Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 59

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 59
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 Acquisition Merger, respectively. Upon the consummation of the Business Combination, PubCo will be the public company listed on Nasdaq. The multiple-merger structure was chosen by the parties to the Merger Agreement for business, legal and accounting reasons. In particular, given PubCo’s eligibility as a foreign private issuer, its reporting obligations under U.S. securities laws will be less burdensome compared to domestic registrants and PubCo will prepare and file its financial statements in accordance U.S. GAAP. Such benefit will not be available immediately upon Closing if the Business Combination were to be conducted through a reverse triangular merger in which HCYC would be acquired directly by AlphaTime, which would continue to report as a domestic registrant upon Closing until further assessment of factors such as its shareholder base and location of assets at a future date pursuant to U.S. securities laws. Operationally, following the Business Combination conducted via the proposed structure, PubCo will be a holding company that will operate HCYC’s current business through its subsidiaries, which is consistent with the expectations of HCYC and AlphaTime’s management in relation to post-Business Combination corporate and operational structure. As such, immediately following the Business Combination, PubCo will prepare its consolidated financial statements and pro forma financial statements in accordance with U.S. GAAP. The unaudited pro forma condensed combined financial information and the comparative per share information that will be presented in this proxy statement/prospectus will be prepared in accordance with U.S. GAAP.

In addition, the Initial Mergers are structured as two separate mergers primarily for U.S. tax reasons. The exchange of ATMC Securities for PubCo Securities pursuant to the Business Combination is intended to qualify as a tax-free transaction for U.S. federal income tax purposes. See the section entitled “ The Business Combination Proposal - Background of the Business Combination - Material Tax Considerations - Material U.S. Federal Income Tax Considerations - Consequences of the Business Combination - Qualification of the Initial Mergers as a Reorganization.” The Initial Mergers that effect the exchange of ATMC Securities for PubCo Securities are structured as a two-step merger in the form of the First SPAC Merger and the Second SPAC Merger to reduce the risk that holders will be subject to U.S. federal income tax on the exchange of their ATMC Securities for PubCo Securities.

Conditions to Closing

The Merger Agreement is subject to the satisfaction or waiver of certain customary closing conditions by the parties thereto, including, among