DT Cloud Acquisition Corp announces increased monthly extension fee

Published 04/02/2025, 15:24
DT Cloud Acquisition Corp announces increased monthly extension fee

DT Cloud Acquisition Corporation (NASDAQ:DYCQ), a special purpose acquisition company with a market capitalization of $94.11 million, has amended the terms regarding the monthly extension fee paid into the trust account for extending the deadline to complete its initial business combination. According to InvestingPro data, the company’s stock is currently trading at $10.90, near its 52-week high. The announcement was made through an 8-K filing with the U.S. Securities and Exchange Commission today.

The company’s board of directors proposed an increase in the monthly extension fee from the lesser of $60,000 for all outstanding Public Shares or $0.0087 for each outstanding Public Share to a flat rate of $70,000 for all outstanding Public Shares. This change is set to take effect starting February 23, 2025, and will apply each month until the earlier of the closing of an initial business combination or February 23, 2026. InvestingPro analysis shows the company maintains a healthy current ratio of 1.48, indicating strong ability to meet its short-term obligations.

This amendment comes as the company prepares for an extraordinary general meeting of shareholders scheduled for February 18, 2025. At this meeting, shareholders will vote on the proposed reduction of the monthly extension fee, among other items. The amendment to the extension fee was detailed in a supplement to the definitive proxy statement initially filed on January 27, 2025.

Shareholders of record as of January 15, 2025, are eligible to vote at the upcoming meeting. The company has noted that previously submitted proxy cards are now invalid due to the revised proposal and has urged shareholders to resubmit their votes using the amended proxy card.

The company has engaged Advantage Proxy, Inc. to assist with soliciting proxies. Shareholders seeking assistance with voting or directing votes regarding their shares can contact Advantage Proxy for support.

This update is based on a press release statement and aims to provide shareholders with essential information regarding the upcoming meeting and changes to the monthly extension fee. For comprehensive SPAC analysis and additional insights, including 7 more key ProTips about DYCQ, investors can access detailed metrics and valuation tools through InvestingPro’s advanced SPAC screening platform.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.