Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 194

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 194
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 of potential business combination partners and considered viable partner opportunities.

In the process that led to identifying HCYC as an attractive business combination opportunity, representatives of AlphaTime contacted and were contacted by a number of individuals and entities with respect to the business combination opportunities and engaged in discussion with several possible target businesses regarding the potential transactions. AlphaTime reviewed approximately 20 targets in its search, 11 of which were eliminated prior to conducting substantive due diligence. AlphaTime did not intend to proceed with these companies due to the lack of attractive business prospects (including but not limited to profitability metrics, expected growth trajectories and industry trends), deal-readiness and the difference in the expectation of valuations from the companies and their management teams.

AlphaTime ultimately engaged in detailed discussion with 9 potential targets. Non-disclosure agreements were signed with 9 of such potential combination targets. The non-disclosure agreements entered into with the potential targets contained customary non-disclosure and non-use provisions and a customary Trust Account waiver provision pursuant to which the potential targets waived any right, title, interest or claim in AlphaTime’s Trust Account and agreed not to seek recourse against AlphaTime’s Trust Account for any reason. Such non-disclosure agreements do not contain any standstill or similar provisions.

Other than HCYC, AlphaTime entered into a non-binding letter of intent and non-exclusive negotiations with two other potential partners (“ Candidate A” and “ Candidate B”).

Candidate A was an energy technology company driven by system platform, artificial intelligence, and blockchain DID (digital ID) ecosystem standards. The ultimate goal of Candidate A is to implement energy data, carbon credit, and other data monetization models to realize medium-to-long-term, high-profit-margin, compound, and scalable revenue. While Candidate A appeared to be an attractive target over the long term, AlphaTime learned during a call with Candidate A’s Chairman that Candidate A preferred to raise additional capital prior to a merger with AlphaTime. AlphaTime’s initial reaction was supportive of Candidate A’s intention to seek growth capital as long as the timeline of the contemplated capital raise would not lead to a substantial delay to the merger with AlphaTime. However, there was no timeline provided to AlphaTime as to when the fundraising would close. Therefore, given AlphaTime’s requirement to consummate a business combination within a set period of time, AlphaTime decided not to extend the letter of intent with Candidate A upon its expiration.

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Candidate B was building a platform with smart data and financial solutions for the space internet-of-things. Its goal includes collaboration with