Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
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Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
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NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 1 - Description of Organization, Business
Operations and Liquidity

AlphaTime Acquisition Corp (the
“Company”) was incorporated in the Cayman Islands on September
15, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The
Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an
early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and
emerging growth companies.

As on March 31, 2025, the Company
had not commenced any operations. All activities for the period from September 15, 2021 (inception) through March 31, 2025 relates
to the Company’s organizational activities, those necessary to prepare for and complete the initial public offering
(“IPO”), identifying a target company for a business combination and activities in connection with the business
combination. The Company will not generate any operating revenues until the completion of its initial Business Combination, at the
earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. The
Company has selected December 31 as its fiscal year end.

The Company’s sponsor is Alphamade Holding LP,
a Delaware limited partnership (the “Sponsor”). The registration statement for the Company’s IPO was declared effective
on December 30, 2022 (the “Effective Date”). On January 4, 2023, the Company consummated the IPO of 6,000,000 units (the “Units”).
Each Unit consists of one ordinary share of the Company, par value $0.0001 per share (the “Ordinary Shares”), one redeemable
warrant (the “Warrants”) and one right (the “Rights”), 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 Units were sold at
a price of $10.00 per Unit, generating gross proceeds to the Company of $60,000,000. On January 6, 2023, Chardan Capital Markets, LLC
exercised its over