AlphaTime Acquisition in a regulatory filing said shareholders approved an extension on its completion deadline up to Jan. 4, 2025. The sponsor has agreed to deposit $55,000 into trust for each month required.
The SPAc noted that 2,160,774 shares were redeemed ahead of the extension vote, removing about $23.3 million (approximately $10.78 per share) from the trust. That leaves AlpahTime with just over $51 million.
AlphaTime had raised $69 million in an IPO a year ago. The SPAC is broadly focused on companies in Asia, and the management team has an extensive network in China, according to the initial S-1 filing for the offering. Read more.
