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AlphaTime Acquisition Corp (NASDAQ: ATMC), a blank check company, announced significant corporate developments following a shareholder meeting held on Monday. The company has amended its Trust Agreement and Charter to extend the deadline for completing a business combination by up to nine months, setting a new deadline of October 4, 2025.
During the extraordinary general meeting on Monday, shareholders approved the amendment to the Investment Management Trust Agreement with Equiniti Trust Company, LLC. This amendment allows AlphaTime to extend the original business combination deadline from January 4, 2025, to October 4, 2025.
To facilitate each monthly extension, AlphaTime is required to deposit $55,000 into the Trust Account, which will be financed by a non-interest bearing, unsecured promissory note due upon the consummation of a business combination.
In conjunction with the Trust Agreement Amendment, shareholders also approved a special resolution to amend AlphaTime's Third Amended and Restated Memorandum and Articles of Association. This change reflects the extension of the deadline for completing a business combination.
The shareholder meeting resulted in the approval of all proposals presented, including the adjournment proposal, although adjournment was not necessary as the extension amendments were passed.
Following the shareholder meeting, approximately $38.85 million will be withdrawn from the Trust Account to honor the redemption rights exercised by holders of 3,403,976 ordinary shares. Post-redemption, AlphaTime will have approximately $15.24 million remaining in the Trust Account and 3,469,450 ordinary shares outstanding.
These corporate actions are part of AlphaTime's strategic efforts to provide additional time to identify and complete a business combination, as outlined in their initial public offering. The information is based on a recent SEC filing by AlphaTime Acquisition Corp.
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