DT Cloud Acquisition Corp Releases 10-Q Report Highlighting IPO and Financial Performance
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DT Cloud Acquisition Corporation, 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, has released its Form 10-Q report. The report provides insights into the company's financial and operational performance for the six months ended June 30, 2024.
Financial Highlights
- Net Income: $872,741. The company reported a net income for the six months ended June 30, 2024, primarily driven by dividend income earned in investments held in the Trust Account.
- Net Income Per Share: $0.13. Basic and diluted net income per ordinary share attributable to DT Cloud Acquisition Corporation for the six months ended June 30, 2024.
Business Highlights
- Company 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.
- Initial Public Offering: On February 23, 2024, the company completed its initial public offering (IPO) of 6,900,000 units, including the full exercise of the underwriters' over-allotment option. Each unit consists of one ordinary share and one right, generating gross proceeds of $69,000,000.
- Private Placement: Simultaneously with the IPO, DT Cloud Capital Corp., the sponsor, purchased 234,500 units in a private placement at $10.00 per unit, generating total gross proceeds of $2,345,000.
- Trust Account: A total of $69,345,000 from the IPO and private placement was deposited into a trust account to be used for completing an initial business combination.
- Management Strategy: The management team is actively seeking potential opportunities for a business combination and intends to leverage their strengths and experiences to select a target business that has a competitive advantage and is positioned for high returns and sustainable growth.
- Future Outlook: The company is confident in finding a target business that meets expectations and plans to use the funds held outside the trust account primarily for identifying and evaluating prospective acquisition candidates and structuring, negotiating, and consummating the business combination.