IPO and Fundraising - The company completed its initial public offering on February 23, 2024, selling 6,900,000 units at $10.00 per unit, generating gross proceeds of $69,000,000[81]. - A total of $69,345,000 from the IPO and private placement was deposited in a trust account for public stockholders[85]. - The underwriters will receive a cash underwriting discount of 2.5% of the gross proceeds from the IPO, amounting to $1,725,000[92]. - The company intends to use funds from the trust account primarily to complete its initial business combination and for working capital of the target business[85]. 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 of $339,837[86]. - The company has not generated any operating revenues as it is still in the process of seeking a prospective initial business combination[89]. Administrative Agreements - The company has 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, which may be convertible into private units upon business combination[88].
Dt Cloud Acquisition Corporation(DYCQU) - 2024 Q1 - Quarterly Report