# EDGAR Filing Document

**Accession Number:** 0001944212
**File Stem:** 0001493152-25-025170
**Filing Date:** 2025-11
**Character Count:** 150981
**Document Hash:** 935af4606f8143ad060969880b730d45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-025170.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001493152-25-025170

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DT Cloud Acquisition Corp
- **CENTRAL INDEX KEY:** 0001944212
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41967
- **FILM NUMBER:** 251531023

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ORANGE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** WC2H 7HF
- **BUSINESS PHONE:** 44 7918725316

**MAIL ADDRESS:**
- **STREET 1:** 30 ORANGE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** WC2H 7HF

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended September 30, 2025**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from _______ to** ______

**Commission File Number 001-41967**

**<u>DT Cloud Acquisition Corporation</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **n/a** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **30 Orange Street**<br> **London** **, United Kingdom** | **WC2H 7HF** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**+44 7918725316**

**Registrant's telephone number, including area code**

**N/A**

**(Former name or former address, if changed since last report)**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Units | DYCQU | The Nasdaq Stock Market LLC |
| Ordinary Shares | DYCQ | The Nasdaq Stock Market LLC |
| Rights | DYCQR | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of October 30, 2025, there were 2,206,382 ordinary shares, par value $0.0001 per share, issued and outstanding.

**DT Cloud Acquisition Corporation**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Part I. Financial Information](#Y-001) | F-1 |
| [Item 1. Financial Statements](#Y-002) | F-1 |
| [Unaudited Balance Sheets as of September 30, 2025 and December 31, 2024](#F-001) | F-2 |
| [Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024](#F-002) | F-3 |
| [Unaudited Statements of Changes in Shareholders' Deficit for the Three and Nine Months Ended September 30, 2025 and 2024](#F-003) | F-4 |
| [Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024](#F-004) | F-5 |
| [Notes to Unaudited Financial Statements](#F-005) | F-6 |
| [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#Y-003) | 3 |
| [Item 3. Quantitative and Qualitative Disclosures About Market Risk](#Y-004) | 9 |
| [Item 4. Controls and Procedures](#Y-005) | 9 |
| [Part II. Other Information](#Y-006) | 10 |
| [Item 1. Legal Proceedings](#Y-007) | 10 |
| [Item 1A. Risk Factors](#Y-008) | 10 |
| [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#Y-009) | 15 |
| [Item 3. Defaults Upon Senior Securities](#Y-010) | 16 |
| [Item 4. Mine Safety Disclosures](#Y-011) | 16 |
| [Item 5. Other Information](#Y-012) | 16 |
| [Item 6. Exhibits](#Y-013) | 16 |
| [Part III. Signatures](#Y-014) | 17 |

---

**PART I FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**DT CLOUD ACQUISITION CORPORATION**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Unaudited Balance Sheets as of September 30, 2025 and December 31, 2024](#F-001) | F-2 |
| [Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024](#F-002) | F-3 |
| [Unaudited Statements of Changes in Shareholders' Deficit for the Three and Nine Months Ended September 30, 2025 and 2024](#F-003) | F-4 |
| [Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024](#F-004) | F-5 |
| [Notes to Unaudited Financial Statements](#F-005) | F-6 to F-20 |

---

**DT CLOUD ACQUISITION CORPORATION**

**UNAUDITED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | As of <br> September 30, 2025 | As of <br> December 31, 2024 |
| **ASSETS** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $- | $152021 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 22871 | 16830 |
| Total Current Assets | 22871 | 168851 |
| &nbsp;&nbsp;&nbsp;Cash and Investments held in trust account | 1598106 | 72345071 |
| **TOTAL ASSETS** | $1620977 | $72513922 |
| **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | $141681 | $168060 |
| &nbsp;&nbsp;&nbsp;Due to related party | 399798 | 129759 |
| &nbsp;&nbsp;&nbsp;Promissory note | 715325 |  |
| &nbsp;&nbsp;&nbsp;Other payable | 300000 | - |
| Total Current Liabilities | 1556804 | 297819 |
| Deferred Underwriting Compensation | 1725000 | 1725000 |
| **TOTAL LIABILITIES** | 3281804 | 2022819 |
| Commitments and contingencies |  |  |
| Ordinary shares subject to possible redemption, 143,382 and 6,900,000 shares issued and outstanding at redemption value of $11.15 and $10.48 as of September 30, 2025 and December 31, 2024, respectively | 1598106 | 72345071 |
| Shareholders' Deficit: |  |  |
| Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,063,000 and 2,063,000 shares issued and outstanding (excluding 143,382 and 6,900,000 shares, subject to possible redemption as of September 30, 2025 and December 31, 2024, respectively) | 206 | 206 |
| Accumulated Deficit | (3259139) | (1854174) |
| Total Shareholders' Deficit | (3258933) | (1853968) |
| **TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT** | $1620977 | $72513922 |

---

See accompanying notes to unaudited financial statements.

**DT CLOUD ACQUISITION CORPORATION**

**UNAUDITED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months ended<br> September 30,<br>2025 | For the three months ended<br> September 30,<br>2024 | For the nine months ended<br> September 30,<br>2025 | For the nine months ended<br> September 30,<br>2024 |
| Formation and operating costs | $(168489) | $(157610) | $(725875) | $(538462) |
| Non-redemption agreement expense | (163022) | - | (163022) | - |
| Loss from operations | (331511) | (157610) | (888897) | (538462) |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income earned on cash and investment held in Trust Account | 89364 | 917865 | 1333491 | 2171443 |
| Interest income | - | 7 | 1 | 22 |
| Total other income | 89364 | 917872 | 1333492 | 2171465 |
| **NET (LOSS) INCOME** | $(242147) | $760262 | $444595 | $1633003 |
| Basic and diluted weighted average shares outstanding, ordinary shares subject to possible redemption | 779989 | 6900000 | 4016929 | 5540146 |
| Basic and diluted net (loss) income per ordinary shares subject to possible redemption | $(0.09) | $0.08 | $0.07 | 0.22 |
| Basic and diluted weighted average shares outstanding, ordinary shares not subject to possible redemption | 2063000 | 2063000 | 2063000 | 1996387 |
| Basic and diluted net (loss) income per share, ordinary shares not subject to possible redemption | $(0.09) | $0.08 | $0.07 | $0.22 |

---

See accompanying notes to unaudited financial statements.

**DT CLOUD ACQUISITION CORPORATION**

**UNAUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the nine months ended September 30, 2025 | For the nine months ended September 30, 2025 | For the nine months ended September 30, 2025 | For the nine months ended September 30, 2025 | For the nine months ended September 30, 2025 |
|  | Ordinary shares | Ordinary shares | | | |
|  | No. of shares | Amount |<br>Additional paid-in capital |<br>Accumulated deficit | Total<br>shareholders' <br>deficit |
| Balance as of December 31, 2024 | 2063000 | $206 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $(1854174) | $(1853968) |
| Extension funds attributable to ordinary shares subject to redemption |  |  |  | (357949) | (357949) |
| Remeasurement of ordinary shares subject to possible redemption |  |  |  | (740346) | (740346) |
| Net income | - | - | - | 452085 | 452085 |
| Balance as of March 31, 2025 | 2063000 | 206 |  | (2500384) | (2500178) |
| Extension funds attributable to ordinary shares subject to redemption |  |  |  | (201142) | (201142) |
| Remeasurement of ordinary shares subject to possible redemption |  |  |  | (503781) | (503781) |
| Net income | - | - | - | 234657 | 234657 |
| Balance as of June 30, 2025 | 2063000 | 206 |  | (2970650) | (2970444) |
| Extension funds attributable to ordinary shares subject to redemption |  |  |  | (120000) | (120000) |
| Remeasurement of ordinary shares subject to possible redemption |  |  |  | (89364) | (89364) |
| Contribution - non-redemption agreement |  |  |  | 163022 | 163022 |
| Net loss | - | - | - | (242147) | (242147) |
| Balance as of September 30, 2025 | 2063000 | $206 | $- | $(3259139) | $(3258933) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2024 |
|  | Ordinary shares | Ordinary shares | | | |
|  | No. of shares | Amount |<br>Additional paid-in capital |<br>Accumulated deficit | Total<br>shareholders' <br>deficit |
| Balance as of December 31, 2023 | 1725000 | $173 | $24827 | $(168597) | $(143597) |
| Sale of units in initial public offering, net of offering costs | 6900000 | 690 | 66023204 |  | 66023894 |
| Sale of units to the founder in private placement | 234500 | 23 | 2344977 |  | 2345000 |
| Issuance of representative shares | 103500 | 10 | (10) |  |  |
| Initial classification of ordinary shares subject to possible redemption | (6900000) | (690) | (68013596) |  | (68014286) |
| Allocation of offering costs to ordinary shares subject to possible redemption |  |  | 2933590 |  | 2933590 |
| Accretion of carrying value to redemption value |  |  | (3312992) | (951312) | (4264304) |
| Subsequent remeasurement of ordinary shares subject to possible redemption |  |  |  | (346250) | (346250) |
| Net income | - | - | - | 43875 | 43875 |
| Balance as of March 31, 2024 | 2063000 | 206 |  | (1422284) | (1422078) |
| Subsequent remeasurement of ordinary shares subject to redemption |  |  |  | (907328) | (907328) |
| Net income | - | - | - | 828866 | 828866 |
| Balance as of June 30, 2024 | 2063000 | $206 | $- | $(1500746) | $(1500540) |
| Subsequent remeasurement of ordinary shares subject to redemption |  |  |  | (917865) | (917865) |
| Net income | - | - | - | 760262 | 760262 |
| Balance as of September 30, 2024 | 2063000 | $206 | $- | $(1658349) | $(1658143) |

---

See accompanying notes to unaudited financial statements.

