 30, 2021, the Sponsor issued an unsecured
promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal
amount of $300,000. The Promissory Note was amended and restated on November 23, 2021, to change the December 31, 2021 due date to March
31, 2022, amended and restated on January 26, 2022