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Alphatime Acquisition Corp(ATMCU) - 2025 Q3 - Quarterly Report
2025-11-18 22:16
Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $165,713, with $1,227 from formation and operating costs offset by $164,486 from investment income [115]. - For the nine months ended September 30, 2025, the company had a net income of $156,367, consisting of a loss of $472,179 from formation and operating costs, offset by $628,546 from investment income [115]. IPO and Fundraising - The company completed its IPO on January 4, 2023, raising gross proceeds of $60,000,000 from 6,000,000 units sold at $10.00 per unit [117]. - The Company raised a total of $3,705,000 from the sale of 370,500 Private Placement Units at $10.00 per unit on January 4, 2023 [137]. - An additional $9,000,000 was generated from the underwriters exercising their over-allotment option by purchasing 900,000 Units at $10.00 per unit on January 6, 2023 [138]. Trust Account and Cash Management - Following the IPO, the company held $70,242,000 in a Trust Account, with $16,023,769 in marketable securities as of September 30, 2025 [119]. - In connection with the second shareholder meeting, approximately $38,852,320.60 was redeemed from the Trust Account, leaving approximately $15,240,284 remaining [126]. - The net proceeds from the IPO are invested in U.S. government treasury securities, minimizing exposure to interest rate risk [130]. Business Combination and Extensions - The company has extended the deadline for completing a business combination to October 4, 2025, with provisions for up to nine one-month extensions [125]. - The Company extended the deadline for its initial business combination from October 4, 2023, to January 4, 2024, by depositing $690,000 into the Trust Account [141]. - The Company entered into a Merger Agreement on January 5, 2024, to merge with HCYC Group Company Limited, pending shareholder approval [128]. Related Party Transactions and Fees - As of September 30, 2025, the Company had outstanding amounts due to related parties of $784,700 [142]. - The Company recorded an administration fee of $30,000 for both the three months ended September 30, 2025, and 2024 [143]. - The Company has outstanding loan amounts of $1,262,500 against a promissory note issued to the Sponsor for the extension of the business combination period [141]. Equity and Shareholder Information - The Company issued an additional 287,500 ordinary shares to the Sponsor for no additional consideration, increasing the total founder shares to 1,725,000 [131]. - The Company accounts for ordinary shares subject to possible redemption at a redemption value of $10.91 per share, classified as temporary equity [151]. - The underwriters were granted a 45-day option to purchase up to 900,000 additional Units, which they exercised in full, resulting in a deferred commission of $2,415,000 payable from the Trust Account upon completion of the initial business combination [144]. Advisory and Off-Balance Sheet Arrangements - The Company engaged TenX Global Capital LP as an advisor for the Initial Public Offering and business combination, assisting in various preparatory activities [147]. - The Company has no off-balance sheet arrangements or commitments as of September 30, 2025 [149]. - The Company has not incurred any advisory service fees for both the three and nine months ended September 30, 2025, and 2024 [148].
Alphatime Acquisition Corp(ATMCU) - 2025 Q2 - Quarterly Report
2025-08-13 00:36
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41584 ALPHATIME ACQUISITION CORP (Exact name of registrant as specified in its charter) | Cayman Islands | N/A | | --- | --- | | (State or O ...
Alphatime Acquisition Corp(ATMCU) - 2025 Q1 - Quarterly Report
2025-05-20 20:48
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 New York, NY 10110 N/A (Address of principal executive offices) (zip code) (347) 627-0058 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41584 ALPHATIME ACQUISITION CORP (Exact name of r ...
Alphatime Acquisition Corp(ATMCU) - 2024 Q4 - Annual Report
2025-04-15 20:15
Business Combination and Financing - The company extended the deadline to complete its initial business combination from October 4, 2023, to January 4, 2024, by depositing $690,000 into the Trust Account[401]. - The company raised $3,705,000 from the sale of 370,500 Private Placement Units at $10.00 per unit during the IPO[397]. - An additional 900,000 Units were purchased by underwriters at $10.00 per unit, generating gross proceeds of $9,000,000[398]. - The company has a non-interest bearing promissory note with the Sponsor for $690,000, payable upon completion of the initial business combination[402]. - The underwriters were granted a 45-day option to purchase up to 900,000 additional Units, which was exercised in full[405]. - The company has agreed to sell an option to purchase up to 58,000 Units for $100.00, exercisable at $11.50 per unit[407]. - The company engaged TenX Global Capital LP as an advisor for the Initial Public Offering and business combination[408]. Financial Obligations and Costs - The company recorded an administration fee of $120,000 for the year ended December 31, 2024, for overhead costs[404]. - As of December 31, 2024, amounts due to related parties totaled $568,299, up from $199,318 in 2023[403]. - As of December 31, 2023, a total cash fee of $200,000 has been incurred as deferred offering costs, with $160,000 paid by the Sponsor and an additional $40,000 paid subsequently[409][410]. - The company did not have any off-balance sheet arrangements or commitments as of December 31, 2024[411]. Shareholder Equity and Earnings - Ordinary shares subject to possible redemption are presented at a redemption value of $11.09 per share, classified as temporary equity[413]. - The company complies with FASB ASC 260 for earnings per share, presenting income (loss) per redeemable and non-redeemable shares[415]. - Deferred offering costs related to the IPO were charged to shareholders' equity upon completion on January 4, 2023, with no deferred costs reported as of December 31, 2023[416].
