Company: DTSQ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001417
Chunk: 378

Company: DT Cloud Star Acquisition Corp
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 378
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ated memorandum and articles of association. As a result, this has the same effect as if
we had formally gone through a voluntary liquidation procedure under the Companies Act (As Revised) of the Cayman Islands. Accordingly,
no vote would be required from our shareholders to commence such a voluntary winding up, dissolution and liquidation. However, we may
extend the period of time to consummate a business combination. If we are unable to consummate our initial business combination within
the 15-month period (unless further extended), we will, as promptly as possible but not more than ten business days thereafter, redeem
100% of our outstanding public shares for a pro rata portion of the funds held in the trust account, including a pro rata portion of
any interest earned on the funds held in the trust account and not necessary to pay taxes, and then seek to liquidate and dissolve. However,
we may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public
shareholders. In the event of dissolution and liquidation, our warrants and rights will expire and will be worthless.

In
connection with our assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15,
“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” our management has determined
that if we are unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of
our initial public offering, the requirement that we cease all operations, redeem the public shares and thereafter liquidate and dissolve
raises substantial doubt about the ability to continue as a going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty. Our management has determined that we have funds that are sufficient to fund the working
capital needs of us until the consummation of an initial business combination or the winding up of our company as stipulated in the amended
and restated memorandum and articles of association. The accompanying financial statements have been prepared in conformity with U.S.
GAAP, which contemplate continuation of our company as a going concern.

60

Liquidity
and Capital Resources  

We consummated the initial public offering of 6,900,000 units, which includes the exercise in full by the underwriters
of their over-allotment option to purchase up to an additional 900,000 units on July 25, 2024. The units were