AlphaTime Acquisition Corp., a blank check company incorporated in the Cayman Islands on September 15, 2021, reported a net income of $1,498,591 for the year ended December 31, 2024, compared to $1,941,118 for the year ended December 31, 2023. This income primarily resulted from interest earned on the Trust Account, offset by formation and operating costs. The company had no operating revenues during either period, as its sole activity has been identifying and evaluating potential acquisition targets, primarily focusing on businesses in Asia.
Significant changes in financial position occurred during the year. The company's IPO on January 4, 2023, generated gross proceeds of $60 million, with an additional $9 million from the underwriters' exercise of the over-allotment option. Simultaneously, a private placement of 370,500 Private Placement Units raised $3.7 million, with an additional $387,000 from the over-allotment. Subsequently, significant redemptions by shareholders reduced the Trust Account balance. As of December 31, 2024, the Trust Account held $15,240,284 in marketable securities.
Strategic developments included the extension of the deadline to complete a business combination multiple times, most recently to October 4, 2025. These extensions involved additional deposits into the Trust Account and the issuance of promissory notes to the Sponsor. On January 5, 2024, AlphaTime entered into a Merger Agreement with HCYC Holding Company, aiming for a business combination transaction. This transaction requires shareholder approval from both AlphaTime and HCYC and the satisfaction of customary closing conditions.
Key operational developments included the change in the number of outstanding ordinary shares due to redemptions. As of April 15, 2025, there were 3,469,450 ordinary shares outstanding. The company currently has two officers and does not intend to have any full-time employees prior to the completion of its initial business combination. The company's securities are listed on the Nasdaq Global Market. The company received a notice from Nasdaq regarding non-compliance with minimum public holder rules, and subsequently received an extension to regain compliance.
The company's outlook is contingent upon the successful completion of its business combination with HCYC. The filing includes numerous forward-looking statements regarding the ability to consummate the acquisition, the performance of the target business, and the company's financial performance following the transaction. Several risk factors are outlined, including competition, the ability to secure additional financing, and the potential for shareholder redemptions to hinder the acquisition process. The company also notes risks associated with operating in Asia, particularly in China, including regulatory uncertainties and potential conflicts of interest.
About ALPHATIME ACQUISITION CORP
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