**DT CLOUD ACQUISITION CORPORATION**

**UNAUDITED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | For the nine<br> months ended <br>September 30, 2025 | For the nine<br> months ended <br>September 30, 2024 |
| **Cash flows from operating activities:** |  |  |
| Net income | $444595 | $1633003 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| Dividend income earned on cash and investment held in trust account | (1333491) | (2171443) |
| Non-redemption agreement expense | 163022 |  |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (6041) | (29495) |
| &nbsp;&nbsp;&nbsp;Due to related party | 110551 | (147614) |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | (26379) | 44363 |
| Net cash used in operating activities | (647743) | (671186) |
| **Cash flows from investing activities:** |  |  |
| Proceeds deposited in Trust Account |  | (69345000) |
| Extension payments deposited in Trust Account | (679091) |  |
| Cash withdrawn from Trust Account in connection to redemption | 72759547 | - |
| Net cash provided by (used in) investing activities | 72080456 | (69345000) |
| **Cash flows from financing activities:** |  |  |
| Redemption of ordinary shares | (72759547) |  |
| Advances from (repayment to) related parties | 159488 | (490000) |
| Proceeds from other payable | 300000 |  |
| Proceeds from promissory notes | 715325 |  |
| Proceeds from public offering, net of offering costs |  | 67833894 |
| Proceeds from private placement | - | 2345000 |
| Net cash provided by (used in) financing activities | (71584734) | 69688894 |
| **NET CHANGE IN CASH** | (152021) | (327292) |
| **CASH, BEGINNING OF YEAR** | 152021 | 494818 |
| **CASH, END OF YEAR** | $- | $167526 |
| **NON-CASH INVESTING AND FINANCING ACTIVITIES:** |  |  |
| Issuance of representative shares | $- | $10 |
| Initial classification of ordinary shares subject to possible redemption | $- | $68014286 |
| Allocation of offering costs to ordinary shares subject to possible redemption | $- | $2933590 |
| Accretion of carrying value to redemption value | $- | $4264304 |
| Extension funds attributable to ordinary shares subject to redemption | $679091 | $- |
| Subsequent remeasurement of ordinary shares subject to possible redemption | $1333491 | $2171443 |
| Accrued underwriting compensation | $- | $1725000 |

---

See accompanying notes to unaudited financial statements.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND**

DT Cloud Acquisition Corporation (the "Company") is an incorporated blank check company incorporated as a Cayman Islands exempted company on July 7, 2022, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the "Business Combination"). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination.

As of September 30, 2025, the Company has not commenced any operations. All activities through September 30, 2025 relate to the Company's formation and the initial public offering (the "Initial Public Offering" or "IPO"). Since the Initial Public Offering, the Company's activity has been limited to the evaluation of business combination candidates. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income and dividend income on cash and investments held in the trust account. The Company has selected December 31 as its fiscal year end.

***Financing***

The registration statement for the Company's Initial Public Offering was declared effective on February 14, 2024. On February 23, 2024, the Company consummated the Initial Public Offering of 6,900,000 units (the "Public Units"), which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option, at $10.00 per Public Unit, generating gross proceeds of $69,000,000 to the Company. Each Public Unit consists of one ordinary share and one right ("Public Rights"). Each whole Public Right will entitle the holder to receive one-seventh (1/7) ordinary share upon consummation of initial business combination.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 234,500 units (the "Private Placement Units") at a price of $10.00 per Private Placement Unit in a private placement to DT Cloud Capital Corp. (the "Sponsor"), generating gross proceeds of $2,345,000 to the Company. Each Private Placement Unit consists of one Private Placement Share and one right ("Private Placement Right"). Each Private Placement Right will entitle the holder to receive one-seventh (1/7) ordinary share upon consummation of the initial business combination.

Transaction costs amounted to $2,976,106, consisting of $966,000 of underwriting commissions, $1,725,000 of deferred underwriting commissions and $285,106 of other offering costs

***Trust Account***

Following the closing of the Initial Public Offering, an aggregate amount of $69,345,000 ($10.05 per Public Unit) placed in the Company's trust account ("Trust Account") established for the benefit of the Company's public shareholders and maintained by Continental Stock Transfer & Trust Company, acting as trustee, will be invested only in U.S. government treasury bills, with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds in the Trust Account will not be released until the earliest of (i) the completion of the Company's initial Business Combination, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company's Amended and Restated Memorandum and Articles of Association to (A) modify the substance or timing of the Company's obligation to redeem 100% of its public shares if the Company does not complete its initial Business Combination within 9 months from the closing of the Initial Public Offering (or up to 21 months from the closing of the Initial Public Offering if the Company extends the period of time to consummate a Business Combination) or (B) with respect to any other provision relating to shareholders' rights or pre-business combination activity and (iii) the redemption of all of the Company's public shares if the Company is unable to complete its initial Business Combination within nine months from the closing of the Initial Public Offering (or up to 21 months from the closing of the Initial Public Offering if the Company extends the period of time to consummate a Business Combination), subject to applicable law.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

***Business Combination***

The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company will provide its shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with an initial Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company shall not consummate such Business Combination unless the Company has net tangible assets of at least $5,000,001 after payment of the deferred underwriting commissions, either immediately prior to, or upon such consummation of, or any greater net tangible asset or cash requirement that may be contained in the agreement relating to, such Business Combination.

Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company's Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from seeking redemption rights with respect to 15% or more of the public shares without the Company's prior written consent.

If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission ("SEC"), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

The shareholders will be entitled to redeem their public shares for a pro rata portion of the amount then in the Trust Account (initially $10.05 per public share, subject to increase of up to an additional $0.03 per public share per month in the event that the Sponsor elects to extend the period of time to consummate a Business Combination (see below), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their public shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 9). There will be no redemption rights upon the completion of a Business Combination with respect to the Company's rights. The ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with ASC Topic 480 "*Distinguishing Liabilities from Equity*" ("ASC 480").

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, offer such redemption pursuant to the tender offer rules of the SEC, and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

The Sponsor and any of the Company's officers or directors that may hold Founder Shares (as described in Note 5) (as defined the "initial shareholders") are identical to the ordinary shares included in the units being sold in this offering except that the founder shares are subject to certain transfer restrictions, as described in more detail below: the sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (i) to waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with the completion of the initial business combination, (ii) to waive their redemption rights with respect to any founder shares, private placement shares and public shares held by them in connection with a shareholder vote to approve an amendment to the amended and restated memorandum and articles of association (A) to modify the substance or timing of obligation to provide for the redemption of public shares in connection with an initial business combination or to redeem 100% of public shares if the Company have not consummated the initial business combination within the timeframe set forth therein or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to their founder shares and private placement shares if the Company fail to complete the initial business combination within nine months from the closing of this offering (or up to 21 months from the closing of this offering if the Company extend the period of time to consummate a business combination, as described in more detail in this prospectus) (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fail to complete the initial business combination within the prescribed time frame).

The Company's amended and restated memorandum and articles of association provided that the Company complete its initial business combination within nine months (or 12 months if the Company executes a definitive agreement for an initial business combination) from the closing of the IPO, the Company may extend the period of time to consummate a Business Combination up to twelve times, each by an additional one month each time (for a total of 24 months to complete a Business Combination (the "Combination Period"), including automatic extension period). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account $207,000 (approximately $0.03 per public share), on or prior to the date of the applicable deadline, for each month extension. Any funds which may be provided to extend the time frame will be in the form of a loan to the Company from the Sponsor. The terms of any such loan have not been definitely negotiated, provided, however, any loan will be interest free and will be repayable only if the Company completes a Business Combination.

The Company entered into a definitive business combination agreement on October 22, 2024, which is within nine months after the closing of the IPO, as such the Company had an automatic three-month extension to the original nine months from the closing of the IPO to consummate its initial business combination.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

On January 20, 2025, the Company entered into certain Subscription Agreement (the "Subscription Agreement") with Maius, Pubco and certain investor (the "Investor"), pursuant to which, among other things, the Investor agreed to subscribe for and purchase, and Pubco agreed to issue and sell to the Investor, 30,000 ordinary shares of Pubco, par value $0.0001 per share, at a purchase price equal to $10.00 per share in a private placement (the "Private Placement") in connection with a financing effort related to the transactions contemplated by the Business Combination Agreement. The purchase price was paid into Escrow in accordance with the Business Combination Agreement. The closing of the Private Placement is conditioned upon, among other things, the completed or concurrent consummation of the Transactions set forth in the Business Combination Agreement. In the event, the Business Combination Agreement is terminated, the purchase price share be returned to the investor. During the nine months ended September 30, 2025, a total of $300,000 in expenses and extension loan was paid from Escrow on behalf of the Company and is presented as other payable in the unaudited balance sheet.

On February 22, 2025, the Company deposited $207,000 into the Trust Account in order to extend the amount of available time to complete a business combination until March 23, 2025.

On March 20, 2025, the Company held an extraordinary general meeting of shareholders and passed a special resolution to amend our amended and restated memorandum and articles of association then effective, giving the Company the right to extend the date by which it has to complete a business combination up to May 23, 2026.

