Company: ATMCW
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001493152-25-024097
Chunk: 57

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 2
Chunk 57
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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.

Accordingly,
the accompanying unaudited condensed financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation
of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business.
The unaudited condensed financial statement does not include any adjustments that might result from the outcome of this uncertainty.
Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management
plans to address this uncertainty during the period leading up to the Initial Business Combination. The Company cannot provide any assurance
that its plans to raise capital or to consummate an Initial Business Combination will be successful. Based on the foregoing, management
believes that the Company lacks the financial resources it needs to sustain operations for a reasonable period of time. Moreover, management’s
plans to consummate the initial business combination may not be successful. These factors, among others, raise substantial doubt about
the Company’s ability to continue as a going concern.

Quantitative
and Qualitative Disclosures About Market Risk

The
net proceeds of the IPO and the sale of the Private Placement Units held in the Trust Account are invested in U.S. government treasury
securities with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions
under Rule 2a-7 under the Investment Company Act. Due to the short-term nature of these investments, we believe there will be no associated
material exposure to interest rate risk.

Related
Party Transactions

On