Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 196

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 196
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000. The proceeds of the PIPE Investment Procured   
 by Company will be used to pay transaction expenses of the SPAC, the Sponsor and the Company       
 and for general working capital purposes.                                                          |

AlphaTime Board’s Review of Valuationand Reasons for Approval of the Business Combination Proposal

On January 5, 2024, the AlphaTime Board (i) determined that the Business Combination was advisable to and in the best interests of AlphaTime and its shareholders, (ii) unanimously approved the Merger Agreement and the transactions contemplated thereby (including the Business Combination), and (iii) recommended that AlphaTime Shareholders approve the Merger Agreement and the transactions contemplated thereby (including the Business Combination).

Before reaching its decision, the AlphaTime Board considered the results of the due diligence conducted by its management and advisors. The AlphaTime Board retained Newbridge Securities to provide a valuation and analysis and evaluate the fairness of the potential Business Combination. Newbridge Securities rendered its draft opinion to the AlphaTime Board (which was subsequently confirmed by the delivery of the Newbridge Opinion) as to the fairness, from a financial point of view, to AlphaTime of the aggregate merger consideration to be issued and paid pursuant to the Merger Agreement.

| 107 |

In reaching its decision that the Business Combination and the transactions contemplated thereby are fair to, and in the best interest of, AlphaTime and its shareholders, the Board considered a range of factors, including but not limited to, the factors discussed below:

| ● | Business                                                                                                
 and Business Model. Company’s current business model is a third-party platform                          
 insurance intermediary model and is engaged in introducing and serving the insurance business           
 with diverse products and services. Based on the due diligence performed by AlphaTime and               
 its advisor on HCYC and its industry, including an assessment of mergers and acquisitions               
 activity in the industry in which HCYC operates, AlphaTime believes HCYC represents an attractive       
 opportunity for AlphaTime and its shareholders.                                                         |
| ● | Meetings                                                                                                
 and Calls with Company’s Management Team. AlphaTime’s management and advisors                           
 conducted significant due diligence investigations of the Company’s business, including:                
 meetings and calls with HCYC’s management regarding their business model, operations                    
 and forecasts; commercial, legal and other due diligence, and discussions with the management           
 of HCYC and AlphaTime’s advisors concerning such due diligence investigations. The                      
 AlphaTime Board believes that the HCYC’s management team will provide helpful continuity                
 in advancing HCYC’s strategic and growth goals