SPAC ATMC soars after shareholder approval of HCYC merger

Shares of special purpose acquisition company AlphaTime Acquisition Corp ATMC.O rise 604% to $109 in premarket trading

ATMC shareholders approve merger with intermediary insurance brokerage company HCYC holdings Co

SPACs are publicly listed shell companies that raise funds with the intention of merging with a private company within two years of floating its shares

HCYC conducts its insurance brokerage operations through its subsidiary, HCYC Wealth Management (ASIA)