AlphaTime Acquisition Corp has reported its financial results for the first quarter of 2025, revealing a net income of $117,969, a decrease from the $442,265 reported in the same period of 2024. The company’s total expenses for the quarter were $183,402, down from $344,903 in the previous year, primarily due to reduced formation and operating costs. Income earned on the Trust Account investments was $301,371, significantly lower than the $787,168 earned in the first quarter of 2024, reflecting changes in market conditions and investment performance.
As of March 31, 2025, AlphaTime's total assets amounted to $15,673,372, an increase from $15,257,022 at the end of 2024. The company holds $15,596,634 in its Trust Account, which is primarily invested in U.S. government securities. Current liabilities rose to $3,629,881 from $3,331,500, driven by increased accounts payable and amounts due to related parties. The company reported a working capital deficit of $3,553,143, indicating ongoing liquidity challenges as it prepares for a potential business combination.
Strategically, AlphaTime has extended its timeline to complete a business combination multiple times, with the latest extension allowing until October 4, 2025. This extension was facilitated by a series of promissory notes issued to the company’s sponsor, totaling $1,262,500, to cover operational costs and ensure compliance with regulatory requirements. The company has not yet identified a specific target for its business combination but is focusing on sectors such as fintech, clean energy, and artificial intelligence.
Operationally, AlphaTime has seen a reduction in its ordinary shares outstanding, with 3,469,450 shares reported as of May 20, 2025, down from 6,873,426 following a significant redemption event in December 2023. The company continues to face challenges related to its status as a shell company, which limits its operational capabilities until a business combination is completed. Management has expressed concerns regarding its ability to continue as a going concern, emphasizing the need for additional capital to support ongoing operations and fulfill its business objectives.
Looking ahead, AlphaTime remains focused on identifying a suitable business combination while managing its financial resources prudently. The company is actively seeking opportunities that align with its strategic goals and has indicated that it will continue to explore potential partnerships and acquisitions in the coming months. However, the uncertainty surrounding its ability to complete a business combination and the associated financial implications remain significant risks for the company.
About ALPHATIME ACQUISITION CORP
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