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]. - 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, reflecting costs paid on behalf of the company [154]. - 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]. 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 [127]. - 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 [148]. - 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 on January 6, 2023 [149]. - The company paid a cash underwriting commission of $0.125 per Unit for the additional 900,000 Units, with a deferred commission of $0.35 per Unit totaling $2,415,000 to be paid from the Trust Account upon completion of the initial business combination [157]. - The Company recorded a cash underwriting commission of $0.125 per Unit for the additional 900,000 Units, totaling $112,500 [157]. Trust Account and Redemptions - 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]. - Approximately $23,302,146 was redeemed from the Trust Account following the exercise of redemption rights by 2,160,774 ordinary shares, leaving approximately $51,712,221 in the Trust Account [136]. - The ordinary shares subject to possible redemption are presented at a redemption value of $11.09 per share as temporary equity [165]. 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 [137]. - The company plans to focus its acquisition efforts on rapidly-growing sectors such as fintech, clean energy, biotech, and artificial intelligence, primarily in Asia [123]. - The company has extended the deadline for consummating a business combination to January 4, 2025, with provisions for additional extensions [135]. - 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 [153]. - The Company 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]. Costs and Expenses - The company has incurred significant costs related to its financing and acquisition plans, raising doubts about its ability to continue as a going concern [138]. - An administration fee of $30,000 and $90,000 was recorded 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 has no off-balance sheet arrangements or commitments as of September 30, 2024 [162].
AlphaTime Acquisition p(ATMC) - 2024 Q3 - Quarterly Report