DT Cloud Star Acquisition Corporation Prices $60 Million Initial Public Offering
25 July 2024 - 8:15AM
DT Cloud Star Acquisition Corporation, a newly organized blank
check company incorporated in the Cayman Islands as a business
company (the “Company”), today announced the pricing of its initial
public offering (“IPO”) of 6,000,000 units at an offering price of
$10.00 per unit, with each unit consisting 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. The units are
expected to trade on The Nasdaq Global Market (“Nasdaq”) under the
ticker symbol “DTSQU” beginning July 25, 2024. The Company expects
the IPO to close on July 26, 2024, subject to customary closing
conditions. 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 is acting as the
sole book-running manager for the offering.
The Company has granted the underwriters a
45-day option to purchase up to 900,000 units at the initial public
offering price to cover over-allotments, if any. Wilson Sonsini
Goodrich & Rosati, Professional Corporation served as the U.S.
counsel to the Company and Sichenzia Ross Ference Carmel LLP served
as U.S. counsel to the underwriter in this 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 CorporationBian FanChief Executive
OfficerFloors 1 through 3, 175 Pearl StreetBrooklyn, New York
11201United States of
AmericaEmail: bian.fan@infinity-star.com
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