Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 23

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 23
---
 required
to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are
released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.

Underwriting Agreement

The underwriters had a 45-day option beginning January
4, 2023, to purchase up to an additional 900,000 units to cover over-allotments, if any, at the IPO price less the underwriting discounts
and commissions. On January 6, 2023, and effective January 9, 2023, the underwriters exercised their over-allotment option in full and
purchased an additional 900,000 units at $10.00 per unit.

On January 4, 2023, the Company paid a fixed underwriting
discount of $1,500,000 and on January 9, 2023, it paid an additional $112,500 of underwriting discount arising from the sale of the over-allotment
units. The underwriters will be entitled to a deferred underwriting commission of $0.35 per Unit, or $2,415,000 in the aggregate. The
deferred underwriting commission will be paid to the underwriters from the amounts held in the Trust Account solely if the Company completes
a business combination, subject to the terms of the underwriting agreement.

Unit Purchase Option

On December 30, 2022, we sold to the underwriters,
for $100, 58,000 Units exercisable, in whole or in part, at $11.50 per unit (or 115% of the Market Value), commencing on the consummation
of our initial business combination, and expires five years from the effective date of our IPO. The option and the 58,000 Units, as well
as the 58,000 ordinary shares, the warrants to purchase 58,000 ordinary shares that may be issued upon exercise of the option and the
rights to purchase 5,800 ordinary shares upon the completion of an initial business combination, have been deemed compensation by FINRA
and are therefore subject to a lock-up for a period of 180 days immediately following the commencement of sales in our IPO pursuant to
Rule 5110(e)(1) of FINRA’s Rules, during which time the option may not be sold, transferred, assigned, pledged or hypothecated,
or be subject of any hedging, short sale, derivative