On March 24, 2025, in connection with the stockholders vote at the Extraordinary General Meeting, 1,868,367 shares were redeemed by certain shareholders at a price of approximately $10.61 per share, including interest generated and extension payments deposited in the Trust Account, in an aggregate amount of $19,821,345.

On March 25, 2025, the Company deposited $150,949 into the Trust Account in order to extend the amount of available time to complete a business combination until April 23, 2025.

On April 23, 2025, the Company held an extraordinary general meeting of shareholders (the "Extraordinary General Meeting") and obtain approval by special resolution, the Company's amended and restated memorandum and articles of association (the "Amended and Restated Memorandum and Articles of Association") to extend the maximum period the Company may extend the period of time to consummate a Business Combination, on a month-to-month basis and subject to the sponsor depositing additional funds for each one-month extension into the trust account, from up to fifteen times (i.e., until May 23, 2026) to up to eighteen times (i.e., until August 23, 2026), by amending the Amended and Restated Memorandum and Articles of Association (the " Extension Amendment Proposal")

On April 23, 2025, the Trust Amendment Proposal was approved to amend by ordinary resolution, the Investment Management Trust Agreement, dated February 20, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as trustee, to reflect the Extension Amendment Proposal.

On April 23, 2025, in connection with the vote to approve the Extension Amendment Proposal and the Trust Amendment Proposal, holders of 326,904 ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.68 per share, for an aggregate redemption amount of approximately $3,492,160.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

On May 21, 2025, the Company and Maius entered into Voting Agreements with certain shareholders of the Company. Pursuant to the Voting Agreements, in the event a shareholder redeems 75% of the ordinary shares of the Company that such shareholder holds as of the dates of the Voting Agreements (the "Redemption Shares") and foregoes the exercise of their redemption rights in connection with the remaining 25% of the ordinary shares of the Company that such shareholder holds as of the dates of the Voting Agreements (the "Non-redeemed Shares"), vote in favor of the approval of the Extension Fee Reduction, for any proposal to adjourn or postpone the applicable general meeting to a later date proposed by the Company for purposes of obtaining the approval of the Extension Fee Reduction and against any action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect of any covenant, representation or warranty or any other obligation or agreement of the Investors in this Agreement. The Company agrees to issue to such shareholder two (2) additional rights of the Company (the "Additional SPAC Rights") for each Non-redeemed Share for no additional consideration. The Additional SPAC Rights was determined using the quoted market price of the rights which agreed to issue to the non-redeeming third parties and determined the rights had a value of $163,022. This amount is presented as non-redemption agreement expense in the statements of operations.

On May 23, 2025, the Company held an extraordinary general meeting of shareholders (the "Extraordinary General Meeting") to approve the Extension Fee Reduction Proposal to $60,000 for all outstanding Public Shares (the "Amended Monthly Extension Fee"). The Amended Monthly Extension Fee became operative for the Monthly Extension Fee beginning on May 23, 2025, and the 23rd of each succeeding month until the earlier of the closing of an initial business combination or August 23, 2026.

On May 23, 2025, the Company amend the amended and restated memorandum and articles of association (the "Amended and Restated Memorandum and Articles of Association") to reflect the Extension Fee Reduction Proposal, by amending the Amended and Restated Memorandum and Articles of Association to delete the existing Article 37.8 thereof and replacing it with the new Article 37.8 in the form set forth in Annex B of the proxy statement.

On May 23, 2025, in connection with the vote to approve the Extension Amendment Proposal and the Trust Amendment Proposal, holders of 3,872,314 ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.79 per share, for an aggregate redemption amount of approximately $41,776,748.

On June 23, 2025, the Company deposited $141,142 and $60,000 into the Trust Account in order to extend the amount of available time to complete a business combination until June 23, 2025.

On July 30, 2025, the Company deposited $60,000 into the Trust Account in order to extend the amount of available time to complete a business combination until July 23, 2025.

On September 23, 2025, the Company deposited $60,000 into the Trust Account in order to extend the amount of available time to complete a business combination until August 23, 2025.

From February 2025 to September 2025, the Company using the funds held outside the Trust Account, the Company made six times deposit for an aggregate of $679,091, to the Trust Account and extended the Combination Period from February 24, 2025 to August 23, 2025.

On August 21, 2025, the Company amend the amended and restated memorandum and articles of association (the "Amended and Restated Memorandum and Articles of Association") to extend the maximum period the Company may extend the period of time to consummate a Business Combination, on a month-to-month basis and subject to, unless having been waived, the Sponsor depositing additional funds for each one-month extension into the Trust Account, from up to eighteen times (i.e., until August 23, 2026) to up to twenty-four times (i.e., until February 23, 2027) (the "Extension Amendment"), by amending the Amended and Restated Memorandum and Articles of Association in the form set forth in Annex A of the accompanying proxy statement.

On August 21, 2025, an ordinary resolution approved at the Extraordinary General Meeting, the monthly fee (the "Monthly Extension Fee") payable by the Sponsor and/or its designee into the Trust Account to extend the date by which the Company must consummate its initial business combination (the "Extension Fee Waiver"). The Extension Fee Waiver will become operative for the Monthly Extension Fee beginning on August 23, 2025, and the 23rd of each succeeding month until the earlier of the closing of an initial business combination or February 23, 2027.

On September 23, 2025, in connection with the vote to approve the Extension Amendment Proposal, holders of 689,033 ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.15 per share, for an aggregate redemption amount of approximately $7,669,294.

On September 29, 2025, the Company entered into certain Subscription Agreement (the "Subscription Agreement") with Maius, Pubco and certain investor (the "Investor"), pursuant to which, among other things, the Investor agreed to subscribe for and purchase, and Pubco agreed to issue and sell to the Investor, 15,000 ordinary shares of Pubco, par value $0.0001 per share, at a purchase price equal to $10.00 per share in a private placement (the "Private Placement") in connection with a financing effort related to the transactions contemplated by the Business Combination Agreement. The transaction would be occurred at the closing of the initial business combination.

***Business combination agreement***

On September 3, 2024, the Company entered into a non-binding letter of intent (the "LOI") with Shanghai Maius Pharmaceutical Technology Co., LTD ("Shanghai Maius"). Under the terms of the LOI, the Company would acquire 100% of Shanghai Maius's outstanding equity and equity equivalents or all of its business.

On October 22, 2024, the Company, Maius Pharmaceutical Co., Ltd., an exempted company limited by shares incorporated under the laws of the Cayman Islands ("Maius")", Maius Pharmaceutical Group Co., Ltd., an exempted company limited by shares incorporated under the laws of the Cayman Islands ("Pubco") incorporated for the purpose of serving as the public listed company whose shares shall be traded on The Nasdaq Stock Market LLC ("Nasdaq"), Chelsea Merger Sub 1 Limited, a Cayman Islands exempted company ("Merger Sub 1"), Chelsea Merger Sub 2 Limited, a Cayman Islands exempted company ("Merger Sub 2"), and XXW Investment Limited, a limited liability company incorporated under the laws of British Virgin Islands as Maius' representative (the "Shareholders' Representative"), entered into a business combination agreement (the "Business Combination Agreement").

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

Subject to, and in accordance with the terms and conditions of the Business Combination Agreement, (i) on the date on which the closing actually occurs (the "Closing Date"), Merger Sub 1 shall be merged with and into the Company (the "SPAC Merger"), with the Company continuing as the surviving company of the merger as a wholly-owned subsidiary of the Pubco (the "SPAC Merger Surviving Corporation") and the separate existence of the Merger Sub 1 shall cease, and (ii) on the Closing Date and immediately following the SPAC Merger, Merger Sub 2 shall be merged with and into Maius (the "Acquisition Merger", together with the SPAC Merger, the "Mergers"), with Maius continuing as the surviving company of the Acquisition Merger as a wholly-owned subsidiary of the Pubco (the "Surviving Corporation") and the separate existence of the Merger Sub 2 shall cease. The Mergers and each of the other transactions contemplated by the Business Combination Agreement and other Ancillary Documents are collectively referred to as the "Transactions." Under the Agreement, the aggregate consideration is Two Hundred and Fifty Million Dollars ($250,000,000) (the "Closing Date Merger Consideration" or "Consideration"), which will be paid entirely in newly issued ordinary shares of Pubco.

***Liquidation***

If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (net of taxes payable), which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company's board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. The underwriters have agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.05.

The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $10.05 per share (whether or not the underwriters' over-allotment option is exercised in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company's indemnity of the underwriters of the "Initial Public Offering" against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavouring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

***Going Concern Consideration***

The Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company's 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," management has determined that if the Company is unsuccessful in consummating an Initial Business Combination within the prescribed period of time (subject to the Amended Extension Payment is made as required for each monthly extension), the requirement that the Company cease all operations, redeem the Public Shares and thereafter liquidate and dissolve raises substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. The unaudited financial statements do not include any adjustments that might result from the outcome of this uncertainty. The accompanying unaudited financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"), which contemplate continuation of the Company as a going concern. The Company intends to continue to seek to complete a Business Combination before the mandatory liquidation date. However, there can be no assurance that we will be able to consummate any business combination within the prescribed period of time.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

● Basis of presentation

These accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial statements and Article 8 of Regulation S-X. They do not include all of the information and notes required by U.S. GAAP for complete financial statements. The unaudited financial statements should be read in conjunction with the Company's financial statements and notes thereto for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the financial position, and the results of its operations and its cash flows. Operating results as presented are not necessarily indicative of the results to be expected for a full year.

