IPO and Fundraising - The company completed its initial public offering on February 23, 2024, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit[81]. - A total of $69,345,000 from the IPO and private placement was deposited in a trust account for the benefit of public stockholders[85]. - The underwriters will receive a cash underwriting discount of 2.5% of the gross proceeds from the IPO, totaling $1,725,000[92]. Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $43,875, primarily from dividend income of $346,250[90]. - Cash used in operating activities for the same period was $498,875, with accrued liabilities of $76,836[86]. - As of March 31, 2024, the company had cash at bank amounting to $339,837[86]. - The company has no operating revenues until the completion of its initial business combination[89]. Business Strategy - The company is actively seeking a target business for a potential merger or acquisition, with no specific industry or geographic limitations[83]. - The company entered into an administrative services agreement to pay the sponsor $10,000 per month for support services[93]. - As of March 31, 2024, there were no outstanding balances under the Working Capital Loan[88].
Dt Cloud Acquisition Corporation(DYCQ) - 2024 Q1 - Quarterly Report