Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 24

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 24
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 or put or call transaction that would result in the economic disposition of the securities,
except as permitted under FINRA Rule 5110(e)(2). The Company determined fair value of the Unit Purchase Option issued to the underwriters
and recorded an amount to additional paid-in capital, net of purchased cost, in the balance sheets on the day of the IPO which is the
grant date.

Due to HCYC

The target company, HCYC, paid certain operating costs
and extension funds on behalf of the Company. As of March 31, 2025 and December 31, 2024, due to HCYC amounted to $141,811 and $0, respectively.

Note 7 - Shareholders’ Equity

Preferred Shares - The Company is authorized
to issue 1,000,000 shares of preferred shares with a par value of $0.0001 per share with such designations, voting and other rights and
preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2025, and December 31, 2024,
there were no preferred shares issued or outstanding.

Ordinary Shares

The Company was authorized to issue 200,000,000 Class
A ordinary shares with a par value of $0.0001 per share and 20,000,000 Class B ordinary shares with a par value of $0.0001 per share.
Holders of Class A and Class B ordinary shares were entitled to one vote for each share.

    F-17

On
September 28, 2021, the 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 the Sponsor. Out of the 1,437,500 Class B ordinary shares, an aggregate of up to 187,500 Class B ordinary shares
were subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full or in part so that
the number of Founder Shares will equal 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering
(excluding private placement shares).

On
January 8, 2022, the board of directors of the Company and the 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