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AlphaTime Acquisition Corp (ATMC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $404,367 for the three months ended September 30, 2024, consisting of formation and operating costs of $280,163 offset by income earned on the Trust Account of $684,530.
For the nine months ended September 30, 2024, the company reported a net income of $1,232,002, with formation and operating costs amounting to $915,533 and income earned on the Trust Account totaling $2,147,535.
As of September 30, 2024, AlphaTime Acquisition Corp had a cash balance of $1,473 and a working capital deficit of $2,836,334.
The company completed its IPO on January 4, 2023, generating gross proceeds of $60,000,000, followed by the sale of additional units through the exercise of an over-allotment option, raising total proceeds to $69,000,000.
AlphaTime Acquisition Corp has extended its timeline to complete a business combination multiple times, with the latest extension extending the deadline to December 4, 2024.
The company entered into a merger agreement on January 5, 2024, with HCYC Group Company Limited, which is expected to be consummated after obtaining shareholder approvals and satisfying customary closing conditions.
The company's management identified a material weakness in its internal controls over financial reporting due to a lack of qualified SEC reporting professionals.
AlphaTime Acquisition Corp continues to focus on completing its initial business combination within the extended timeline, with funds held in a Trust Account to be used for this purpose.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AlphaTime Acquisition Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.