IPO Details - 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[118]. - A total of $69,000,000 of the net proceeds from the IPO were deposited in a trust account for the benefit of public stockholders[119]. - The underwriters are entitled to a cash underwriting commission of 2.5% of the gross proceeds of the IPO, amounting to $900,000, payable upon the closing of the initial business combination[133]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $582,964, with operating costs of $169,080 and interest income of $752,044[130]. - For the nine months ended September 30, 2025, the company had a net income of $1,844,746, consisting of operating costs of $392,650 and interest income of $2,237,396[130]. - As of September 30, 2025, the company had negative working capital of $53,347, indicating liquidity issues for sustaining operations[125]. Business Operations - The company has not engaged in any operations or generated revenue to date, with all activities focused on the IPO and searching for a business combination[129]. - The company intends to use funds from the trust account primarily to complete its initial business combination and for working capital of the target business[123]. - The company issued an unsecured promissory note to the Sponsor for up to $300,000, which was later terminated with no outstanding amount as of September 30, 2025[127]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[139].
DT Cloud Star Acquisition Corporation(DTSQU) - 2025 Q3 - Quarterly Report