Company: ATMCW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023265
Chunk: 38

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 38
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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 our Sponsor for no additional consideration, resulting in
our 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.

Prior
to the initial investment in the Company of $25,000 by our Sponsor, the Company had no assets, tangible or intangible. The number of
founder shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares
upon completion of the IPO (excluding the private shares and shares underlying the UPO). The per share purchase price of the founder
shares was determined by dividing the amount of cash contributed to the Company by the aggregate number of founder shares issued.

4

Our
founders and advisors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection
with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations.
Our audit committee will review on a quarterly basis all payments that were made to our founders, advisors or our or their affiliates
and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement
of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.

On
September 30, 2021, our sponsor agreed to loan us up to $300,000 to be used for a portion of the expenses of the IPO. This loan is non-interest
bearing, unsecure and is due at the earlier of (1) December 31, 2022, and (2) the consummation of the IPO. On December 31, 2022, there
were no amounts outstanding, and the Promissory Notes had then expired.

In
addition, in order to finance transaction costs in connection with an intended initial business combination, our founders