DT Cloud Acquisition priced its initial public offering of 6 million units at $10 each. A unit consists of one share and one right. Seven rights entitle the holder to receive one share at the closing of a business combination.
The units are expected to beging trading today on the Nasdaq under the ticker symbol DYCQU. The offering is expected to close Feb. 23. Once the securities begin separate trading, shares and rights are expected to list under the symbols DYCQ and DYCQR.
The new SPAC is broadly focused on identifying targets with a competitive edge and strong growth potential, according to the S-1 registration filed in August 2022. The original registration included warrants, which have been eliminated from the offering, although the value of the rights was increased from one-twentieth in each unit to one-seventh of a right.
Brookline Capital Markets is sole book-running manager for the IPO. DT Cloud has granted the underwriter a 45-day option to purchase up to 900,000 additional units at the IPO price to cover any over-allotments. Read more.
