AlphaTime Acquisition announced a merger agreement with Hong Kong-based HCYC Group, an insurance brokerage operating through subsidiary HCYC Wealth Management.
HCYC shareholders would receive 7.5 million shares valued at $75 million.
HCYC Asia has been operating in Hong Kong for 13 years. HCYC Asia holds a professional insurance brokerage license, allowing it to operate within Hong Kong’s insurance sector.
AlphaTime Acquisition shareholders last week approved an extension deadline up to Jan. 4, 2025.
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. Read more.
