Company: DTSQ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001417
Chunk: 264

Company: DT Cloud Star Acquisition Corp
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 264
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 initial shares will be released from the Lock-Up if (1) the reported closing price of our ordinary shares equals or
exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading
days within any 30-trading day period commencing at least 90 days after our initial business combination or (2) we complete a liquidation,
merger, share exchange or other similar transaction after our initial business combination that results in all of our shareholders having
the right to exchange their shares for cash, securities or other property. Additionally, our insiders have agreed not to transfer, assign
or sell any of private units (including the ordinary shares issuable upon exercise of the private units) until at least 30 days after
the completion of our initial business combination (except with respect to permitted transferees as described herein under “Principal
Shareholders”). Any permitted transferees will be subject to the same restrictions and other agreements of our initial shareholders
with respect to any initial shares and the private units, as applicable. However, if after our initial business combination, there is
a transaction whereby all the outstanding shares are exchanged or redeemed for cash (as would be the case in a post-asset sale liquidation)
or another issuer’s shares, then the initial shares or the private units (or any ordinary shares thereunder) shall be permitted
to participate.

Any
permitted transferees will be subject to the same restrictions and other agreements of our initial shareholders with respect to any initial
shares and the private units, as applicable. The permitted transferees shall mean (i) among the initial shareholders or to the initial
shareholders’, or our officers, directors or their respective affiliates (including for transfers to an entity’s members
upon its liquidation), (ii) to a holder’s shareholders or members upon the holder’s liquidation, in each case if the holder
is an entity, (iii) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is the
holder or a member of the holder’s immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent
and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to us for no value for cancellation in connection
with the consummation of our initial business combination, (vii) in connection with the consum