DT Cloud Acquisition said it closed its initial public offering of 6.9 million units at an offering price of $10 each. This includes the exercise in full by the underwriters of their over-allotment option to purchase up to an additional 900,000 units.
Each 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 list on the Nasdaq and trade under the ticker symbol DYCQU. 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. The original S-1 registration filed in August 2022 included warrants, which were eliminated from the offering, although the value of the rights was increased from one-twentieth in each unit to one-seventh of a right. Read more.
