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DT Cloud Acquisition Corporation (DYCQ0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company incorporated in the Cayman Islands on July 7, 2022, with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The company completed its initial public offering on February 23, 2024, raising $69,000,000 through the sale of 6,900,000 units at $10.00 per unit, including the exercise of the underwriters' over-allotment option.
Simultaneously with the IPO, DT Cloud Acquisition Corporation completed a private placement with its sponsor, DT Cloud Capital Corp., raising an additional $2,345,000 through the sale of 234,500 units at $10.00 per unit.
As of December 31, 2024, the company reported cash and cash in escrow of $152,021 and a working capital deficit of $128,968. The company had a net income of $2,265,806 for the year ended December 31, 2024.
The company has entered into a Business Combination Agreement with Maius Pharmaceutical Co., Ltd. and other related parties. The agreement involves a series of mergers, with the goal of listing Maius Pharmaceutical Group Co., Ltd. on Nasdaq.
The Business Combination Agreement includes conditions such as shareholder approval, regulatory approvals, and a PIPE investment of no less than $10,000,000.
The company has extended the deadline for completing its initial business combination to April 23, 2025, with the possibility of further extensions up to 27 months from the IPO closing date, contingent on additional deposits into the trust account by the sponsor.
The filing outlines potential risks, including the company's dependence on its management team, regulatory changes, and the ability to secure additional financing if required.
DT Cloud Acquisition Corporation is classified as an emerging growth company and a smaller reporting company, which allows it to take advantage of certain exemptions from various reporting requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DT Cloud Acquisition Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.