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Dt Cloud Acquisition Corporation(DYCQ) - 2024 Q1 - Quarterly Report
DYCQDt Cloud Acquisition Corporation(DYCQ)2024-05-08 13:07

IPO and Fundraising - The company completed its initial public offering on February 23, 2024, raising gross proceeds of 69,000,000fromthesaleof6,900,000unitsat69,000,000 from the sale of 6,900,000 units at 10.00 per unit[81]. - A total of 69,345,000fromtheIPOandprivateplacementwasdepositedinatrustaccountforthebenefitofpublicstockholders[85].−Theunderwriterswillreceiveacashunderwritingdiscountof2.569,345,000 from the IPO and private placement was deposited in a trust account for the benefit of public stockholders[85]. - The underwriters will receive a cash underwriting discount of 2.5% of the gross proceeds from the IPO, totaling 1,725,000[92]. Financial Performance - For the three months ended March 31, 2024, the company reported a net income of 43,875,primarilyfromdividendincomeof43,875, primarily from dividend income of 346,250[90]. - Cash used in operating activities for the same period was 498,875,withaccruedliabilitiesof498,875, with accrued liabilities of 76,836[86]. - As of March 31, 2024, the company had cash at bank amounting to 339,837[86].−Thecompanyhasnooperatingrevenuesuntilthecompletionofitsinitialbusinesscombination[89].BusinessStrategy−Thecompanyisactivelyseekingatargetbusinessforapotentialmergeroracquisition,withnospecificindustryorgeographiclimitations[83].−Thecompanyenteredintoanadministrativeservicesagreementtopaythesponsor339,837[86]. - The company has no operating revenues until the completion of its initial business combination[89]. Business Strategy - The company is actively seeking a target business for a potential merger or acquisition, with no specific industry or geographic limitations[83]. - The company entered into an administrative services agreement to pay the sponsor 10,000 per month for support services[93]. - As of March 31, 2024, there were no outstanding balances under the Working Capital Loan[88].