Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 17

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 17
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, 2025 and December 31, 2024. The Company is currently not
aware of any issues under review that could result in significant payments, accruals, or material deviation from its position.

    F-13

Income earned from U.S. debt obligations held by the
Trust Account is intended to qualify for the portfolio income exemption or otherwise be exempt from U.S. withholding taxes. Furthermore,
shareholders of the Company’s shares may be subject to tax in their respective jurisdictions based on applicable law, for instance,
United States persons may be subject to tax on amounts deemed received depending on whether the Company is a passive foreign investment
company and whether U.S. persons have made any applicable tax elections permitted under applicable law. The provision for income taxes
was deemed to be immaterial.

There is currently no taxation imposed on income by
the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently,
income taxes are not reflected in the Company’s financial statements.

Recent Accounting Pronouncements

Management does not believe that any recently issued,
but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Note 3 - Initial Public Offering

On January 4, 2023, the Company sold 6,000,000 Units,
at a purchase price of $10.00 per Unit. On January 9, 2023, the Company issued an additional 900,000 Units, at a purchase price of $10.00
per Unit, in connection with the over-allotment option. Each Unit consists of one ordinary share, one warrant and one right, with each
right entitling the holder thereof to receive one-tenth of one ordinary share upon the completion of an initial business combination,
subject to adjustment.

The warrants will become exercisable at $11.50 per
share, subject to adjustment, on the later of 30 days after the completion of the Initial Business Combination or 12 months from the closing
of our IPO and will expire at 5:00 p.m., New York City time, five years after the completion of the Initial Business Combination or earlier
upon redemption or liquidation.

Following the closing of the IPO and the sale of over-allotment
units, an aggregate of $70,242,000 (at $10.18 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of