Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 184

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 184
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 The November and December extension payments were
not included in the common stock subject to possible redemption figures as of December 31, 2024.

Due to Related Parties

The Sponsor paid certain formation, operating or deferred
offering costs on behalf of the Company. These amounts are due on demand and non-interest bearing. As of December 31, 2024 and 2023, due
to related party amounted to $568,299 and $199,318, respectively.

Administration fee

Commencing on the effective date of the registration
statement, an affiliate of the Sponsor shall be allowed to charge the Company an allocable share of its overhead, up to $10,000 per month
up to the close of the business combination, to compensate it for the Company’s use of its offices, utilities and personnel. An
administration fee of $120,000 was recorded for the year ended December 31, 2024.

Other Contractual Obligations

Underwriting Agreement

We granted the underwriters a 45-day option from the
date of IPO to purchase up to 900,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts
and commissions. The underwriters exercised the over-allotment option in full effective January 9, 2023. Simultaneously, on January 4,
2023, an amount of $352,350 due to related party was converted into over-allotment of Private Placement, and the underwriter deposited
additional $34,650 on behalf of Sponsor for 17,325 Founder Shares for $2.00 per share which was sold by the Sponsor to underwriters. The
Company paid a cash underwriting commission of $0.125 per Unit for 900,000 additional Units and the underwriters will be entitled to a
deferred commission of $0.35 per Unit, an aggregate of $2,415,000, which will be paid from the funds held in the Trust Account upon completion
of the initial business combination.

Concurrent with the closing of the IPO, our Sponsor,
at the option of the Company, sold to the underwriter or its designees 115,500 Founder Shares for a purchase price of $2.00 per share
and an aggregate purchase price of $231,000.

We have agreed to sell to the underwriters, for $100.00,
an option to purchase up to a total of 58,000 Units exercisable, in whole or in