Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 622

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 622
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 expenses related to the Initial Public Offering. The Promissory Note expired on December 31, 2021. As of December 31, 2024 and 2023, $0 was outstanding.

On
September 26, 2023, the Company also entered into a non-interest bearing promissory note with the Sponsor for $690,000, which was used
to fund the first extension of the time to complete the business combination. On April 12, 2024, the Company amended and restated the promissory note to extend the maturity date to the earlier
of January 4, 2025 or promptly after the date of the consummation of the business combination. As of December 31, 2024, $712,500 was outstanding.

On
December 28, 2023, the Company also entered into a non-interest bearing promissory note with the Sponsor for $660,000.00 which was used
to fund the second extension of the time to complete the business combination. As of December 31, 2024, $550,000 was outstanding.

86

Registration
Rights

The
holders of Founders Shares and Private Placement Units will be entitled to registration rights pursuant to a registration rights agreement
signed on December 30, 2022. The holders of these securities are entitled to make up to three demands, excluding short form demands,
that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect
to registration statements filed subsequent to our completion the Company’s initial business combination. The Company will bear
the expenses incurred in connection with the filing of any such registration statements.

No
compensation of any kind, including finder’s and consulting fees, will be paid by the company to our Sponsor, executive officers
and directors, or any of their respective affiliates, for services rendered prior to or in connection with the completion of an initial
business combination. However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit
committee will review on a quarterly basis all payments that were made
to our Sponsor, officers, directors or our or their affiliates.

Our
Sponsor, under which the Sponsor may loan us funds up to $300,000 for a portion of the expenses of our IPO. As of December 31, 2024,
there were no borrow