● Emerging growth company

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's unaudited financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

● Use of estimates

The preparation of unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

● Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2025 and December 31, 2024, the cash balance was $0 and $152,021, respectively. The Company did not have any cash equivalents as of September 30, 2025 and December 31, 2024.

● Cash and Investment held in trust account

As of September 30, 2025 and December 31, 2024, substantially all of the assets held in the Trust Account were held in money market funds investing in U.S. Treasuries. Investments in money market funds are presented on the unaudited balance sheets at fair value at the end of each reporting period. Earnings on investments held in the Trust Account are included in dividend income earned on investments held in the Trust Account in the accompanying unaudited statement of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As of September 30, 2025 and December 31, 2024, the estimated fair values of investments held in Trust Account were $1,598,106 and $72,345,071, respectively.

● Ordinary shares subject to possible redemption

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Ordinary share subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders' equity. The Company's ordinary shares feature certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2025 and December 31, 2024, 143,382 and 6,900,000 ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' deficit section of the Company's unaudited balance sheets, respectively.

● Income taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, "Income Taxes" ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the unaudited financial statements carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their unaudited financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the unaudited financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. The Company's management determined that the Cayman Islands is the Company's major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2025 and December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the periods presented.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

● Net income per share

The Company calculates net income (loss) per share in accordance with ASC Topic 260, "Earnings per Share." Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. Income and losses are shared pro rata between the redeemable shares and non-redeemable shares. Remeasurement associated with the redeemable shares of ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted income (loss) per ordinary share is the same as basic income (loss) per ordinary share for the periods presented. The rights cannot be converted to ordinary shares prior to an initial Business Combination; therefore, they have been classified as anti-dilutive.

The net income (loss) per share presented in the statements of operations is based on the following:

SCHEDULE OF NET INCOME PER SHARE

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| | | |
|:---|:---|:---|
|  | For the nine months ended<br> September 30, 2025 | For the nine months ended <br>September 30, 2024 |
| Net income | $444595 | $1633003 |

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| | | |
|:---|:---|:---|
|  | For the three months ended<br> September 30, 2025 | For the three months ended <br>September 30, 2024 |
| Net income (loss) | $(242147) | $760262 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the nine months ended | For the nine months ended | For the nine months ended | For the nine months ended |
|  | September 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2024 |
|  | Redeemable <br> Ordinary Share | Non-Redeemable <br>Ordinary Share | Redeemable.<br> Ordinary Share | Non-Redeemable <br>Ordinary Share |
| Basic and diluted net income per ordinary share: |  |  |  |  |
| Numerators: |  |  |  |  |
| Allocation of net income | $293738 | $150857 | $1200429 | $432574 |
| Denominators: |  |  |  |  |
| Weighted-average shares outstanding | 4016929 | 2063000 | 5540146 | 1996387 |
| Basic and diluted net income per ordinary share | $0.07 | $0.07 | $0.22 | $0.22 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the three months ended |
|  | September 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2024 |
|  | Redeemable <br> Ordinary Share | Non-Redeemable <br>Ordinary Share | Redeemable.<br> Ordinary Share | Non-Redeemable <br>Ordinary Share |
| Basic and diluted net income per ordinary share: |  |  |  |  |
| Numerators: |  |  |  |  |
| Allocation of net income (loss) | $(66434) | $(175713) | $585274 | $174988 |
| Denominators: |  |  |  |  |
| Weighted-average shares outstanding | 779989 | 2063000 | 6900000 | 2063000 |
| Basic and diluted net income (loss) per ordinary share | $(0.09) | $(0.09) | $0.08 | $0.08 |

---

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

● Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

● Fair value of financial instruments

The fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, "*Fair Value Measurements and Disclosures*," approximates the carrying amounts represented in the accompanying unaudited balance sheet, primarily due to their short-term nature.

"Fair value" is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1 - Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

● Level 2 - Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

● Level 3 - Unobservable inputs based on the Company's assessment of the assumptions that market participants would use in pricing the asset or liability.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

● Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

● Recent accounting pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's unaudited financial statements.

**NOTE 3 – INITIAL PUBLIC OFFERING**

Pursuant to the Initial Public Offering, the Company sold 6,900,000 Public Units, which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option, at a purchase price of $10.00 per Public Unit. Each Unit will consist of one ordinary share and one Public Right. Each whole Public Right will entitle the holder to receive one-seventh (1/7) ordinary share upon consummation of initial business combination.

All of the 6,900,000 public shares sold as part of the Public Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such public shares if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company's Amended and Restated Memorandum and Articles of Association, or in connection with the Company's liquidation. In accordance with the SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity.

The Company's redeemable ordinary share is subject to SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately as they occur and adjusts the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable shares are affected by charges against additional paid in capital and accumulated deficit.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**NOTE 4 – PRIVATE PLACEMENT**

Simultaneously with the closing of the Initial Public Offering, the Company consummated a private placement of 234,500 Private Placement Units, at a price of $10.00 per Private Placement Unit. Each Private Placement Unit consists of one Private Placement Share and one right ("Private Placement Right"). Each Private Placement Right will entitle the holder to receive one-seventh (1/7) ordinary share upon consummation of the initial business combination.

The Private Placement Units are identical to the Public Units sold in the Initial Public Offering except for certain registration rights and transfer restrictions

**NOTE 5 – RELATED PARTY TRANSACTIONS**

***Founder Shares***

In July 2022, the Company issued an aggregate of 1,725,000 founder shares ("Founder Shares") to the initial shareholders, so that the Sponsor collectively owned 20% of the Company's issued and outstanding shares after the Initial Public Offering for an aggregate purchase price of $25,000 (see Note 7).

***Due to Related Party***

As of September 30, 2025 and December 31, 2024, the Company had a temporary advance and unpaid service fees of $399,798 and $129,759 from the Sponsor, respectively. The balance is unsecured, interest-free and has no fixed terms of repayment.

***Administrative Services Arrangement***

An affiliate of the Sponsor will agree that, commencing from the date that the Company's securities are first listed on NASDAQ through the earlier of the Company's consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, administrative and support services, as the Company may require from time to time. The Company has agreed to pay the affiliate of the Sponsor $10,000 per month for these services commencing on the closing date of this offering for 9 months (or up to 24 months if the Company extends the Combination Period). As of September 30, 2025 and December 31, 2024, the unpaid services fees of $190,000 and $100,000, respectively included in due to related party on the unaudited balance sheets. For the nine months ended September 30, 2025 and 2024, the Company incurred $90,000 and $70,000 in fees for these services, respectively.

***Working Capital Loans***

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company's directors and officers may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender's discretion, up to $300,000 of the notes may be converted upon consummation of our business combination into private units at a price of $10.00 per unit. As of September 30, 2025 and December 31, 2024, the Company has no principal amount due and owing under the Working Capital Loans.

***Voting agreements***

The Company entered into voting agreements with certain shareholders of the Company (the "Non-Redeeming Shareholders"), pursuant to which these shareholders agreed not to redeem a portion of their shares of Company ordinary shares (the "Non-Redeemed Shares") in connection with the extraordinary general meeting. The Company agrees to issue to such shareholder two Additional SPAC Rights for each Non-redeemed Share. The fair value of $163,022 was determined using the quoted prices in active market of the rights.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**NOTE 6 – PROMISSORY NOTE**

On May 27, 2025, June 18, 2025, June 25, 2025, July 31, 2025, and September 24, 2025, the Company issued five unsecured promissory notes (the "Notes") in an amount of $201,959, $251,327, $92,689, $90,900 and $78,450 to Maius, respectively. These Notes do not bear interest and mature upon the closing of a business combination by the Company. In the event that the Company does not complete an initial business combination by December 23, 2025 (as such deadline may be further extended), the Note shall be deemed to be terminated and no amounts will thereafter be due from the Company to the Sponsor under the Note.

As of September 30, 2025 and December 31, 2024, Maius advanced the Company an aggregate amount of $715,325 and $0, respectively.

**NOTE 7 – SHAREHOLDERS' DEFICIT**

***Ordinary shares***

The Company is authorized to issue 500,000,000 ordinary shares at par value of $0.0001. Holders of the Company's ordinary shares are entitled to one vote for each share.

As of September 30, 2025 and December 31, 2024, 2,063,000 and 2,063,000 Ordinary Shares were issued and outstanding excluding 143,382 and 6,900,000 shares subject to possible redemption, respectively, so that the initial shareholders will own 20% of the issued and outstanding shares after the Initial Public Offering (excluding the sale of the Private Units and assuming the initial shareholders do not purchase any Units in the Initial Public Offering). As a result of the underwriters' full exercise of their over-allotment option on February 23, 2024, no Founder Shares are currently subject to forfeiture.

