IPO and Financial Proceeds - 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[86]. - A total of $69,345,000 from the IPO and private placement was deposited in a trust account for the benefit of public stockholders[90]. - The underwriters received a cash underwriting discount of 2.5% of the gross proceeds from the IPO, amounting to $1,725,000[99]. Financial Performance - For the six months ended June 30, 2024, the company reported a net income of $872,741, primarily from dividend income of $1,253,578[96]. - As of June 30, 2024, the company had cash at bank of $314,402 and no outstanding balance under the Working Capital Loan[91][94]. - The company incurred operating costs of $380,852 for the six months ended June 30, 2024, with no operating revenues generated yet[95]. Business Strategy - The company is actively seeking a target business for a potential merger or acquisition, with no specific industry or geographic limitations[88]. - The company has entered into an administrative services agreement to pay the sponsor $10,000 per month for support services until the initial business combination is consummated[101]. Internal Controls and Legal Matters - As of June 30, 2024, the principal amount due under the unsecured promissory note to the sponsor was nil, down from $217,614 at the end of 2023[92]. - The company has identified material weaknesses in its internal control over financial reporting, specifically regarding segregation of duties and insufficient written policies[108]. - No legal proceedings reported[110].
Dt Cloud Acquisition Corporation(DYCQU) - 2024 Q2 - Quarterly Report