Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 1792

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 1792
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 Holding Foreign Companies Accountable Act, which, if passed by the U.S. House
of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering the prohibitions
under the HFCAA from three years to two. If our auditor cannot be inspected by the PCAOB for two consecutive years, the trading of our
securities on any U.S. national securities exchanges, as well as any over-the-counter trading in the U.S., will be prohibited.

On
September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining,
as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms
located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On
December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The
rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a
position taken by an authority in foreign jurisdictions.

On
December 16, 2021, the SEC announced that the PCAOB designated China and Hong Kong as the jurisdictions where the PCAOB is not allowed
to conduct full and complete audit inspections as mandated under the HFCAA. The Company’s auditor is based in the United States
and therefore is not affected by this mandate by the PCAOB.

64

On
August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance
of the PRC, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered
in mainland China and Hong Kong completely, consistent with U.S. law. The Statement of Protocol gives the PCAOB sole discretion to select
the firms, audit engagements and potential violations it inspects and investigates and put in place procedures for PCAOB inspectors and
investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed. In
addition, the Statement of Protocol grants the PCAOB direct access to interview and take testimony from all personnel associated with
the audits the PCAOB inspects or investigates. While significant, uncertainties still exist