TIME OUT WITH NO TIME ON THE CLOCK

[refaholic]

With three seconds on the clock and a two point game, Team A is dribbiling down for a last second shot. A1 pulls up, behind the three point line, and shoots. A1 realese the ball, then horn sounds. As the horn sounds A1 is fouled. The referee calls the foul. The shot missed and A1 is awarded three free throws. A1 shoots two free throws and Team B requests a timeout prior to the third throw.

Is Team B allowed to take the timeout with NO time on the clock. Is this considered in between regulation and overtime, or is this still considered regulation. Thoughts please.