AlphaTime Acquisition Corp is a SPAC — a blank check company with no operations, revenues, or products. AlphaTime raised ~$69M in its January 2023 IPO, deposited the proceeds into a trust account at Bank of America, and has been searching for a private company to acquire and take public. AlphaTime's management focuses on Asia-based targets, particularly private companies seeking access to U.S. capital markets. In January 2024, AlphaTime signed a merger agreement with HCYC Group, a Cayman Islands company, though the deal has not yet closed and remains pending shareholder approval and other conditions. The deal also requires at least $9M in PIPE financing to close. While the trust originally held ~$70M, two rounds of shareholder redemptions have reduced it to roughly $15M, with only ~3.5M ordinary shares remaining. The Sponsor funds ongoing operations by depositing $55,000 per month into the trust in exchange for unsecured promissory notes repayable at deal close. If no deal closes by the current October 2025 deadline, the trust is liquidated and returned to public shareholders.