Alphatime Acquisition Corp(ATMCU) - 2024 Q3 - Quarterly Report
2024-11-19 21:15
Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $404,367, with a loss of $280,163 from formation and operating costs offset by $684,530 earned on investments held in the Trust Account [125]. - For the nine months ended September 30, 2024, the company had a net income of $1,232,002, consisting of a loss of $915,533 from formation and operating costs and $2,147,535 earned on investments held in the Trust Account [125]. IPO and Trust Account - The company completed its IPO on January 4, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit [127]. - Following the IPO, the company held $70,242,000 in the Trust Account, with $53,347,588 in marketable securities as of September 30, 2024 [130]. - The net proceeds from the IPO are invested in U.S. government treasury securities, minimizing exposure to interest rate risk [139]. - The company generated total gross proceeds of $3,705,000 from the sale of 370,500 Private Placement Units at $10.00 per unit on January 4, 2023 [148]. - The underwriters exercised their over-allotment option in full, purchasing an additional 900,000 Units for gross proceeds of $9,000,000 at $10.00 per Unit [149]. Financial Position and Liabilities - As of September 30, 2024, the company had a cash balance of $1,473 and a working capital deficit of $2,836,334 [131]. - As of September 30, 2024, the amount due to related parties was $504,708, an increase from $199,318 as of December 31, 2023 [154]. - The company has incurred significant costs in pursuit of financing and acquisition plans, raising doubts about its ability to continue as a going concern [138]. Business Combination and Agreements - The company entered into a Merger Agreement on January 5, 2024, to merge with HCYC Group Company Limited, pending shareholder approval and customary closing conditions [137]. - The company has extended the timeline for its business combination from September 4, 2024, to November 4, 2024, and subsequently to December 4, 2024, with an aggregate of $165,000 in extension funds deposited into the Trust Account [131]. - The company extended the deadline to complete its initial business combination from October 4, 2023, to January 4, 2024, by depositing $690,000 into the Trust Account [152]. Fees and Costs - The company recorded an administration fee of $30,000 and $90,000 for the three and nine months ended September 30, 2024, respectively [156]. - The company has incurred a cash fee of $200,000 as deferred offering costs for advisory services related to the IPO and business combination [161]. - The company recorded a cash underwriting commission of $0.125 per Unit for 900,000 additional Units, with a deferred commission of $0.35 per Unit totaling $2,415,000 [157]. Other Financial Information - The company has no off-balance sheet arrangements or commitments as of September 30, 2024 [162]. - The company accounts for ordinary shares subject to possible redemption at a redemption value of $11.09 per share, classified as temporary equity [165]. - The company has entered into a non-interest bearing promissory note with the Sponsor for $690,000, payable upon the earlier of January 4, 2024, or after the completion of an initial business combination [153].
Alphatime Acquisition Corp(ATMCU) - 2024 Q2 - Quarterly Report
2024-08-14 20:43
Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $385,370, consisting of a loss of $290,467 from formation and operating costs, offset by income of $675,837 from investments held in the Trust Account[108]. - For the six months ended June 30, 2024, the company had a net income of $827,635, with a loss of $635,370 from formation and operating costs, offset by income of $1,463,005 from investments held in the Trust Account[108]. - The company has incurred significant costs related to its financing and acquisition plans, raising doubts about its ability to continue as a going concern[119]. IPO and Capital Raising - The company completed its IPO on January 4, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit[110]. - On January 4, 2023, the company sold 370,500 Private Placement Units at $10.00 each, generating total gross proceeds of $3,705,000[127]. - The underwriters exercised their over-allotment option on January 6, 2023, purchasing an additional 900,000 Units for gross proceeds of $9,000,000[128]. - The company recorded a cash fee of $200,000 as deferred offering costs for advisory services related to the IPO, with $160,000 paid by the sponsor through December 31, 2022[140]. - The company incurred a cash underwriting commission of $0.125 per Unit for the additional 900,000 Units, totaling $112,500, with a deferred commission of $2,415,000 to be paid upon completion of the initial business combination[136]. Trust Account and Investments - As of June 30, 2024, the company held marketable securities in the Trust Account amounting to $52,553,058, primarily invested in U.S. government treasury securities[112]. - Following a shareholder redemption on December 28, 2023, approximately $23,302,146 was removed from the Trust Account, leaving approximately $51,712,221 remaining[117]. - The net proceeds from the IPO are invested in U.S. government treasury securities or money market funds, minimizing exposure to interest rate risk[120]. Business Combination and Future Plans - The company entered into a Merger Agreement on January 5, 2024, to merge with HCYC Group Company Limited, pending shareholder approval and customary closing conditions[118]. - The company plans to focus its acquisition efforts on rapidly-growing sectors such as fintech, clean energy, biotech, and AI, primarily targeting businesses in Asia[106]. - The company has the option to extend the deadline for completing a business combination up to January 4, 2025, by making extension payments of $55,000 for each monthly extension[116]. - The company extended the deadline for its initial business combination from October 4, 2023, to January 4, 2024, by depositing $690,000 into the Trust Account[132]. Working Capital and Related Parties - The company has a working capital deficit of $2,446,171 as of June 30, 2024, and expects to need additional capital to meet liquidity needs beyond IPO proceeds[113]. - As of June 30, 2024, the amount due to related parties was $449,708, an increase from $199,318 as of December 31, 2023[133]. - As of June 30, 2024, the company had no off-balance sheet arrangements or commitments[141]. Fees and Expenses - An administration fee of $30,000 and $60,000 was recorded and paid for the three and six months ended June 30, 2024, respectively[134]. - The company has incurred a cash fee of $200,000 for advisory services related to the IPO and business combination, with $160,000 paid by the sponsor by December 31, 2022[140]. - The company issued 1,725,000 ordinary shares to its sponsor, with the expectation that these shares would represent 20% of the outstanding shares upon IPO completion[123].
