AlphaTime Acquisition Corp. (ATMC) continues to pursue its proposed business combination with HCYC under an agreement entitling pre-closing company shareholders to a pro rata portion of up to 1,500,000 PubCo ordinary shares. ATMC shareholders approved the transaction in December 2025, but HCYC shareholder approval and other closing conditions, including Nasdaq approval of the initial listing application, remain; completion is not assured.
Nasdaq delisted ATMC’s ordinary shares, warrants, rights and units; the delisting became effective ten days after Nasdaq filed a Form 25 on January 15, 2026. ATMC said its securities were not quoted on any market. The $11.5 million PIPE had not closed, and ATMC had received no proceeds from it.
As of November 3, 2026, $670,144 in required extension payments remained unpaid, and ATMC had no plan to fund the unpaid amounts. The company said prior extensions may not have been validly effected, its business-combination deadline may have passed, and redemption and winding-up obligations may have arisen. ATMC had generated no revenue through December 31, 2025.
AlphaTime Acquisition Corp (ATMC) approved the dismissal of UHY LLP on September 22, 2026, notified UHY on October 14, and made the dismissal effective that day. The company engaged Inbergo CPA LLP on September 22, 2026, with board and audit committee approval.
UHY’s April 15, 2025 report on financial statements for fiscal years ended December 31, 2024 and 2023 included an explanatory paragraph regarding substantial doubt about ATMC’s ability to continue as a going concern. ATMC reported no qualifying disagreements with UHY. Management had identified a material weakness relating to insufficient review of related-party transactions in its report for the quarter ended September 30, 2025.
Alphatime Acquisition Corp reported significant board composition changes on July 28, 2026. Li Wei and Michael Coyne resigned from the Board of Directors and all committees, effective that day. The company states their departures were for personal reasons and not due to any disagreement over operations, policies, or practices.
The Board appointed Pua Chee Aun as a Class II director, with a term expiring at the second annual shareholders’ meeting, and Seongil Lee as a Class III director, with a term expiring at the third annual shareholders’ meeting. Both were designated independent directors under Nasdaq rules and joined the Audit and Compensation Committees, with Mr. Lee chairing Audit and Mr. Pua chairing Compensation. Directors, including the new appointees, receive no cash compensation, and no related-party relationships requiring disclosure were identified.
AlphaTime Acquisition Corp obtained shareholder approval on March 27, 2026 to extend the deadline to complete a business combination. The company can now extend its termination date from April 4, 2026 up to eight times, each for one month, through December 4, 2026, by depositing $15,000 per monthly extension into its trust account in exchange for a non-interest bearing, unsecured promissory note. Shareholders also approved an amendment to the Investment Management Trust Agreement and the company’s charter to reflect the new extension framework. In connection with the meeting, holders of 6,135 ordinary shares redeemed their shares for $79,480.65, leaving $4,762,484.24 in the trust account and 2,545,432 ordinary shares outstanding.