Company: DTSQ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001417
Chunk: 1261

Company: DT Cloud Star Acquisition Corp
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 1261
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 defined under the federal securities laws.

Our
initial shareholders beneficially own 21.7% of our issued and outstanding ordinary shares. Because of this ownership block, our sponsor
may be able to effectively influence the outcome of all other matters requiring approval by our shareholders, including amendments to
our amended and restated memorandum and articles of association and approval of significant corporate transactions including our initial
business combination.

Our
initial shareholders have agreed (a) to vote any initial shares and public shares held by them in favor of any proposed business combination
and (b) not to redeem any initial shares or public shares held by them in connection with a shareholder vote to approve a proposed initial
business combination.

Transfers
of Initial Shares

The
initial shares are each subject to transfer restrictions pursuant to lock-up provisions in the agreements entered into by our initial
shareholders and management team. Our initial shareholders have agreed not to transfer, assign or sell any of the initial shares (except
to certain permitted transferees) until the earlier of (1) 180 days after the completion of our initial business combination; or (2)
the date following the consummation of our initial business combination on which we complete a liquidation, merger, share exchange or
other similar transaction that results in all of our shareholders having the right to exchange their shares for cash, securities or other
property (the “Lock-Up”).

Notwithstanding
the foregoing, the 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