DT Cloud Acquisition Corp SEC 10-Q Report

DT Cloud Acquisition Corp, a blank check company focused on mergers and acquisitions, has released its Form 10-Q report for the first quarter of 2025. The report highlights significant financial improvements and provides updates on the company's ongoing business activities and future outlook.

Financial Highlights

Net Income: The company reported a net income of $452,085 for the three months ended March 31, 2025, compared to $43,875 for the same period in 2024, indicating a significant increase in profitability.

Basic and diluted net income per ordinary share, ordinary shares subject to possible redemption: $0.05, reflecting an increase from $0.01 in the prior year, showing improved earnings per share for redeemable shares.

Basic and diluted net income per share, ordinary shares not subject to possible redemption: $0.05, also increased from $0.01 in the prior year, indicating better earnings per share for non-redeemable shares.

Business Highlights

Business Overview: DT Cloud Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. The company is currently in the process of evaluating business combination candidates and has not commenced any operations beyond this scope.

Initial Public Offering: The company completed its initial public offering on February 23, 2024, raising gross proceeds of $69,000,000 through the sale of 6,900,000 units. Each unit consists of one ordinary share and one right, with each seven rights entitling the holder to receive one ordinary share at the closing of a business combination.

Trust Account and Redemption Rights: A total of $69,345,000 from the IPO and private placement was deposited into a trust account. Public shareholders have the opportunity to redeem their shares upon the completion of the initial business combination, with the redemption price initially set at $10.05 per share, subject to increase for each monthly extension.

Business Combination Agreement: On October 22, 2024, DT Cloud Acquisition Corporation entered into a Business Combination Agreement with Maius Pharmaceutical Co., Ltd. and other related entities. The agreement involves a series of mergers and transactions that will result in DT Cloud becoming a wholly-owned subsidiary of a newly formed public company, Pubco.

Extension of Business Combination Period: The company has extended the period to consummate a business combination to up to 30 months from the IPO closing date, contingent upon additional funds being deposited into the trust account by the sponsor or its affiliates.

Future Outlook: The company plans to consummate its initial business combination within the extended timeframe, with a focus on completing the merger with Maius Pharmaceutical Co., Ltd. The management is actively working towards meeting the necessary conditions and obtaining shareholder and regulatory approvals for the transaction.

SEC Filing: DT Cloud Acquisition Corp [ DYCQ ] - 10-Q - May. 15, 2025