DT Cloud Acquisition Corp extends merger deadline to May 2026

In a recent filing with the Securities and Exchange Commission, DT Cloud Acquisition Corp, a special purpose acquisition company, announced the approval of an extension for its deadline to complete a business combination. The extension allows the company to push the deadline from February 23, 2026, to May 23, 2026.

The decision came during an extraordinary general meeting on March 20, 2025, where shareholders voted on several proposals. The company, currently valued at $95.28 million, required approval to amend its Amended and Restated Memorandum and Articles of Association to accommodate the new timeline.

Shareholders also approved a related amendment to the Investment Management Trust Agreement to reflect the extended period for completing a merger or acquisition. This amendment aligns with the company’s strategy to allow additional time for identifying and finalizing a business combination.

During the voting process, a significant number of shareholders, holding 1,868,367 ordinary shares, opted to redeem their shares. The redemption price was approximately $10.61 per share, totaling around $19.8 million. According to InvestingPro data, the stock is currently trading at $10.65, near its 52-week high of $10.90.

The approval of the extension and trust agreement amendments did not necessitate the need for an adjournment proposal, which would have directed the chairman to postpone the meeting to a later date if necessary.

DT Cloud Acquisition Corp’s focus remains on sectors related to real estate and construction. The company, based in London, United Kingdom (TADAWUL:4280), trades on the Nasdaq Stock Market under the symbols DYCQU for units, DYCQ for ordinary shares, and DYCQR for rights. InvestingPro analysis shows the company maintains strong financial health with a current ratio of 1.48 and has been profitable over the last twelve months. Subscribers can access additional financial metrics and exclusive insights on the platform.

The information reported here is based on the company’s statement in its SEC filing.

In other recent news, DT Cloud Acquisition Corp has announced the postponement of its extraordinary general meeting from February 18, 2025, to February 21, 2025. This meeting will address a proposal concerning the monthly extension fees related to the company’s timeline for completing its initial business combination. Initially, the fee was proposed to be $60,000 for all outstanding Public Shares or $0.0087 per share. The board revised this to a flat rate of $70,000 for all outstanding Public Shares, effective February 23, 2025. Further changes include a new proposal for a fee of $0.022 per outstanding Public Share starting March 23, 2025, unless a business combination is completed sooner. Shareholders who have already voted do not need to vote again unless they wish to change their decision. The company has engaged Advantage Proxy, Inc. to assist with the proxy solicitation process, urging shareholders to resubmit votes using the amended proxy card. These developments are based on recent filings with the U.S. Securities and Exchange Commission.

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