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[111]. - A private placement of 206,900 units was also completed simultaneously, generating an additional $2,069,000[112]. - The underwriters are entitled to a cash underwriting commission of 2.5% of the gross proceeds upon the closing of the initial business combination, totaling $1,725,000[124]. - The company has issued an unsecured promissory note allowing borrowing up to $300,000, which may convert into private units upon the initial business combination[120]. Financial Position - As of March 31, 2025, the company had cash at bank of $271,508 and working capital of $232,302, indicating liquidity challenges for sustaining operations[117][118]. - For the three months ended March 31, 2025, the company reported a net income of $630,284, primarily from interest and dividends earned on marketable securities[122]. Business Operations - The company has not engaged in any operations or generated revenue to date, with all activities focused on the search for a prospective initial business combination[121]. - The company intends to use substantially all funds held in the trust account to complete its initial business combination and may withdraw interest to pay taxes[116]. - 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[126]. - The company is actively seeking potential target businesses for a business combination, with no specific industry or geographic limitations[114].
DT Cloud Star Acquisition Corporation(DTSQU) - 2025 Q1 - Quarterly Report