**Rights** — Each holder of a right will receive one-seventh (1/7) ordinary share upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the Unit purchase price paid for by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary share basis and each holder of a right will be required to affirmatively convert its rights in order to receive 1/7 share underlying each right (without paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**NOTE 8 – FAIR VALUE MEASUREMENTS**

The fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

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| | |
|:---|:---|
| Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
| Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. |
| Level 3: | Unobservable inputs based on the assessment of the assumptions that market participants would use in pricing the asset or liability. |

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The following table presents information about the Company's assets that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, respectively and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **Quoted<br> Prices in<br> Active Markets<br> (Level 1)** | **Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Other<br> Unobservable<br> Inputs<br> (Level 3)** |
| **Assets** |  |  |  |  |
| Cash and Investments held in trust account | $1598106 | $1598106 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **Quoted<br> Prices in<br> Active Markets<br> (Level 1)** | **Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Other<br> Unobservable<br> Inputs<br> (Level 3)** |
| **Assets** |  |  |  |  |
| Cash and Investments held in trust account | $72345071 | $72345071 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - |

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**NOTE 9 – COMMITMENTS AND CONTINGENCIES**

***Risks and Uncertainties***

Management is currently assessing to evaluate the impact of the Russia-Ukraine war and the conflict in Israel and Palestine on the industry and has concluded that these events are outside of Company's control and may arise from time to time may adversely affect the global economy or capital markets, and the business of any potential target business with which the Company may consummate a business combination could be materially and adversely affected and the specific impact is not readily determinable as of the date of these unaudited financial statements. The unaudited financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**DT CLOUD ACQUISITION CORPORATION**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

***Registration Rights***

Pursuant to a registration rights agreement entered into on February 23, 2024, the holders of the Founder Shares, Private Placement Units (including securities contained therein), and units (including securities contained therein) that may be issued on conversion of working capital loans or extension loans (and) are entitled to registration rights pursuant to a registration rights agreement signed on the effective date of this offering requiring the Company to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company's register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the Company completion of initial business combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements

***Underwriter Agreement***

The underwriters are entitled to a cash underwriting discount of 2.5% of the gross proceeds of the Initial Public Offering, or $1,725,000, upon the closing of the Business Combination.

On February 23, 2024, the Company issued 103,500 ordinary shares of $0.0001 par value each to Brookline Capital Markets, a division of Arcadia Securities (hereafter – the Representative Shares), at the closing of the IPO as part of representative compensation.

**NOTE 10 – SEGMENT INFORMATION**

ASC Topic 280, "Segment Reporting," establishes standards for companies to report in their unaudited financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group, in deciding how to allocate resources and assess performance.

The Company's CODM has been identified as the Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment.

The key measures of segment profit or loss reviewed by the CODM are interest income and dividend income earned on cash and investments held in trust account and formational and operating costs. The CODM reviews interest income and dividend income earned on cash and investments held in trust account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Formational and operating costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews formational and operating costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

**NOTE 11 – SUBSEQUENT EVENTS**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited financial statements were issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited financial statements.

On November 19, 2025, the Company issued unsecured promissory note in an amount of $70,287 to Maius. This promissory note does not bear interest and mature upon the closing of a business combination.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References in this report (the "Quarterly Report") to "we," "us" or the "Company" refer to DT Cloud Acquisition Corporation. References to our "management" or our "management team" refer to our officers and directors, and references to the "Sponsor" refer to DT Cloud Capital Corp. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.*

**Special Note Regarding Forward-Looking Statements**

This Quarterly Report includes "forward-looking statements" that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding the Company's financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as "expect," "believe," "anticipate," "intend," "estimate," "seek" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's final prospectus for its initial public offering filed with the SEC. The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

**Overview**

We are a blank check company incorporated in the Cayman Islands on July 7, 2022 as an exempted company with limited liability. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, which we refer to as a "target business." We are an emerging growth company and, as such, we are subject to all of the risks associated with emerging growth companies.

On February 23, 2024, 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 February 21, 2024. Each unit consists of one ordinary share and one right. Each seven rights entitle the holder thereof to receive one ordinary share at the closing of a business combination. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $69,000,000. Simultaneously with the closing of our initial public offering on February 23, 2024, we consummated the private placement with DT Cloud Capital Corp., our sponsor, of 234,500 units at a price of $10.00 per private unit, generating total gross proceeds of $2,345,000. As of February 23, 2024, a total of $69,345,000 of the net proceeds from our initial public offering and the private placement were deposited in a trust account established for the benefit of our public stockholders at Morgan Stanley, with Continental Stock Transfer & Trust Company, acting as trustee.

Our units started to be listed on The Nasdaq Global Market (the "Nasdaq") and began trading under the ticker symbol "DYCQU" on February 21, 2024. On April 10, 2024, we announced that the holders of the units may elect to separately trade the underlying component securities of the units commencing on April 12, 2024. Those units not separated will continue to trade on Nasdaq under the symbol "DYCQU," and each of the ordinary shares and rights that are separated will trade on Nasdaq under the symbols "DYCQ" and "DYCQR," respectively.

We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination either (i) in connection with a shareholder meeting called to approve the business combination or (ii) by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under the law or stock exchange listing requirement. The amount in the Trust Account is initially anticipated to be $10.05 per public share (subject to increase of up to an additional $0.03 per public share for each monthly extension in the event that the Sponsor elects to extend the period of time to consummate a business combination). The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial business combination with respect to our rights. The Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares, private placement shares and any public shares they may acquire during or after our initial public offering in connection with the completion of our initial business combination.

As we have entered into a definitive business combination agreement on October 22, 2024 (the "Business Combination Agreement"), which is within nine months after the closing of our initial public offering, we have been entitled to an automatic three-month extension to the original nine months from the closing of our initial public offering to consummate our initial business combination. We now have 21 months from the closing of our initial public offering to consummate our initial business combination if we extend the period of time to consummate a business combination, which may be accomplished only if our insiders or their affiliates or designees deposit additional funds into the Trust Account. We will use our reasonable best efforts to cause the our board of directors to extend the date by which we must consummate a business combination to February 23, 2027 (such period by which we must consummate a business combination, as amended, and as may be extended in accordance with the provisions of the Business Combination Agreement, the "Combination Period"), provided that our insiders or their affiliates or designees deposit additional funds into the Trust Account. From February 2025 to July 2025, the Company using the funds held outside the Trust Account, the Company made five times deposit for an aggregate of $679,091, to the Trust Account and extended the Combination Period from February 24, 2025 to August 23, 2025. On August 21, 2025, an ordinary resolution approved at the Extraordinary General Meeting, the monthly fee waiver will become operative beginning on August 23, 2025, and the 23rd of each succeeding month until the earlier of the closing of an initial business combination or February 23, 2027.

If we are unable to consummate an initial business combination within the Combination Period, we will, (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (2) and (3), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

**Proposed Business Combination**

On October 22, 2024, we entered into the Business Combination Agreement with Maius Pharmaceutical Co., Ltd., an exempted company limited by shares incorporated under the laws of the Cayman Islands ("Maius"), Maius Pharmaceutical Group Co., Ltd., an exempted company limited by shares incorporated under the laws of the Cayman Islands ("Pubco") incorporated for the purpose of serving as the public listed company whose shares shall be traded on Nasdaq, Chelsea Merger Sub 1 Limited, a Cayman Islands exempted company ("Merger Sub 1"), Chelsea Merger Sub 2 Limited, a Cayman Islands exempted company ("Merger Sub 2"), and XXW Investment Limited, a limited liability company incorporated under the laws of British Virgin Islands as the Company shareholders' representative (the "Shareholders' Representative"). The mergers and each of the other transactions contemplated by the Business Combination Agreement or other ancillary documents are collectively referred to as the "Business Combination."

***Termination***

The Business Combination Agreement may be terminated under certain customary and limited circumstances prior to the Closing (as defined in the Business Combination Agreement), including, among others: (i) by mutual written consent of us and Maius; (ii) by us or Maius if the Closing has not occurred on or before June 30, 2025 (the "Outside Date"); (iii) by us or Maius if any law or governmental order is in effect that has become final and non-appealable and has the effect of making the consummation of the Transactions illegal or otherwise preventing or prohibiting consummation of the Transactions (as defined in the Business Combination Agreement); (iv) by either us or Maius if it is not in material breach of any of its obligations hereunder while the other party is in material breach of any of its representations, warranties or obligations hereunder that renders or could reasonably be expected to render the conditions set forth in the Business Combination Agreement incapable of being satisfied on the Outside Date, and such breach cannot or has not been cured; (v) by us if we are not in material breach of any of our obligations hereunder and Maius fails to perform certain covenants set forth in the Business Combination Agreement within the time period promulgated therein; and (vi) by either us or Maius, if we fail to obtain the required shareholder approval upon vote taken thereon at a duly convened special meeting of shareholders.

The Business Combination Agreement and related agreements are further described in our Current Report on Form 8-K filed with the SEC on October 23, 2024. Other than as specifically discussed, this Quarterly Report does not assume the closing of the Business Combination or the transactions contemplated by the Business Combination Agreement.

***Form of Sponsor Support and Lock-up Agreement***

Simultaneously with the execution and delivery of the Business Combination Agreement, the Sponsor has executed and delivered to Maius a support and lock-up agreement (the "Sponsor Support and Lock-up Agreement"), pursuant to which, the Sponsor has agreed to, among other things, (i) vote to adopt and approve the Business Combination Agreement, the Ancillary Agreements and the Transactions contemplated hereunder, and (ii) become subject to certain lock-up provisions with respect to certain Restricted Securities (as defined in the Sponsor Support and Lock-up Agreement) held by it.

The foregoing description of the Sponsor Support and Lock-up Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Sponsor Support and Lock-up Agreement, a copy of which is filed with our Current Report on Form 8-K filed with the SEC on October 23, 2024, which is incorporated by reference herein.

