IPO and Fundraising - The company completed its initial public offering on July 26, 2024, selling 6,900,000 units at $10.00 per unit, generating gross proceeds of $69,000,000[90]. - A private placement of 206,900 units was also completed simultaneously, generating an additional $2,069,000[92]. - The underwriting agreement entitles underwriters to a cash commission of 2.5% of gross proceeds upon the closing of the initial business combination[107]. - The company issued an unsecured promissory note to the sponsor for up to $300,000, payable upon consummation of an initial business combination[100]. - The company intends to use funds held in the trust account primarily to complete its initial business combination and for working capital of the target business[96]. Financial Position - As of September 30, 2024, the company had cash at bank of $444,850 and working capital of $427,054, indicating a lack of liquidity for sustaining operations for a reasonable period[98]. - For the nine months ended September 30, 2024, the company reported a net income of $474,123, primarily from interest and dividends earned on marketable securities[104]. - The company incurred cash used by operating activities of $163,331 due to prepayment of formation and operational costs[97]. Operations and Revenue - The company has not engaged in any operations or generated revenue to date, with expectations to generate non-operating income from interest on the trust account[102]. - The company has not identified any critical accounting estimates that could materially affect its financial statements[110].
DT Cloud Star Acquisition Corporation(DTSQU) - 2024 Q3 - Quarterly Report