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[112] - A private placement with DT Cloud Capital Corp. raised an additional $2,345,000 from the sale of 234,500 units at the same price[112] - As of February 23, 2024, a total of $69,345,000 from the IPO and private placement was deposited in a trust account for public shareholders[112] - A total of $69,345,000 from the initial public offering and private placement was deposited in the trust account, intended for the initial business combination[128] - The underwriters are to receive a cash underwriting discount of 2.5% of the gross proceeds of the initial public offering, amounting to $1,725,000[137] Business Combination - The company entered into a Business Combination Agreement with Maius Pharmaceutical Co., Ltd. on October 22, 2024[117] - The Business Combination Agreement allows for termination under specific circumstances, including failure to close by June 30, 2025[118] - The company entered into a Business Combination Agreement on October 22, 2024, which is subject to various conditions including shareholder approvals[140] Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $452,085, which included dividend income of $740,347[135] - The company incurred formation and operating costs of $288,262 for the three months ended March 31, 2025[135] - The company incurred $30,000 in administrative service fees for the three months ended March 31, 2025[138] - As of March 31, 2025, the company had cash at bank of $1[130] - The company had a temporary advance of $333,528 from the sponsor as of March 31, 2025[132] - The company issued an unsecured promissory note allowing borrowing up to $300,000, with no outstanding balance as of March 31, 2025[131] Risks and Uncertainties - The company is subject to risks from geopolitical instability, which may impact its search for a business combination[125] - The company has experienced capital market disruptions due to ongoing geopolitical conflicts, affecting its business strategy[126] - The company plans to address uncertainties regarding its business combination through strategic efforts, although success is not guaranteed[124] Accounting and Estimates - The company has not identified any critical accounting estimates that could materially affect its financial statements[141] Business Combination Timeline - The company has a 30-month period from the IPO closing to complete its initial business combination, extendable under certain conditions[115] - If the company fails to complete a business combination by August 23, 2026, it will redeem public shares at a price based on the trust account balance[116]
Dt Cloud Acquisition Corporation(DYCQ) - 2025 Q1 - Quarterly Report