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 Q4 - Annual Report