Alphatime Acquisition Corp(ATMCU) - 2024 Q1 - Quarterly Report
2024-05-20 20:30
Financial Performance - As of March 31, 2024, the company reported a net income of $442,265, which includes a loss of $344,903 from formation and operating costs, offset by $787,168 earned on investments held in the Trust Account[96]. - The company has a working capital deficit of $1,990,704 as of March 31, 2024, and expects to require additional capital to meet liquidity needs beyond the IPO proceeds[100]. - The company has incurred significant costs in pursuit of financing and acquisition plans, raising doubts about its ability to continue as a going concern[106]. IPO and Fundraising - The company completed its IPO on January 4, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit, along with an additional $3,705,000 from the sale of 370,500 Private Placement Units[97]. - The company completed the sale of 370,500 Private Placement Units at a price of $10.00 per unit, generating total gross proceeds of $3,705,000 on January 4, 2023[114]. - The underwriters exercised their over-allotment option in full, purchasing an additional 900,000 Units at a price of $10.00 per unit, generating gross proceeds of $9,000,000[115]. Trust Account and Investments - Following the IPO, the company held $70,242,000 in the Trust Account, with $51,712,221 in marketable securities as of March 31, 2024, primarily invested in U.S. government treasury securities[99]. - On December 28, 2023, shareholders redeemed 2,160,774 ordinary shares for approximately $23,302,146, resulting in approximately $51,712,221 remaining in the Trust Account[104]. Business Strategy and Acquisition Plans - The company intends to focus its acquisition efforts on rapidly-growing sectors such as fintech, clean energy, biotech, and AI, primarily targeting businesses in Asia[94]. - The company has not yet selected a specific business combination target and has not engaged in substantive discussions regarding potential targets[93]. - The company plans to use funds held outside the Trust Account for identifying and evaluating target businesses, performing due diligence, and covering transaction costs related to the initial business combination[101]. - The company entered into a Merger Agreement on January 5, 2024, to merge with HCYC Group Company Limited, pending shareholder approval and customary closing conditions[105]. Financial Obligations and Fees - As of March 31, 2024, the amount due to related parties was $238,623, an increase from $199,318 as of December 31, 2023[119]. - An administration fee of $30,000 was recorded for both the three months ended March 31, 2024, and 2023[120]. - The company incurred a cash fee of $200,000 as deferred offering costs for advisory services, of which $160,000 was paid by the Sponsor through December 31, 2022[125]. - The company has no off-balance sheet arrangements or commitments as of March 31, 2024[126]. Shareholder Equity and Reporting - The company accounts for ordinary shares subject to possible redemption at a redemption value of $10.91 per share, classified as temporary equity[128]. - The company complies with FASB ASC 260 for earnings per share, presenting income per redeemable and non-redeemable shares[129]. - There were no deferred offering costs as of March 31, 2024, and December 31, 2023[130].
Alphatime Acquisition Corp(ATMCU) - 2023 Q4 - Annual Report
2024-04-15 21:29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the year ended December 31, 2023 Commission File Number 001-41584 ALPHATIME ACQUISITION CORP (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or Other Jurisdiction of Incorporation) (I.R.S. Employer Identification No.) 500 5 Avenue, Suite 938 New York, NY 10110 N/A (Address of principal executive offices) ...
Alphatime Acquisition Corp(ATMCU) - 2023 Q3 - Quarterly Report
2023-11-13 21:36
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41584 ALPHATIME ACQUISITION CORP (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or Other Jurisdiction ...
Alphatime Acquisition Corp(ATMCU) - 2023 Q2 - Quarterly Report
2023-08-11 20:33
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41584 ALPHATIME ACQUISITION CORP (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or Other Jurisdiction of I ...