***Going Concern Consideration***

The Company initially had 9 months from the consummation of the Initial Public Offering to consummate the initial Business Combination. If the Company does not complete a Business Combination within nine months from the consummation of the Initial Public Offering, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the Amended and Restated Memorandum and Articles of Association. As a result, this has the same effect as if the Company 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, the Company may extend the period of time to consummate a Business Combination twenty-four times (for a total of up to 33 months from the consummation of the Initial Public Offering to complete a Business Combination). If the Company is unable to consummate the Company's initial Business Combination by February 23, 2027 (unless further extended), the Company will, as promptly as possible but not more than ten business days thereafter, redeem 100% of the Company's 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, the Company may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of the Company's public shareholders. In the event of dissolution and liquidation, the Company's rights will expire and will be worthless.

Our management plans to address this uncertainty through the initial business combination as discussed above. There is no assurance that our plans to consummate the initial business combination will be successful or successful by the deadline of completing an initial business combination as described above. The unaudited financial statements do not include any adjustments that might result from the outcome of this uncertainty.

***Risks and Uncertainties***

We are currently experiencing a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability and economic uncertainties. For example, United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the escalation of the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization ("NATO") deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The Russia-Ukraine conflict and the escalation of the Israel Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets. The political and economic intense between the United States and China may also affect the business of the target of our Business Combination.

Our search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially adversely affected by any negative impact on the global economy and capital markets resulting from the conflict in geopolitical tensions and economic uncertainties.

***Liquidity and Capital Resources***

On February 23, 2024, 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 February 21, 2024. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $69,000,000. Simultaneously with the closing of our initial public offering on February 23, 2024, we consummated the private placement with DT Cloud Capital Corp., our sponsor, of 234,500 units at a price of $10.00 per private unit, generating total gross proceeds of $2,345,000.

Following our initial public offering and the private placement, a total of $69,345,000 of the net proceeds from our initial public offering and the private placement were deposited in the trust account. We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account (excluding deferred underwriting commissions and less taxes payable) to complete our initial business combination. We may withdraw interest from the trust account to pay our taxes. To the extent that our equity or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies. We intend to use the funds held outside the trust account primarily for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business combination.

For the nine months ended September 30, 2025, cash used in operating activities was $647,743, primarily due to net income of $444,595, as adjusted by change in operating assets and liabilities that positively affected our cash flows, including non-redemption agreement expense of $163,022 and increase in due to related party of $110,551, partially offset by dividend income earned on cash and investment held in trust account of $1,333,491, changes in operating assets and liabilities that negatively affected our cash flow, including prepaid expenses of $6,041 and accrued liabilities of $26,379.

As of September 30, 2025, we had cash in bank of $0.

On May 27, 2025, June 18, 2025, June 25, 2025, July 31, 2025, September 24, 2025 and November 19, 2025, we issued three unsecured promissory notes (the "Notes") in an amount of $201,959, $251,327, $92,689, $90,900, $78,450 and $70,287 to Maius, respectively. These Notes do not bear interest and mature upon the closing of a business combination by the Company. In the event that the Company does not complete an initial business combination by December 23, 2025 (as such deadline may be further extended), the Note shall be deemed to be terminated and no amounts will thereafter be due from the Company to the Sponsor under the Note. As of September 30, 2025 and December 31, 2024, the Sponsor advanced the Company an aggregate amount of $715,325 and $0, respectively.

As of September 30, 2025 and December 31, 2024, we had a temporary advance and unpaid service fees of $399,798 and $129,759 from the sponsor, respectively. The balance is unsecured, interest-free and has no fixed terms of repayment.

In order to fund working capital deficiencies or finance transaction costs in connection with an initial business combination, our sponsor, officers, directors, or their affiliates may, but are not obligated to, loan us funds as may be required ("Working Capital Loan"). If we complete our initial business combination, we will repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts, but no proceeds from our trust account would be used for such repayment. Up to $300,000 of such loans may be convertible upon consummation of our business combination into private units at a price of $10.00 per unit. As of September 30, 2025 and December 31, 2024, there was no outstanding balance of the principal amount due under the Working Capital Loan.

**Results of Operations**

Our entire activity since inception up to September 30, 2025 related to our formation, the preparation for the initial public offering, and since the closing of the initial public offering, the search for a prospective initial business combination. We will not be generating any operating revenues until the closing and completion of our initial business combination, at the earliest. We will generate non-operating income in the form of interest income from the amount held in the Trust Account.

**Contractual Obligations**

*Registration Rights*

Pursuant to a registration rights agreement entered into on February 23, 2024, the holders of the insider shares, private placement units (including securities contained therein), and units (including securities contained therein) that may be issued on conversion of working capital loans or extension loans (and) are entitled to registration rights pursuant to a registration rights agreement signed on the effective date of our initial public offering requiring us to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to our completion of initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred in connection with the filing of any such registration statements.

*Underwriting Agreement*

The underwriters are to receive a cash underwriting discount of 2.5% of the gross proceeds of the initial public offering, or $1,725,000, upon the closing of the initial business combination. On February 23, 2024 we issued 103,500 ordinary shares of $0.0001 par value each to Brookline Capital Markets, a division of Arcadia Securities, at the closing of our initial public offering as part of representative compensation, which has been received by Brookline.

*Administrative Services Agreement*

On February 20, 2024, we entered into an agreement with our sponsor, pursuant to which we agreed to pay our sponsor a total of $10,000 per month for secretarial and administrative support services provided to us through the earlier of consummation of the initial business combination and our liquidation. As of September 30, 2025 and December 31, 2024, the unpaid services fees of $190,000 and $100,000, respectively included in due to related party on the balance sheet.

In addition, our sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.

*Business Combination Agreement*

On October 22, 2024, we entered into the Business Combination Agreement with Maius, Pubco, Merger Sub 1, Merger Sub 2 and XXW Investment Limited. The merger involves multiple steps and will result in the cancellation and conversion of various shares into Pubco's ordinary shares. After the Closing of the transactions contemplated by the Business Combination Agreement, we will become a wholly owned subsidiary of Pubco. The Closing is subject to various conditions, such as shareholder approvals and regulatory clearances (including the necessary approval from the China Securities Regulatory Commission). Additionally, related agreements such as the Key Company Shareholder Lock-Up agreement, Key Company Shareholder Support agreement, and Sponsor Support and Lock-up Agreement (as defined in the Business Combination Agreement) have been executed. See our Current Report on Form 8-K filed with the SEC on October 23, 2024 for details.

**Critical Accounting Estimates**

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the periods reported. Actual results could materially differ from those estimates. We have not identified any critical accounting estimates.

**Recent Accounting Pronouncements**

Our management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's unaudited financial statements.

**Off-Balance Sheet Arrangements**

As of September 30, 2025, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

**JOBS Act**

We qualify as an "emerging growth company" under the JOBS Act and are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We elected to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

As an "emerging growth company", we are not required to, among other things, (1) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404, (2) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (3) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (4) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an "emerging growth company," whichever is earlier.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

This item is not applicable as we are a smaller reporting company.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial and accounting officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2025, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial officer have concluded that during the period covered by this Report, our disclosure controls and procedures were not effective as of September 30, 2025, because of the identification of the material weaknesses in our internal control over financial reporting relating to (1) inadequate segregation of duties within account processes due to limited personnel, and (2) insufficient written policies and procedure for accounting, IT, financial reporting and record keeping. In light of these material weaknesses, we performed additional analysis as deemed necessary to ensure that our financial statements were prepared in accordance with U.S. GAAP. Accordingly, management believes that the financial statements included in this Report present fairly in all material respects our financial position, results of operations and cash flows for the periods presented*.***

*Changes in Internal Control Over Financial Reporting*

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

None.

**ITEM 1A. RISK FACTORS**

Except as set forth below, as of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our annual report on Form 10-K filed with the SEC on March 27, 2025, as amended on June 16, 2025. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

***If we fail to meet applicable continued listing requirements, Nasdaq may delist our securities from trading, in which case the liquidity and market price of our securities could decline.***

On August 22, 2025, August 25, 2025 and September 25, 2025, we received deficiency letters (each a "Notice" and together, the "Notices") from the Listing Qualifications Department of Nasdaq notifying the us that:

● As stated in the Notice dated August 22, 2025, for the 30 consecutive business days from June 30, 2025 to August 21, 2025, the minimum Market Value of Listed Securities, as defined by Nasdaq ("MVLS"), of the Company had been below the minimum $50 million requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A) (the "MVLS Requirement");

● As stated in the Notice dated August 25, 2025, the number of publicly held shares, as reported in the Company's proxy statement filed on August 11, 2025, was below the minimum 1,100,000 Publicly Held Shares requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(B) (the "Public Shares Requirement"); and

● As stated in the Notice dated September 25, 2025, for the 30 consecutive business days from August 8, 2025 to September 24, 2025, the minimum Market Value of Publicly Held Shares ("MVPHS") had been below the minimum $15 million requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(C) (the "MVPHS Requirement", and together with the MVLS Requirement and Public Shares Requirement, the "Listing Requirements").

In relation to the MVLS Requirement, the Company has been provided a cure period of 180 calendar days, or until February 18, 2026 ("MVLS Cure Period"), regain compliance with the MVLS Requirement. To regain compliance, the MVLS must meet or exceed $50,000,000 for at least 10 consecutive business days during the MVLS Cure Period.

In relation to the Public Shares Requirement, the Company was granted 45 calendar days, from the date of the Notice (August 25, 2025), to submit a plan to regain compliance ("Plan"). Accordingly, the Company submitted to Nasdaq its plan to regain compliance on October 9, 2025. Upon Nasdaq's acceptance of such plan, the company may be granted an extension of up to 180 calendar days form the date of the Notice (August 25, 2025) to evidence compliance.

