DT Cloud Star Acquisition Corporation, a blank check company incorporated in the Cayman Islands, has filed its annual report on Form 10-K for the fiscal year ending December 31, 2024. The company, which went public on July 26, 2024, raised $69 million through its initial public offering (IPO) by selling 6.9 million units at $10 each. Following the IPO, the company also completed a private placement of 206,900 units, generating an additional $2.07 million. As of December 31, 2024, the company reported total assets of approximately $70.91 million, primarily held in a trust account, with a working capital of $339,724.
In terms of financial performance, DT Cloud Star reported a net income of $1.19 million for the year, largely attributed to interest and dividends earned from its trust account. This marks a significant improvement compared to a net loss of $4,221 in the previous year. The company has not yet engaged in any operations or generated revenue from business activities, as its focus remains on identifying a suitable target for a business combination. The company has until October 26, 2025, to complete this initial business combination, or it will be required to liquidate and return funds to shareholders.
Strategically, the company is actively seeking acquisition opportunities across various industries and geographic locations, with no specific target identified as of yet. The management team, led by CEO Bian Fan, has extensive experience in mergers and acquisitions, which they aim to leverage in selecting a target that offers significant growth potential. The company has also established a trust account to safeguard the funds raised during the IPO, which will be used primarily for the business combination.
As of March 27, 2025, DT Cloud Star had 8,900,900 ordinary shares outstanding, with approximately 21.7% owned by its sponsor, DT Cloud Star Management Limited. The company has not paid any dividends to date and does not anticipate doing so until after the completion of a business combination. The filing also highlights potential risks, including the uncertainty surrounding the completion of a business combination and the possibility of being classified as an investment company under U.S. regulations, which could impose additional compliance burdens.
Looking ahead, the company remains optimistic about its ability to identify and complete a business combination that meets its strategic objectives. However, it acknowledges the inherent risks associated with being a newly formed entity in a competitive market for acquisition targets. The management team is committed to maximizing shareholder value and is actively pursuing opportunities that align with their investment criteria.
About DT Cloud Star Acquisition Corp
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