Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 53

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 53
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under Rule 2a-7 under the Investment Company Act. Due to the short-term nature of these investments, we believe there will be no associated
material exposure to interest rate risk.

Related
Party Transactions

On
September 28, 2021, our Sponsor received 1,437,500 of the Company’s Class B ordinary shares in exchange for $25,000 paid for deferred
offering costs borne by our Sponsor.

On
January 8, 2022, the board of directors of the Company and our Sponsor, as sole shareholder of the Company, approved, through a special
resolution, the following share capital changes:

    (a)
    Each
    of the authorized but unissued 200,000,000 Class A ordinary shares were cancelled and re-designated as ordinary shares of $0.0001
    par value each;

    (b)
    Each
    of the 1,437,500 Class B ordinary shares in issue were repurchased in consideration for the issuance of 1,437,500 ordinary shares
    of $0.0001 par value each; and

    (c)
    Upon
    completion of the above steps, the authorized but unissued 20,000,000 Class B ordinary shares were cancelled.

On
January 8, 2022, the Company issued an additional 287,500 ordinary shares to our Sponsor for no additional consideration, resulting in
our Sponsor holding an aggregate of 1,725,000 ordinary shares (the founder shares). The issuance was considered as a bonus share issuance,
in substance a recapitalization transaction, which was recorded and presented retroactively. The founder shares include an aggregate
of up to 225,000 ordinary shares subject to forfeiture to the extent that the underwriters’ over-allotment is not exercised in
full or in part.

Prior
to the initial investment in the Company of $25,000 by our Sponsor, the Company had no assets, tangible or intangible. The number of
founder shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares
upon completion of the IPO (excluding the private shares and shares underlying the UPO). The per share purchase price of the founder
shares was determined by dividing the amount of cash contributed to the Company by the aggregate number of founder shares issued.

Our
founders and advisors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection