Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 67

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 67
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 by the AlphaTime Board is not intended to be exhaustive but includes the material factors considered by the AlphaTime Board.

Opinion of AlphaTime’s Valuation Advisor

Before reaching its overall decision to approve and declare advisable the Merger Agreement, the AlphaTime Board reviewed the proposed equity value of HCYC and considerations to be paid in connection with the Business Combination. In connection with such review, the AlphaTime Board reviewed a number of analysis, including (a) audited and unaudited historical financial information of HCYC, and (b) a draft fairness opinion of Newbridge Securities Corporation (“ Newbridge”), AlphaTime’s financial advisor. The details of each such analysis and the engagement and qualifications of AlphaTime’s valuation and financial advisors are set forth below. For details, please see the section entitled “ Unaudited Pro Forma Condensed Combined Financial Information.” The analysis of AlphaTime’s management and advisors in support of the revised valuation has taken into consideration the financial parameters of comparable companies and other information as of a more recent date, comparing to the analysis reviewed by the AlphaTime Board when discussing the original valuation of HCYC.

Fairness Opinion of AlphaTime’s Financial Advisor

As soon as reasonably practicable after the execution of the Merger Agreement, AlphaTime received the opinion of Newbridge that, as of the date of such opinion and based upon and subject to the assumptions, limitations, qualifications and conditions set forth therein, the Merger Consideration to be paid PubCo pursuant to the Merger Agreement is fair from a financial point of view to all of the shareholders of AlphaTime from a financial perspective and shall deliver a copy of such opinion to HCYC. No material relationships exist or are mutually understood to be contemplated between Newbridge, its affiliates, and/or unaffiliated representative, and AlphaTime, its sponsor, and/or their respective affiliates. Any compensation received by Newbridge will be solely for its services in preparing its fairness opinion to the AlphaTime Shareholders. No instructions were received from, nor were limitations imposed by the Company or its Sponsor to Newbridge in rendering their Fairness Opinion.

Ownership and Transaction Structure

The following diagrams illustrate in simplified terms the current structure of each of AlphaTime and HCYC, the steps of the proposed Business Combination, and the expected structure after the Business Combination.

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Certain Information Relating to PubCo and AlphaTime

PubCo Listing

PubCo plans to apply for listing, to be effective at the time of the Closing of the Business