Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 1

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 1
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-allotment option (the “Overallotment”), which subsequently closed on January 9, 2023, to purchase an additional
900,000 Units at a public offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $9,000,000.

Simultaneously with the closing of the IPO, the Company
completed the sale of 370,500 private units to the Sponsor (the “Private Units”) at a purchase price of $10.00 per Private
Unit, generating gross proceeds to the Company of $3,705,000. Simultaneously with the closing of the Overallotment, the Company completed
the private sale of an additional 38,700 Private Units, at a purchase price of $10.00 per Private Unit, generating additional gross proceeds
to the Company 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 the IPO and the sale of over-allotment
units, an aggregate of $70,242,000 of the proceeds from the IPO and the sale of the Private Units (including the Overallotment of the
Units and Private Units) were placed in a U.S.-based Trust Account at U.S. Bank maintained by Equiniti Trust Company, acting as trustee
and will be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act,
having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment
Company Act which invest only in direct U.S. government treasury obligations. Except with respect to income earned on the funds held in
the Trust Account that may be released to the Company to pay income tax obligations, the proceeds from the IPO will not be released from
the Trust Account until the earlier of the completion of a Business Combination or the Company’s liquidation.

The Company’s management has broad discretion
with respect to the specific application of the net proceeds of the IPO and the sale of Private Units, although substantially all of the
net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require
that the Business Combination must be with one or more operating businesses or assets with a fair market