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DT Cloud Star Acquisition Corporation (DTSQ0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that DT Cloud Star Acquisition Corporation is a blank check company incorporated in the Cayman Islands, formed for 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 July 26, 2024, raising $69 million through the sale of 6.9 million units at $10.00 per unit, with each unit consisting of one ordinary share and one right.
Simultaneously, the company completed a private placement with its sponsor, DT Cloud Star Management Limited, generating additional gross proceeds of $2.069 million.
As of December 31, 2024, the company had $70.456 million held in a trust account, which is intended to be used for the purpose of completing a business combination.
The company has 15 months from the closing of the initial public offering to complete a business combination, failing which it will cease operations and liquidate, returning funds to shareholders.
DT Cloud Star Acquisition Corporation reported a net income of $1.194 million for the year ended December 31, 2024, primarily due to interest earned on the trust account.
The company has identified competitive strengths in its management team, led by Mr. Bian Fan, with experience in cross-border mergers and acquisitions, capital raising, and investment.
DT Cloud Star Acquisition Corporation's acquisition strategy is to leverage its management team's expertise to identify and acquire a target business with significant growth prospects.
The company acknowledges various risks associated with its operations, including the potential inability to complete a business combination within the specified timeframe and the dependence on its management team to identify suitable acquisition targets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DT Cloud Star Acquisition Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.