Dt Cloud Acquisition Corporation(DYCQ) - 2024 Q2 - Quarterly Report

IPO and Financial Proceeds - 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[86]. - A total of $69,345,000 from the IPO and private placement was deposited in a trust account for the benefit of public stockholders[90]. - The underwriters received a cash underwriting discount of 2.5$1,725,000[99]. Financial Performance - For the six months ended June 30, 2024, the company reported a net income of $872,741, primarily from dividend income of$1,253,578[96]. - The company incurred operating costs of $380,852 for the six months ended June 30, 2024, impacting net income[96]. - As of June 30, 2024, the company had cash at bank of$314,402 and a temporary advance of $40,000 from the sponsor[91][93]. - The company has not generated any operating revenues as it is still in the process of seeking a prospective initial business combination[95]. Business Strategy - The company is actively seeking potential target businesses for acquisition, with no limitations on industry or geographic location[88]. - The company entered into an administrative services agreement to pay the sponsor$10,000 per month for support services until the initial business combination is consummated[101]. Internal Controls and Legal Matters - As of June 30, 2024, the company reported material weaknesses in internal controls over financial reporting, affecting the effectiveness of disclosure controls[108]. - No legal proceedings reported[110].