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DT Cloud Star (DTSQ) signs Business Combination agreement with PrimeGen US

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
425

Rhea-AI Filing Summary

DT Cloud Star Acquisition Corporation announced that it and PrimeGen US, Inc. have signed a Business Combination Agreement dated February 2, 2026. The deal structure uses newly formed subsidiaries DTSQ Purchaser Inc. and DTSQ Merger Sub Inc. as the transaction vehicles for the proposed business combination.

The report emphasizes that many statements about timing, Nasdaq listing, expected proceeds, clinical trial results, regulatory approvals, and the commercial potential of PrimeGen’s product candidates are forward-looking and subject to significant risks and uncertainties. DTCS plans a registration statement that will include a proxy statement/prospectus, and shareholders are told that this communication is not an offer or solicitation to buy, sell, or vote on any securities.

Positive

  • Execution of Business Combination Agreement with PrimeGen US, Inc. marks a major step toward a de-SPAC transaction that could take PrimeGen public via DT Cloud Star’s SPAC structure, potentially providing access to public-market capital for its technology platform.

Negative

  • High execution and regulatory risk around closing the Business Combination. The communication lists many potential failure points, including missing the SPAC’s combination deadline, shareholder or regulatory disapprovals, high redemptions, clinical and regulatory setbacks, and challenges securing needed capital and intellectual property protection.

Insights

DT Cloud Star signs a de-SPAC deal with PrimeGen but faces multiple closing risks.

DT Cloud Star Acquisition Corporation and PrimeGen US, Inc. have executed a Business Combination Agreement using Purchaser and Merger Sub entities. This is a key step toward taking PrimeGen public via DTCS’s SPAC structure, subject to future shareholder and regulatory approvals.

The transaction remains uncertain. The text lists numerous risks: failure to close before DTCS’s business combination deadline, inability to obtain required shareholder or governmental approvals, excessive redemptions, and not meeting Nasdaq listing standards. It also highlights clinical, regulatory, financing, and intellectual property risks around PrimeGen’s pipeline.

Completion will depend on satisfying all conditions in the Business Combination Agreement and outcomes such as shareholder votes and regulatory reviews described for the forthcoming registration statement and proxy statement/prospectus. Until then, the Business Combination is only an agreement in principle rather than a finished transaction.

 

 

 

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

February 4, 2026

Date of Report (Date of earliest event reported)

 

DT CLOUD STAR ACQUISITION CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Cayman Islands   001-42167   N/A00-0000000

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

Office 51, 10 Fl, 31 Hudson Yards

New York, NY

  10001
(Address of Principal Executive Offices)   (Zip Code)

 

(+1) (718) 865-2000

Registrant’s telephone number, including area code

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one Ordinary Share, $0.0001 par value per share, and one Right   DTSQU   The Nasdaq Stock Market LLC
Ordinary Shares   DTSQ   The Nasdaq Stock Market LLC
Rights, each entitling the holder to receive one-ninth (1/9) of one Ordinary Share   DTSQR   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On February 4, 2026, DT Cloud Star Acquisition Corporation (“DTCS” or “Parent”) and PrimeGen US, Inc., a Delaware corporation (the “Company” or “PrimeGen”), issued a joint press release announcing the execution of a business combination agreement, dated as of February 2, 2026 (as it may be amended, supplemented, or otherwise modified from time to time, the “Business Combination Agreement”) by and among (1) DTCS, (2) the Company, (3) DTSQ Purchaser Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Purchaser”), and (4) DTSQ Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Purchaser (“Merger Sub”, together with Parent and Purchaser, the “Parent Parties”). The transactions contemplated by the Business Combination Agreement are referenced as the “Business Combination”. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

 

The press release shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in the filing.

 

Forward-Looking Statements

 

This Current Report on Form 8-K contains certain statements that are not historical facts and are forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including without limitation statements regarding the expectations regarding the timing and completion of the proposed business combination, the anticipated listing on Nasdaq, the expected proceeds and use of capital, the timing and results of clinical trials, anticipated regulatory submissions and approvals, the commercial potential of product candidates, and statements regarding the capabilities and potential of PrimeGen US’s technology platform. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “think,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “seeks,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

 

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These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i) the risk that the Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of DTCS’s securities; (ii) the risk that the Business Combination may not be completed by DTCS’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by DTCS; (iii) the failure to satisfy the conditions to the consummation of the Business Combination, including the approval of the Business Combination Agreement by the shareholders of DTCS, the satisfaction of the closing requirements and the receipt of certain governmental, regulatory and third party approvals; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; (v) redemptions exceeding anticipated levels; (vi) the failure to meet Nasdaq initial listing standards in connection with the consummation of the Business Combination; (vii) the effect of the announcement or pendency of the Business Combination on the Company’s business relationships, operating results, and business generally; (viii) risks that the Business Combination disrupts current plans and operations of the Company; (ix) the outcome of any legal proceedings that may be instituted against Parent Parties and the Company related to the Business Combination Agreement or the Business Combination; (x) the inherent uncertainty of clinical success and the risk that trials may be delayed or fail to meet primary endpoints; (xi) changes in domestic and global general economic conditions; (xii) the possibility that FDA or other regulatory authorities may not approve candidates or may require additional data; (xiii) compliance with emerging regulations, including the BIOSECURE Act, and other applicable regulations and their impact on manufacturing and supply chain partnerships; (xiv) the risk that Parent may not be able to develop and maintain effective internal controls; (xv) costs related to the Business Combination and the failure to realize anticipated benefits of the Business Combination or to realize estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions; (xvi) the ability to recognize the anticipated benefits of the Business Combination and to achieve commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth economically and hire and retain key employees; (xvii) inability to achieve successful results or to obtain licensing of third-party intellectual property rights for future discovery and development of the Company’s projects; (xviii) failure to commercialize products and achieve market acceptance of such products; (xix) the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xx) the risk of product liability or regulatory lawsuits or proceedings relating to the Company’s business; (xxi) risks associated with intellectual property protection; (xxii) the risk that the Company is unable to secure or protect its intellectual property and (xxiii) those factors discussed in documents of DTCS and Parent filed or to be filed with the SEC, including in the registration statement relating to the Business Combination (the “Registration Statement”).

