Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 50

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 50
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 warrant and one right with the same exercise price, exercisability and exercise period, subject to similar limited restrictions
as compared to the units sold in our IPO. The terms of such loans by our founders or their affiliates, if any, have not been determined
and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our founders or an
affiliate of our founders as we do not believe third parties will be willing to loan such funds and provide a waiver against any and
all rights to seek access to funds in our trust account, but in the event that we seek loans from any third parties, we will obtain a
waiver against any and all rights to seek access to funds in our trust account.

2

Pursuant
to the extension amendment approved by the shareholders by special resolution at the meeting on December 28, 2023, the Company has
adopted the Company’s Third Amended and Restated Memorandum and Articles of Association, reflecting the extension of the date
by which the Company must consummate a business combination from January 4, 2024, (the “Termination Date”) up to ten
(10) times, with the first extension comprised of three months, and the subsequent nine (9) extensions comprised of one month each
up to January 4, 2025, by providing five days’ advance notice to the trustee prior to the applicable Termination Date, or
extended date, and depositing into the trust account (the “Trust Account”) $55,000 for each monthly extension (the
“Extension Payment”) up to January 4, 2025 (the “Extended Date”) (i.e., for a period of time ending up to 24
months after the consummation of its initial public offering) in exchange for a non-interest bearing, unsecured promissory note
payable upon the consummation of a business combination.

In
connection with the shareholders’ vote at the meeting on December 28, 2023, 2,160,774 ordinary shares of the Company exercised
their right to redeem such shares (the “Redemption”) for a pro rata portion of the funds held in the Trust Account. As a
result, approximately $23,302,146 (approximately $10.78 per share) has been removed from the Trust Account to pay such holders and approximately
$51,712,221 remained in the Trust Account. Following the redemptions,