AlphaTime Acquisition Corp Shares Surge 604% After Merger Approval with HCYC Holdings

Shares of AlphaTime Acquisition Corp (ATMC), a special purpose acquisition company (SPAC), surged by 604% to $109 in premarket trading following shareholder approval of its planned merger with HCYC Holdings Co, an intermediary insurance brokerage firm. This move positions ATMC to integrate HCYC's insurance brokerage operations, conducted via its subsidiary HCYC Wealth Management (ASIA), into the public market through the SPAC structure. SPACs serve as publicly listed entities that raise capital with the goal of merging with private companies to facilitate their market entry, typically within two years of the SPAC's formation.