In relation to the MVPHS Requirement, the Company has been provided a cure period of 180 calendar days, or until March 24, 2026 ("MVPHS Cure Period", together with MVLS Cure Period, the "Cure Periods"), to regain compliance with the MVPHS Requirement. To regain compliance, the MVPHS must meet or exceed $15,000,000 for at least 10 consecutive business days during the MVPHS Cure Period

If Nasdaq does not accept the Plan or if the Company fails to regain compliance with the Listing Requirements within the respective Cure Periods, the Company's securities will be subject to delisting. In that event, the Company may appeal such determination to a hearing panel. The Company currently awaits Nasdaq's decision and/or comments to the Plan. The Company will also make its best efforts to regain compliance with all the Listing Requirements prior to the expiration of the Cure Periods.

If our securities are delisted by Nasdaq, our securities may be eligible for quotation on an over-the-counter quotation system or on "the pink sheets" but will lack the benefits and market efficiencies associated with a Nasdaq listing. Upon delisting, our securities would become subject to the regulations of the SEC relating to the market for penny stocks. The regulations applicable to penny stocks may severely affect market liquidity in respect of our securities and could limit the ability of shareholders to obtain accurate quotations as to the market value of and/or dispose of our securities. In such case, there can be no assurance that our securities will be again be eligible for listing on any recognized exchange.

***The Sponsor and our directors and officers have interests that are different from, or in addition to (and which may conflict with), the interests of its shareholders, and therefore potential conflicts of interest exist in recommending that shareholders vote in favor of the Business Combination. Such conflicts of interests include that the Sponsor as well as our directors and officers are expected to lose their entire investment in the Company if the Business Combination is not completed.***

When considering our board's recommendation to vote in favor of approving any proposals in connection with the Business Combination, our shareholders should keep in mind that the Sponsor and our directors and officers have interests in such proposals that are different from, or in addition to (and which may conflict with), those of our shareholders generally.

These interests include, among other things:

● The fact that immediately following the consummation of the Business Combination, the initial shareholders are expected to hold an aggregate of 1,993,000 Pubco ordinary shares on an as-converted basis, consisting of (i) 1,725,000 Pubco ordinary shares to be converted from our ordinary shares held by the initial shareholders, (ii) 234,500 Pubco ordinary shares to be converted from our ordinary shares underlying the private units held by the initial shareholders; and (iii) 33,500 Pubco ordinary shares to be converted from our ordinary shares underlying the private rights held by the initial shareholders, which in the aggregate, would represent approximately 6.8% ownership interest in the Pubco following the consummation of the Business Combination under the no redemption scenario, on an as-converted basis.

● The fact that the Sponsor acquired 234,500 units at a price of $10.00 per private unit through private placement simultaneously with the closing of our initial public offering on February 23, 2024.

● The fact that the initial shareholders paid an aggregate purchase price of $25,000, or approximately $0.01 per share, for 1,725,000 insider shares prior to our initial public offering, which shall be surrendered to us to exchange for a share certificate representing the same number of Pubco ordinary shares at the SPAC Merger Effective Time pursuant to the Business Combination Agreement. All of the insider shares are subject to certain transfer restrictions and could have a significantly higher value at the time of the Business Combination, which, if unrestricted and freely tradable, would be valued at approximately $20.2 million, based on the most recent closing price of our ordinary shares of $11.69 per share on October 23, 2025.

● The fact that if the Business Combination or another business combination is not consummated by February 23, 2027 (if we extend the Combination Period which may be accomplished only if the Sponsor deposits additional funds into the Trust Account), we will cease all operations except for the purpose of winding up, redeeming 100% of our outstanding public shares for cash and, subject to the approval of its remaining shareholders and our board, liquidating and dissolving. In such event, the private units held by our initial shareholders would expire worthless. If the Business Combination is consummated, each of our outstanding ordinary share will be converted into one Pubco ordinary share. Given (i) the differential in the purchase price that the Sponsor paid for the insider shares, as compared to the price of the our ordinary shares, (ii) the differential in the purchase price that the Sponsor paid for the our private placement units as compared to the price of the public units, and (iii) the substantial number of Pubco ordinary shares that the Sponsor will receive upon conversion of the initial shares and/or our private placement units, the Sponsor may earn a positive return on their investment, even if public shareholders have a negative return on their investment.

● The fact that the Sponsor has agreed that if we liquidate the Trust Account prior to the consummation of a business combination, it will be liable to pay debts and obligations to target businesses or vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us in excess of the net proceeds of our initial public offering not held in the Trust Account, but only to the extent necessary to ensure that such debts or obligations do not reduce the amounts in the trust account and only if such parties have not executed a waiver agreement.

● The fact that our Sponsor, officers, directors, or their affiliates may, but are not obligated to, loan us funds as may be required ("Working Capital Loan") to fund working capital deficiencies or finance transaction costs in connection with an initial business combination. Up to $300,000 of such Working Capital Loan may be convertible upon consummation of our business combination into private units at a price of $10.00 per unit.

● The fact that the Business Combination Agreement provides for the continued indemnification of our current directors and officers and the continuation of directors and officers liability insurance covering our current directors and officers.

● The fact that Maius, the Sponsor and Pubco will enter into an amendment to the Registration Rights Agreement of our company on or prior to the Closing which provides for registration rights following consummation of the Business Combination.

● The fact that pursuant to the Business Combination Agreement, the Sponsor shall promptly provide non-interest bearing loans to us (the "Extension Loans") for the sole purpose of extending the deadline for the consummation of our initial business combination, which shall immediately be repaid by us to the Sponsor and/or Maius (as the case may be) upon the earlier of the Closing or the expiry of the deadline for the consummation of our initial business combination.

● The fact that in addition to these interests of the Sponsor and our officers, directors and advisors, to the fullest extent permitted by applicable laws and our memorandum and articles of association, waive certain applications of the doctrine of corporate opportunity in some circumstances where the application of any such doctrine would conflict with any fiduciary duties or contractual obligations they may have, and we will renounce any expectancy that any of our directors or officers will offer any such corporate opportunity of which he or she may become aware to us. We do not believe that the pre-existing fiduciary duties or contractual obligations of its officers and directors materially impacted its search for an acquisition target. Further, we do not believe that the waiver of the application of the corporate opportunity doctrine had any impact on its search for a potential business combination target.

The personal and financial interests of our directors and officers may have influenced their motivation in identifying and selecting Maius as a business combination target, completing the Business Combination with Maius and influencing the operation of the business following the Business Combination.

***There is no assurance when or if the Business Combination will be completed.***

The completion of the Business Combination is subject to the satisfaction or waiver of a number of conditions as set forth in the Business Combination Agreement, including, among others, (i) receipt of the required approval by our shareholders; (ii) receipt of the required approval by the shareholders of Maius; (iii) effectiveness of the registration statement (which is to be prepared in connection with the Business Combination and to call a special meeting of our shareholders requiring us to prepare and file with the SEC) declared by the SEC; (iv) the approval for Pubco's initial listing application with Nasdaq; and (v) the absence of any law or governmental order or legal injunction making illegal the consummation of the Business Combination.

No assurance can be given that the required consents, orders and approvals will be obtained or that the required conditions to the completion of the Business Combination will be satisfied. Even if all such consents, orders and approvals are obtained and such conditions are satisfied, no assurance can be given as to the terms, conditions and timing of such consents, orders and approvals. We cannot provide assurance that the Business Combination will be completed on the terms or timeline currently contemplated, or at all.

Our extraordinary shareholder meeting may take place before all of the required regulatory approvals have been obtained and before all conditions to such approvals, if any, are known. Notwithstanding the foregoing, if the proposal to conduct the Business Combination and the Transactions are approved by our shareholders, we would not be required to seek further approval of our shareholders, even if the conditions imposed in obtaining required regulatory approvals could have an adverse effect on us or Maius.

***The approval of, or submission of filings with, the China Securities Regulatory Commission (the "CSRC"), may be required in connection with the Business Combination.***

The PRC government has expanded oversight over offerings that are conducted overseas by China-based issuers and foreign investment in China-based issuers in recent years. On February 17, 2023, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures"), and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill certain filing procedures and report relevant information to the CSRC. If the issuer meets both of the following conditions, an overseas offering and listing will be determined as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenue or profits of the PRC-incorporated operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in the issuer's audited consolidated financial statements for the same period, and (ii) the issuer's major operational activities are carried out in the PRC or its main places of business are located in the PRC, or the senior managers in charge of operation and management of the issuer are mostly PRC citizens or are domiciled in the PRC. The determination as to whether or not an overseas offering and listing by domestic companies is indirect, shall be made on a substance over form basis.

Pursuant to covenants of Maius under the Business Combination Agreement, Maius shall use its commercially reasonable efforts to fulfill the filing procedure with the CSRC and report relevant information in a timely manner per the requirements of the Trial Measures and the supporting guidelines. Maius expects to submit the filing application documents according to the Trial Measures and relevant supporting guidelines within three business days after filing the registration statement in connection with the Transactions with the SEC. It is uncertain whether Maius will be able to, or how long it will take it to, obtain such approval or complete the filing procedures. Further, the CSRC could rescind its approval after giving it. Any failure to obtain or delay in obtaining clearance of such approval or completing such filing procedures for this Business Combination or the Pubco's proposed listing on Nasdaq, or a rescission of any such approval obtained by Maius, would subject Maius to regulatory actions or other sanctions by the CSRC or other PRC regulatory authorities for failure to obtain required governmental authorization. These governmental authorities may impose fines, restrictions and penalties on Maius, which might make it advisable for Maius to suspend the Business Combination or the Pubco's proposed listing on Nasdaq. All of these could have a material adverse effect on our and Maius' ability to consummate the Business Combination, and could significantly limit or completely hinder the Pubco's ability and the ability of any holder of the Pubco's securities to offer or continue to offer such securities.

