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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
August
27, 2025
Date
of Report (Date of earliest event reported)
DT
Cloud Acquisition Corporation
(Exact
Name of Registrant as Specified in its Charter)
Cayman
Islands |
|
001-41967 |
|
00-0000000n/a
|
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
30
Orange Street
London,
United Kingdom |
|
WC2H
7HF |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: +44 7918725316
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:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units |
|
DYCQU |
|
The
Nasdaq Stock Market LLC |
Ordinary
Shares |
|
DYCQ |
|
The
Nasdaq Stock Market LLC |
Rights |
|
DYCQR |
|
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
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
August 22 and August 25, 2025, DT Cloud Acquisition Corporation (the “Company”) received deficiency letters (each a “Notice”
and together, the “Notices”) from the Listing Qualifications Department of the Nasdaq Stock Market, LLC (“Nasdaq”)
notifying the Company that:
| ● | for
the last 30 consecutive business days, the minimum Market Value of Listed Securities, as
defined by Nasdaq (“MVLS”), of the Company has been below the minimum $50 million
requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A)
(the “MVLS Requirement”); and |
| | |
| ● | the
number of publicly held shares, as reported in the Company’s proxy statement filed
on August 11, 2025, was below the minimum 1,100,000 Publicly Held Shares requirement for
continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(B) (the
“Public Shares Requirement” and, together with the MVLS Requirement, the “Listing
Requirements”). |
The
Notice dated August 22, 2025, notified the Company of the MVLS Requirement deficiency, and the Notice Dated August 25, 2025, notified
the Company of the Public Shares Requirement deficiency. The Notices have no immediate effect on the listing of the Company’s common
stock.
In
accordance with Nasdaq Listing Rules 5810(c)(3)(c), the Company has 180 calendar days, or until February 18, 2026, to regain compliance
with the MVLS Requirement by closing at $50 million or more for a minimum of ten consecutive business days.
In
accordance with Nasdaq Listing Rules 5810(c)(2)(c), the Company has 45 calendar days to submit a plan to regain compliance with the Minimum
Publicly Held Shares Requirement. If the plan is accepted by Nasdaq, the Company may be granted an extension of up to 180 calendar days
from the date of the Notice to evidence compliance.
Item
5.07 Submission of Matters to a Vote of Security Holdings.
On
August 21, 2025, DT Cloud Acquisition Corporation (the “Company”) held an extraordinary general meeting of shareholders (the
“Extraordinary General Meeting”) for the purposes of considering and voting upon:
(i)
Proposal 1, or the Extension Amendment Proposal: a proposal to amend, by special resolution, the Company’s amended and restated
memorandum and articles of association (the “Amended and Restated Memorandum and Articles of Association”) to extend the
maximum period the Company may extend the period of time to consummate a Business Combination, on a month-to-month basis and subject
to, unless having been waived, the sponsor (the “Sponsor”) depositing additional funds for each one-month extension into
the trust account (the “Trust Account”), from up to eighteen times (i.e., until August 23, 2026) to up to twenty-four times
(i.e., until February 23, 2027) (the “Extension Amendment”), by amending the Amended and Restated Memorandum and Articles
of Association in the form set forth in Annex A of the accompanying proxy statement (the “Proposal 1” or “Extension
Amendment Proposal”);
(ii)
Proposal 2, or the Extension Fee Waiver Proposal: a proposal to waive, by ordinary resolution, the monthly fee (the “Monthly
Extension Fee”) payable by our sponsor (the “Sponsor”) and/or its designee into the Trust Account (as defined below)
to extend the date by which the Company must consummate its initial business combination (the “Combination Period”) (the
“Extension Fee Waiver”). The Extension Fee Waiver, if and to the extent approved at the Extraordinary General Meeting, will
become operative for the Monthly Extension Fee beginning on August 23, 2025, and the 23rd of each succeeding month until the earlier
of the closing of an initial business combination or February 23, 2027 (“Proposal 2” or “Extension Fee Waiver Proposal”);
(iii)
a proposal to amend, by ordinary resolution, the Investment Management Trust Agreement, dated February 20, 2024, by and between the Company
and Continental Stock Transfer & Trust Company, as trustee (“Trustee”), to reflect the Extension Amendment Proposal and
the Extension Fee Waiver Proposal (“Proposal 3” or “Trust Amendment Proposal”); and
(iv)
a proposal to direct, by ordinary resolution, the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General
Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote
at the time of the Extraordinary General Meeting, there are not sufficient votes to approve the foregoing proposals (“Proposal
4” or “Adjournment Proposal”).
Holders
of 2,579,228 ordinary shares of the Company held as of record as of August 4, 2025, the record date for the Extraordinary General Meeting,
were present in person or by proxy, representing approximately 89.08% of the shares issued and outstanding and entitled to vote at the
Extraordinary General Meeting, which presented a quorum.
The
Extension Amendment Proposal was approved, the voting results of which are as follows:
For | | |
Against | | |
Abstain | |
1,972,704 | | |
| 566,634 | | |
| 40,000 | |
The
Extension Fee Waiver Proposal was approved, the voting results of which are as follows:
For | | |
Against | | |
Abstain | |
1,972,704 | | |
| 566,634 | | |
| 40,000 | |
The
Trust Amendment Proposal was approved, the voting results of which are as follows:
For | | |
Against | | |
Abstain | |
1,972,704 | | |
| 566,634 | | |
| 40,000 | |
The
Adjournment Proposal was approved, the voting results of which are as follows:
For | | |
Against | | |
Abstain | |
1,978,288 | | |
| 561,050 | | |
| 40,000 | |
As
there were sufficient votes to approve the Extension Amendment Proposal and the Trust Amendment Proposal, the Adjournment Proposal was
not presented to the shareholders at the Extraordinary General Meeting.
Item
8.01 Other Events.
In connection with the vote to approve the Extension Amendment Proposal, holders of 689,033 ordinary shares of
the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.00 per share, for
an aggregate redemption amount of approximately $7,579,363.
Cautionary
Note Regarding Forward-Looking Statements
This
Current Report on Form 8-K contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of
1995, including without limitation statements regarding the Company’s intention to monitor compliance with the Listing Standards
and to evaluate available options, including transferring to the Nasdaq Capital Market, in the event of continued non-compliance. These
statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition,
or otherwise, based on current beliefs of the Company ‘s management, as well as assumptions made by, and information currently
available to, the Company’s management. Forward-looking statements generally include statements that are predictive in nature and
depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,”
“would,” “expect,” “anticipate,” “plan,” “likely,” “believe,”
“estimate,” “project,” “intend,” and other similar expressions. Statements that are not historical
facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks
and uncertainties and are not guarantees of future performance. For a discussion of the key risks that could cause actual results to
differ, please see the section entitled “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed
with the Securities and Exchange Commission, as well as subsequent fillings filed with the SEC. Except as required by applicable law,
the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
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:
August 27, 2025
DT
CLOUD ACQUISITION CORPORATION |
|
|
|
|
By: |
/s/
Guojian Chen |
|
Name: |
Guojian
Chen |
|
Title: |
Chief
Executive Officer and Chief Financial Officer |
|