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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.
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