Company: DTSQ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001417
Chunk: 1220

Company: DT Cloud Star Acquisition Corp
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 1220
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 transferor is bound by.

75

Item
13. Certain Relationships and Related Transactions, and Director Independence

Initial
Shares and Private Placement

In
November 2022, March 2023 and January 2024, an aggregate of 1,725,000 initial shares were issued to our initial shareholders, for an
aggregate purchase price of $25,000, or approximately $0.014 per share. The initial shares held by our initial shareholders included
an aggregate of up to 225,000 shares subject to forfeiture by our sponsor to the extent that the underwriters’ over-allotment option
was not exercised in full or in part, so that our initial shareholders would collectively own 20.0% of our issued and outstanding shares
after our initial public offering (excluding the sale of the private units and the issuance of representative shares and assuming our
initial shareholders did not purchase units in our initial public offering). On July 25, 2024, the underwriters exercised their over-allotment
option in full.

Simultaneously
with the closing of our initial public offering on July 26, 2024, we consummated the private placement with the Sponsor of 206,900 private
units at a price of $10.00 per private unit. This issuance was made pursuant to Section 4(a)(2) of the Securities Act, as the transaction
did not involve a public offering. No underwriting discounts or commissions were paid with respect to the private placement.

Related
Party Loans and Advances 

On
December 31, 2023, we issued an unsecured promissory note to the sponsor, pursuant to which we may borrow up to an aggregate
principal amount of $300,000 (the “2023 Promissory Note”). The 2023 Promissory Note is non-interest-bearing and payable
on the earlier of (i) December 31, 2024 and (ii) the date on which we consummate an IPO or the date on which we determine not to
conduct the IPO. As of December 31, 2024 and 2023, the principal amount due and owing under the 2023 Promissory Note was $nil and
$nil, respectively.

On
October 28, 2024, we issued an unsecured promissory note to the sponsor, pursuant to which we may borrow up to an aggregate principal
amount of $300,000 (the “Working Capital Loan Note”). The Working