Financial Position - As of December 31, 2024, the company had cash and cash in escrow of $152,021 and a working capital deficit of $128,968[325] - As of December 31, 2024, the company had cash at bank of $152,021 and no cash in escrow[332] - The principal amount due under a promissory note was $0 as of December 31, 2024, down from $217,614 in 2023[326] - The company has a promissory note with a principal amount of $0 as of December 31, 2024, down from $217,614 in 2023[333] - The company has a temporary advance of $129,759 from the sponsor as of December 31, 2024, compared to $490,000 in 2023[334] Business Combination - The company entered into a business combination agreement with Maius Pharmaceutical Co., Ltd. on October 22, 2024[320] - The company has a deadline to complete its initial business combination by April 23, 2025, with the possibility of extending it up to 27 months[317] - The company may extend the deadline for completing a business combination up to 27 months from the IPO closing date, with the latest deadline set for April 23, 2025[327] - If the company fails to complete a business combination by the deadline, it will trigger an automatic winding up and liquidation process[328] - The company is required to secure at least $10,000,000 from third-party investors as part of the business combination agreement[324] - The first monthly extension fee of $207,000 was deposited into the Trust Account to extend the deadline for the business combination[317] Revenue and Income - The company reported a net income of $2,265,806 for the year ended December 31, 2024[325] - For the year ended December 31, 2024, the company reported a net income of $2,265,806, primarily from dividend income of $3,000,071, offset by operating costs of $734,291[337] - The company has not generated any revenues to date and has focused on preparing for its initial public offering[312] Initial Public Offering - 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[329] - A total of $69,345,000 from the IPO and private placement was deposited in the trust account, intended for the initial business combination[330] - The underwriters are entitled to a cash underwriting discount of 2.5% of the gross proceeds of the IPO, amounting to $1,725,000, upon the closing of the initial business combination[339] Operating Activities - The company incurred cash used in operating activities of $686,691 for the year ended December 31, 2024[331] - The company may incur significant costs in pursuing its initial business combination, and there is no assurance of success in raising capital[314] Share Redemption - A total of 1,868,367 ordinary shares were redeemed for cash at approximately $10.61 per share, totaling around $19,821,345[318]
Dt Cloud Acquisition Corporation(DYCQU) - 2024 Q4 - Annual Report