***There is no assurance if any PIPE financing as contemplated in the Business Combination can be completed.***

Pursuant to covenants under the Business Combination Agreement, we and Maius have agreed to use commercially reasonable efforts to obtain executed subscription agreements for an aggregate investment amount of no less than $10,000,000 from third party investors (such investors, collectively, with any permitted assignees or transferees, the "PIPE Investors"), pursuant to which the PIPE Investors make or commit to make private equity investments in us, Maius or Pubco to purchase shares of us, Maius or Pubco in connection with a private placement, and/or enter into backstop or other alternative financing arrangements with potential investors (a "PIPE Investment"). We may terminate the Business Combination Agreement at any time prior to the Closing if we are not in material breach of any of our obligations in the Business Combination Agreement while Maius fails to perform such covenants in connection with the PIPE Investment within the time period specified in the Business Combination Agreement.

Although we will continue to work toward obtaining the PIPE Investment on market terms, no subscription agreements have been entered into as of the date of this Quarterly Report on Form 10-Q. Accordingly, there are substantial uncertainties with respect to the financing amount, terms and timing of PIPE Investment, as well as the dilutive effect of such PIPE Investment to our non-redeeming shareholders. Furthermore, there can be no assurances that such PIPE Investment can be secured at all. Lack of PIPE Investment may cause the Business Combination to become less attractive to some investors, which may make it more difficult for us to complete the Business Combination.

***If the Business Combination does not constitute an "Exchange" within the meaning of Section 351 of the Code, then the Business Combination generally will be taxable to U.S. holders.***

Each of us, Maius, Pubco, Merger Sub 1 and Merger Sub 2 intend to take the position that, for U.S. federal income tax purposes, the Transactions constitute a single exchange transaction under Section 351 of the Internal Revenue Code of 1986, as amended (the "Exchange"). However, there is a lack of authority supporting the treatment of the Transactions as an Exchange, and accordingly there is significant uncertainty that the Business Combination would so qualify. Neither us nor Maius intends to request a ruling from the IRS regarding the U.S. federal income tax treatment of the Business Combination as part of an Exchange, and no assurance can be given that Business Combination will qualify as part of an Exchange, that the IRS will not challenge this position or that a court will not sustain such a challenge by the IRS. Further, the Closing is not conditioned upon the receipt of an opinion of counsel that the Transactions will constitute an Exchange.

If the Transactions do not constitute an Exchange, then a U.S. holder generally will recognize gain or loss in an amount equal to the difference between the fair market value (as of the Closing Date of the Business Combination) of Pubco ordinary shares received in the Business Combination, over such holder's aggregate adjusted tax basis in the corresponding public shares surrendered by such holder in the Business Combination. Even if the Transactions otherwise constitutes an Exchange, U.S. Holders may be required to recognize gain (but not loss) in the Business Combination under the PFIC rules. The tax consequences of the Business Combination are complex and will depend on each U.S. holder's particular circumstances.

***We may not have sufficient funds to consummate the Business Combination.***

As of September 30, 2025, we had $0 of cash held outside the Trust Account. If we are required to seek additional capital, we may need to borrow funds from the Sponsor, directors, officers, their affiliates or other third parties to operate or may be forced to liquidate. We believe that the funds available to us outside of the Trust Account, together with funds available from loans from Sponsor, its affiliates or members of our management team will be sufficient to allow us to operate for at least the period ending on February 23, 2027 if we extend the Combination Period which may be accomplished only if the Sponsor deposits additional funds into the Trust Account. However, we cannot assure you that its estimate is accurate, and the Sponsor, directors, officers and their affiliates are under no obligation to advance funds to us in such circumstances.

***Our management concluded that there is substantial doubt about its ability to continue as a "going concern."***

As of September 30, 2025, we had $1,598,106 of cash and investments held in the Trust Account to be used for a business combination or to repurchase or redeem our ordinary shares in connection therewith. If we are unable to raise additional funds to alleviate liquidity needs and complete a business combination by February 23, 2027 if we extend the Combination Period which may be accomplished only if the Sponsor deposits additional funds into the Trust Account, we will cease all operations except for the purpose of liquidating. The liquidity condition and date for mandatory liquidation and subsequent dissolution raise substantial doubt about our ability to continue as a going concern.

***We depend on a variety of U.S. and multi-national financial institutions to provide us with banking services. The default or failure of one or more of the financial institutions that we rely on may adversely affect our business and financial condition.***

We maintain the majority of our cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and our deposits at certain of these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of the failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we would be able to access uninsured funds in a timely manner or at all. Any inability to access or delay in accessing these funds could adversely affect our liquidity, business and financial condition.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

*Unregistered Sales of Equity Securities*

In August 2022, an aggregate of 1,725,000 insider shares were issued to our initial shareholders, for an aggregate purchase price of $25,000, or approximately $0.01 per share. The insider 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 representative shares and assuming our initial shareholders did not purchase units in our initial public offering). On February 21, 2024, the underwriters exercised their over-allotment option in full.

Simultaneously with the closing of our initial public offering on February 23, 2024, we consummated the private placement with DT Cloud Capital Corp., our sponsor, of 234,500 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.

On May 21, 2025, the Company and Maius entered into Voting Agreements with the Non-Redeeming Shareholders. Pursuant to the Voting Agreements, in the event a shareholder redeems the Redemption Shares and foregoes the exercise of their redemption rights in connection with the Non-redeemed Shares, vote in favor of the approval of the Extension Fee Reduction, for any proposal to adjourn or postpone the applicable general meeting to a later date proposed by the Company for purposes of obtaining the approval of the Extension Fee Reduction and against any action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect of any covenant, representation or warranty or any other obligation or agreement of the Investors in this Agreement. The Company agrees to issue to the Non-Redeeming Shareholders the Additional SPAC Rights for each Non-redeemed Share for no additional consideration. An aggregate of 781,879 Additional Rights were issued to the Non-Redeeming Shareholders on July 25, 2025. This issuance was made pursuant to Section 4(a)(2) of the Securities Act. No registration under the Securities Act of the Additional Rights is required for the Company's issuance of the Additional Rights to the Non-Redeeming Shareholders solely in the manner contemplated by the Voting Agreements.

*Use of Proceeds*

On February 23, 2024, 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 February 21, 2024. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $69,000,000. Simultaneously with the closing of our initial public offering on February 23, 2024, we consummated the private placement with DT Cloud Capital Corp., our sponsor, of 234,500 units at a price of $10.00 per private unit, generating total gross proceeds of $2,345,000.

As of February 23, 2024, a total of $69,345,000 of the net proceeds from our initial public offering and the private placement were deposited in a trust account established for the benefit of our public stockholders at Morgan Stanley, with Continental Stock Transfer & Trust Company, acting as trustee.

Brookline Capital Markets, a division of Arcadia Securities, LLC served as the representative of the underwriters of our initial public offering.

The securities sold in our initial public offering were registered under the Securities Act pursuant to a registration statement on Form S-1 (File No. 333-267184) (the "Registration Statement"). The SEC declared the Registration Statement effective on February 14, 2024.

There has been no material change in the planned use of proceeds from our initial public offering and the private placement as described in our final prospectus dated February 20, 2024.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

None.

**ITEM 6. EXHIBITS**

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 31.1\* | [Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-1.htm) |
| 32.2\*\* | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-2.htm) |
| 101.INS\* | Inline XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith <br> \*\* Furnished herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: November 26, 2025 | **DT Cloud Acquisition Corporation** | **DT Cloud Acquisition Corporation** |
|  | By: | */s/ Guojian Chen* |
|  | Name: | Guojian Chen |
|  | Title: | Chief Executive Officer, Chief Financial Officer and Director<br> *(Principal Executive Officer and Principal Financial and Accounting Officer)* |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Guojian Chen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of DT Cloud Acquisition Corporation (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 26 , 2025 |  |
|  | */s/ Guojian Chen* |
|  | Guojian Chen |
|  | Chief Executive Officer and Director |
|  | (*Principal Executive Officer*) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Guojian Chen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of DT Cloud Acquisition Corporation (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 26, 2025 |  |
|  | */s/ Guojian Chen* |
|  | Guojian Chen |
|  | Chief Financial Officer and Director |
|  | (*Principal Financial and Accounting Officer*) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. § 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Guojian Chen, Chief Executive Officer of DT Cloud Acquisition Corporation (the "Company"), certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Quarterly Report"), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 26, 2025 |  |
|  | */s/ Guojian Chen* |
|  | Guojian Chen |
|  | Chief Executive Officer and Director |
|  | (*Principal Executive Officer*) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. § 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Guojian Chen, Chief Financial Officer of DT Cloud Acquisition Corporation (the "Company"), certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Quarterly Report"), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 26, 2025 |  |
|  | */s/ Guojian Chen* |
|  | Guojian Chen |
|  | Chief Financial Officer and Director |
|  | (*Principal Financial and Accounting Officer*) |

---