Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 5

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 5
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 offering costs.

Following the closing of our IPO and the sale of over-allotment
units, an aggregate of $70,242,000 ($10.18 per Unit) from the net proceeds and the sale of the Private Placement Units was held in a Trust
Account (“Trust Account”). As of December 31, 2024, we had marketable securities held in the Trust Account of $15,240,284
consisting of securities held in a treasury money market fund that invests in United States government treasury bills, bonds or notes
with a maturity of 180 days or less. We intend to use substantially all of the funds held in the Trust Account, including any amounts
representing income earned on the Trust Account (less amounts released to us for taxes payable and deferred underwriting commissions)
to complete our initial business combination. We may withdraw interest and dividend income to pay taxes, if any. Our annual income tax
obligations will depend on the amount of interest and other income earned on the amounts held in the Trust Account. We expect the interest
and dividend income earned on the amount in the Trust Account (if any) will be sufficient to pay our taxes. Through December 31, 2024,
we did not withdraw any income earned on the Trust Account to pay our taxes. To the extent that our equity or debt is used, in whole or
in part, as consideration to complete our initial business combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

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As of December 31, 2024, we had a cash balance of
$1,425 and a working capital deficit of $3,314,762. Until the consummation of our IPO, our liquidity needs were satisfied through a capital
contribution from our Sponsor of $25,000 to purchase the founder shares. As on December 31, 2024, there was an amount of $1,262,500 outstanding
as loans against a promissory note issued to the Sponsor for extension of the period of business combination from October 4, 2023 to September
4, 2024 which was deposited into the Trust Account. On September 3, 2024 and October 2, 2024, respectively, the Company entered into the
extension letters with the sponsors to extend the timeline of the business combination from September 4, 2024 to