Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 1157

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 11
Chunk 1157
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the closing of the IPO and the sale of over-allotment units, an aggregate of $70,242,000 of the proceeds from the IPO and the sale of
the Private Units (including the Overallotment of the Units and Private Units) were placed in a U.S.-based Trust Account at U.S. Bank
maintained by Equiniti Trust Company, acting as trustee and will be invested only in U.S. government securities, within the meaning set
forth in Section 2(a)(16) of the Investment Company Act, having a maturity of 180 days or less or in money market funds meeting certain
conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations.
Except with respect to income earned on the funds held in the Trust Account that may be released to the Company to pay income tax obligations,
the proceeds from the IPO will not be released from the Trust Account until the earlier of the completion of a Business Combination or
the Company’s liquidation.

     F-7 

The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale
of Private Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business
Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or
assets with a fair market value equal to at least 90% of the assets held in the Trust Account (as defined below) (excluding the amount
of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete a Business
Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of
the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an
investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance
that the Company will be able to complete a Business Combination successfully.

The
Company will provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem
all or a portion of their Public Shares either (i) in connection with a shareholder meeting called to approve the Business Combination
or (ii) by means of a tender offer in connection with the Business Combination. The decision as