 

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the Registration Statement and the amendments thereto, and other documents to be filed by DTCS and Purchaser from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Purchaser and DTCS may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. None of DTCS or the Company gives any assurance that DTCS or the Company will achieve expectations. These forward-looking statements should not be relied upon as representing Company’s or DTCS’s assessments as of any date subsequent to the date of this Current Report. Accordingly, undue reliance should not be placed upon any forward-looking statements.

 

Additional Information About the Business Combination and Where to Find It

 

In connection with the Business Combination Agreement and the Business Combination, Purchaser intends to file relevant materials with the SEC, including the Registration Statement, which will include a proxy statement/prospectus of DTCS, and a prospectus for the registration of Purchaser securities in connection with the Business Combination.

 

THIS CURRENT REPORT ON FORM 8-K IS NOT A SUBSTITUTE FOR THE REGISTRATION STATEMENT, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS OR ANY OTHER DOCUMENT THAT DTCS WILL SEND TO ITS SHAREHOLDERS IN CONNECTION WITH THE BUSINESS COMBINATION.

 

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THE PARTIES URGE THEIR INVESTORS, SHAREHOLDERS, AND OTHER INTERESTED PERSONS TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS AND DEFINITIVE PROXY STATEMENT/PROSPECTUS, IN EACH CASE WHEN FILED WITH THE SEC AND DOCUMENTS INCORPORATED BY REFERENCE THEREIN, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT DTCS, THE COMPANY, PURCHASER, MERGER SUB AND THE BUSINESS COMBINATION. After the Registration Statement is declared effective by the SEC, the definitive proxy statement/prospectus and other relevant documents will be mailed to the shareholders of DTCS as of the record date in the future to be established for voting on the Business Combination and will contain important information about the Business Combination and related matters. Shareholders of DTCS and other interested persons are advised to read, when available, these materials (including any amendments or supplements thereto) and any other relevant documents in connection with DTCS’s solicitation of proxies for the meeting of shareholders to be held to approve, among other things, the Business Combination, because they will contain important information about DTCS, the Company, Merger Sub, Purchaser and the Business Combination. Shareholders and other interested persons will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other relevant materials in connection with the Business Combination, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: DT Cloud Star Acquisition Corporation, Office 51, 10 Fl, 31 Hudson Yards, New York, NY, telephone: +1 (718) 865-2000. The information contained on, or that may be accessed through, the websites referenced in this Form 8-K in each case is not incorporated by reference into, and is not a part of, this Form 8-K.

 

Participants in the Solicitation

 

DTCS and the Company, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed participants in the solicitation of proxies of DTCS’s shareholders in connection with the Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Business Combination of the directors and officers of DTCS and Purchaser in the Registration Statement to be filed with the SEC by Purchaser, which will include the proxy statement of DTCS for the Business Combination. Information about DTCS’s directors and executive officers is also available in the DTCS’s filings with the SEC.

 

Non-Solicitation

 

This Form 8-K is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of 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 offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibits are being filed herewith:

 

Exhibit No.   Description of Exhibits
99.1   Press Release dated February 4, 2026
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: February 4, 2026  
   
DT CLOUD STAR ACQUISITION CORPORATION  
   
By: /s/ Sam Zheng Sun  
Name: Sam Zheng Sun  
Title: Chief Executive Officer  

 

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FAQ

What business combination did DTSQ announce with PrimeGen US, Inc.?

DT Cloud Star Acquisition Corporation agreed to a Business Combination with PrimeGen US, Inc. via a Business Combination Agreement dated February 2, 2026, using Purchaser and Merger Sub entities. The deal aims to combine DTCS’s SPAC structure with PrimeGen’s operating business.

Is the DT Cloud Star–PrimeGen business combination already completed?

No. The Business Combination is only at the agreement stage and requires satisfaction of closing conditions, shareholder approvals, regulatory and third-party consents, and meeting Nasdaq listing standards. The filing highlights that the transaction may be delayed or may not be completed at all.

What risks to DT Cloud Star’s shareholders are highlighted in the DTSQ filing?

The risks include failure to complete the Business Combination on time or at all, redemptions exceeding expectations, not meeting Nasdaq initial listing standards, legal proceedings, clinical trial uncertainty, regulatory setbacks, funding needs, and intellectual property challenges affecting PrimeGen’s business prospects.

How will DT Cloud Star shareholders learn more about the DTSQ–PrimeGen merger?

A registration statement is expected to be filed, including a proxy statement/prospectus for DT Cloud Star shareholders. After it is declared effective, definitive materials will be mailed to shareholders and made available for free on the SEC’s website and from DT Cloud Star’s offices.

Does this DTSQ communication solicit votes or offer securities for sale?

No. The communication states it is not a proxy statement, offer to sell, or solicitation to buy securities or to obtain votes or approvals. Any offer or sale will only occur through a prospectus meeting Securities Act requirements or a valid exemption.

What forward-looking statements are included in the DTSQ and PrimeGen announcement?

Forward-looking statements cover expected timing and completion of the Business Combination, anticipated Nasdaq listing, expected proceeds and capital use, clinical trial timing and results, regulatory submissions and approvals, and commercial potential of PrimeGen’s product candidates and technology platform.
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