AlphaTime Acquisition Corp Announces Entering into a Merger Agreement with HCYC Group Company Limited
Retrieved on:
Friday, January 5, 2024
New York, NY, Jan. 05, 2024 (GLOBE NEWSWIRE) -- AlphaTime Acquisition Corp (NASDAQ: ATMC, ATMCU, ATMCR, and ATMCW) (“ATMC”), a special purpose acquisition company, announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which ATMC will undergo a business combination with HCYC Group Company Limited (“HCYC”), HCYC functions as a registered holding company in the Cayman Islands.
Key Points:
- New York, NY, Jan. 05, 2024 (GLOBE NEWSWIRE) -- AlphaTime Acquisition Corp (NASDAQ: ATMC, ATMCU, ATMCR, and ATMCW) (“ATMC”), a special purpose acquisition company, announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which ATMC will undergo a business combination with HCYC Group Company Limited (“HCYC”), HCYC functions as a registered holding company in the Cayman Islands.
- In Hong Kong, HCYC conducts its insurance brokerage operations through its subsidiary, namely, HCYC Wealth Management (ASIA) Company Limited, a company formed under the laws of Hong Kong (“HCYC Asia”).
- The transaction will be structured as a business combination involving the following mergers: (i) ATMC will merge with and into ATMC Merger Sub 1 Limited, a Cayman Islands exempted company (“Merger Sub 1”), and a wholly-owned subsidiary of HCYC Holding Company, a Cayman Islands exempted company (“PubCo”), with ATMC surviving such merger; (ii) ATMC will merger with and into ATMC Merger Sub 2 Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of PubCo (“Merger Sub 2”), with Merger Sub 2 surviving such merger; and (iii) HCYC will merge with and into HCYC Merger Sub Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of PubCo (“Merger Sub 3”, and together with PubCo, Merger Sub 1 and Merger Sub 2, the “Acquisition Entities”), with HCYC surviving such merger (collectively, the “Mergers”).
- HCYC Asia partners with multiple insurance companies, such as AXA China Region Insurance Co Ltd, AIA International Limited, Prudential Hong Kong Limited, FTLife Insurance Company Limited.