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AlphaTime Acquisition p(ATMC) - 2024 Q3 - Quarterly Report
ATMCAlphaTime Acquisition p(ATMC)2024-11-19 21:15

Financial Performance - For the three months ended September 30, 2024, the company reported a net income of 404,367,withalossof404,367, with a loss of 280,163 from formation and operating costs offset by 684,530earnedoninvestmentsheldintheTrustAccount[125].−FortheninemonthsendedSeptember30,2024,thecompanyhadanetincomeof684,530 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 915,533fromformationandoperatingcostsand915,533 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 1,473andaworkingcapitaldeficitof1,473 and a working capital deficit of 2,836,334 [131]. - As of September 30, 2024, the amount due to related parties was 504,708,reflectingcostspaidonbehalfofthecompany[154].−AsofSeptember30,2024,theamountduetorelatedpartieswas504,708, 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 199,318asofDecember31,2023[154].IPOandFundraising−ThecompanycompleteditsIPOonJanuary4,2023,raisinggrossproceedsof199,318 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 10.00perunit[127].−Thecompanycompletedthesaleof370,500PrivatePlacementUnitsatapriceof10.00 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 3,705,000onJanuary4,2023[148].−Theunderwritersexercisedtheirover−allotmentoptioninfull,purchasinganadditional900,000Unitsatapriceof3,705,000 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 9,000,000onJanuary6,2023[149].−Thecompanypaidacashunderwritingcommissionof9,000,000 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 0.35perUnittotaling0.35 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 0.125perUnitfortheadditional900,000Units,totaling0.125 per Unit for the additional 900,000 Units, totaling 112,500 [157]. Trust Account and Redemptions - Following the IPO, the company held 70,242,000intheTrustAccount,with70,242,000 in the Trust Account, with 53,347,588 in marketable securities as of September 30, 2024 [130]. - Approximately 23,302,146wasredeemedfromtheTrustAccountfollowingtheexerciseofredemptionrightsby2,160,774ordinaryshares,leavingapproximately23,302,146 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 11.09pershareastemporaryequity[165].BusinessCombinationandFuturePlans−ThecompanyenteredintoaMergerAgreementonJanuary5,2024,tomergewithHCYCGroupCompanyLimited,pendingshareholderapprovalandcustomaryclosingconditions[137].−Thecompanyplanstofocusitsacquisitioneffortsonrapidly−growingsectorssuchasfintech,cleanenergy,biotech,andartificialintelligence,primarilyinAsia[123].−ThecompanyhasextendedthedeadlineforconsummatingabusinesscombinationtoJanuary4,2025,withprovisionsforadditionalextensions[135].−TheCompanyextendedthedeadlinetocompleteitsinitialbusinesscombinationfromOctober4,2023,toJanuary4,2024,bydepositing11.09 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,payableupontheearlierofJanuary4,2024,orafterthecompletionofaninitialbusinesscombination[153].CostsandExpenses−Thecompanyhasincurredsignificantcostsrelatedtoitsfinancingandacquisitionplans,raisingdoubtsaboutitsabilitytocontinueasagoingconcern[138].−Anadministrationfeeof690,000, 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 90,000wasrecordedforthethreeandninemonthsendedSeptember30,2024,respectively[156].−Thecompanyhasincurredacashfeeof90,000 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].