DT Cloud Star Acquisition Corporation Announces Closing of $69 Million Initial Public Offering, Including Full Exercise of Underwriters’ Over-Allotment Option

Rhea-AI Summary

DT Cloud Star Acquisition (Nasdaq: DTSQU) has successfully closed its initial public offering (IPO) of 6,900,000 units at $10.00 per unit, raising a total of $69 million. This includes the full exercise of the underwriters' over-allotment option for an additional 900,000 units. The units, which began trading on Nasdaq on July 25, 2024, consist of one ordinary share and one right to receive one-ninth of an ordinary share upon the consummation of an initial business combination.

A.G.P./Alliance Global Partners acted as the sole book-running manager for the offering. The company, a newly organized blank check company incorporated in the Cayman Islands, aims to pursue merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination opportunities.

Positive

• Successful IPO raising $69 million
• Full exercise of underwriters' over-allotment option
• Listing on Nasdaq Global Market
• Each unit includes one ordinary share and one right to receive additional shares

Negative

• Blank check company with no current operations
• Potential dilution for shareholders upon business combination

New York, New York, July 26, 2024 (GLOBE NEWSWIRE) -- DT Cloud Star Acquisition Corporation (Nasdaq: DTSQU, the “Company”), a newly organized blank check company incorporated in the Cayman Islands as a business company, today announced the closing of its previously announced initial public offering (“IPO”) of 6,900,000 units at an offering price of $10.00 per unit. This includes the exercise in full by the underwriters’ over-allotment option to purchase up to an additional 900,000 units. The units are listed on The Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “DTSQU” on July 25, 2024.

Each unit consists of one ordinary share and one right to receive one-ninth (1/9) of one ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and the rights are expected to be traded on Nasdaq under the symbols “DTSQ” and “DTSQR,” respectively.

A.G.P./Alliance Global Partners acted as the sole book-running manager for the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 24, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No securities regulatory authority has either approved or disapproved of the contents of this press release.

The offering is being made only by means of a prospectus, copies of which may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com or by visiting EDGAR on the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About DT Cloud Star Acquisition Corporation

The Company is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on industries that complement its management team’s background. The Company is led by Mr. Bian Fan, the Company’s Chief Executive Officer, and Mr. Kenneth Lam, the Company’s Chief Financial Officer.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the IPO and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

For investors:

DT Cloud Star Acquisition Corporation
Bian Fan
Chief Executive Officer
Floors 1 through 3, 175 Pearl Street
Brooklyn, New York 11201
United States of America
Email: bian.fan@infinity-star.com

FAQ

What was the total amount raised in DT Cloud Star Acquisition 's IPO?

DT Cloud Star Acquisition (DTSQU) raised a total of $69 million in its initial public offering.

How many units were offered in DT Cloud Star Acquisition 's IPO?

The company offered 6,900,000 units in its IPO, including the full exercise of the underwriters' over-allotment option for an additional 900,000 units.

What is the price per unit for DT Cloud Star Acquisition 's IPO?

The offering price was $10.00 per unit for DT Cloud Star Acquisition 's IPO.

When did DT Cloud Star Acquisition 's units begin trading on Nasdaq?

DT Cloud Star Acquisition 's units began trading on Nasdaq under the ticker symbol DTSQU on July 25, 2024.

What does each unit of DT Cloud Star Acquisition (DTSQU) consist of?

Each unit consists of one ordinary share and one right to receive one-ninth (1/9) of one ordinary share upon the consummation of an initial business combination.