UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
14A
(Rule
14a-101)
Proxy
Statement Pursuant to Section 14(a) of the
Securities
Exchange Act of 1934
Filed
by the Registrant ☒
Filed
by a Party other than the Registrant ☐
Check
the appropriate box:
☒ |
Preliminary
Proxy Statement |
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Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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☐ |
Definitive
Proxy Statement |
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Definitive
Additional Materials |
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☐ |
Soliciting
Material Under Rule 14a-12 |
DT
Cloud Acquisition Corporation
(Name
of Registrant as Specified In Its Charter)
(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment
of Filing Fee (Check the appropriate box):
☒ |
No
fee required. |
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☐ |
Fee
paid previously with preliminary materials. |
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☐ |
Fee
computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
PRELIMINARY PROXY STATEMENT —
SUBJECT TO COMPLETION
DT
CLOUD ACQUISITION CORPORATION
30
Orange Street
London,
United Kingdom, WC2H 7HF
NOTICE
OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
TO
BE HELD ON APRIL ______, 2025
TO
THE SHAREHOLDERS OF DT CLOUD ACQUISITION CORPORATION:
You
are cordially invited to attend the Extraordinary General Meeting of shareholders of DT Cloud Acquisition Corporation (“DT Cloud,”
“Company,” “we,” “us” or “our”) to be held at [10:00] a.m. Eastern Time on April _____,
2025 (the “Extraordinary General Meeting”). The Extraordinary General Meeting will be held physically at the offices
of Han Kun Law Offices LLP at 43/F, Gloucester Tower, The Landmark, 15 Queen’s
Road Central, Hong Kong.
As
an extraordinary general meeting of the Company’s shareholders, the Extraordinary General Meeting is being held for the purpose
of considering and voting upon the following proposals:
1. |
a proposal to amend, 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 (the “Sponsor”) depositing additional funds for each
one-month extension into the trust account (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) (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 (the “Proposal 1”
or “Extension Amendment Proposal”); |
2. |
a proposal 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 (“Trustee”), to reflect the Extension Amendment Proposal (“Proposal 2” or “Trust Amendment Proposal”);
and |
3. |
a proposal to direct,
by ordinary resolution, the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General Meeting to a later
date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the
Extraordinary General Meeting, there are not sufficient votes to approve the foregoing proposals (“Proposal 3” or “Adjournment
Proposal”). |
Each
of the Extension Amendment Proposal and the Trust Amendment Proposal is cross-conditioned on the approval of the other. Each of the Extension
Amendment Proposal, the Trust Amendment Proposal, and the Adjournment Proposal is more fully described in the accompanying Proxy Statement.
Currently, our Amended and Restated
Memorandum and Articles of Association provides that we have nine months from the closing of our initial public offering (the “IPO”)
to consummate our initial business combination (or 12 months if we enter into a business combination agreement within nine months after
the closing of the IPO), which deadline could be extended for up to twelve times by an additional one month each time which may be accomplished
only if the Sponsor deposits additional funds for each one-month extension into the Trust Account established pursuant to the Investment
Management Trust Agreement (the “Trust Agreement”) between the Company and Continental Stock Transfer & Trust Company
(the “Transfer Agent”) (each, an “Extension”). Currently, to effectuate each Extension, the Sponsor and/or its
affiliates must deposit an amount equal to $0.03 per Public Share into the Trust Account. As we entered into a definitive business combination
agreement on October 22, 2024, which is within nine months after the closing of the IPO, we are entitled to the automatic three-month
extension. As a result, we have 12 months from the closing of the IPO to consummate our initial business combination (i.e., until February
23, 2025 (the “Original Termination Date”)), as may be extended, on a month-to-month basis and subject to the Sponsor depositing
additional funds for each one-month extension into the Trust Account, for up to twelve times as provided in the Amended and Restated Memorandum
and Articles of Association (as amended, the “Combination Period”). On February 18, 2025, the Sponsor requested the Company
to extend the latest time for completion of initial business combination from February 23, 2025, up to twelve (12) times, each by an additional
one (1) month, subject to the Sponsor depositing additional funds into the Trust Account (the “Extension of Time Request”).
The board of directors (the “Board”) of the Company subsequently approved, adopted and ratified the Extension of Time Request
by unanimous approval. On March 20, 2025, the Company held an extraordinary general meeting where shareholders approved a proposal to
amend 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 twelve times (i.e., until February 23, 2026) to up to fifteen times (i.e., until May 23,
2026).
The purpose of the Extension
Amendment Proposal and the Trust Amendment Proposal is to allow DT Cloud more time to complete an initial business combination. In light
of the uncertainties in the macroeconomic environment and regulatory landscape, the Board has determined that it is in the best interests
of the Company to seek Extension Amendment to allow for additional time and opportunity to clear regulatory approvals and consummate the
business combination. Following the Extension Amendment, the Company may complete a business combination until up to 30 months from the
closing of the IPO if the Sponsor deposits additional funds into the Trust Account as provided in the Amended and Restated Memorandum
and Articles of Association. Without the Extension Amendment, the Company may not be able to complete a business combination on or before
February 23, 2026. If that were to occur, the Company would be precluded from completing a business combination and would be forced to
liquidate. The Board has further determined that the approval of the Extension Amendment Proposal and the Trust Amendment Proposal will
provide the Sponsor and its affiliates with more incentive to fund the monthly extension fee required for the Extensions that are required
for the Company to complete an initial business combination as the Extension Amendment provides more certainty in advance for the Company
to consummate the Business Combination. Accordingly, the Board believes that Proposal 1 and Proposal 2 are necessary in order to be able
to consummate an initial business combination. Therefore, the Board has determined that it is in the best interests of our shareholders
to approve Proposal 1 and Proposal 2, which will provide our shareholders with the opportunity to participate in an initial business combination.
If the Extension Amendment Proposal
and the Trust Amendment Proposal are adopted by the shareholders, the Combination Period could be extended for up to eighteen times from
the Original Termination Date (i.e., until August 23, 2026) by an additional one month each time which may be accomplished only if the
Sponsor deposits additional funds for each one-month extension into the Trust Account.
The
purpose of the Adjournment Proposal is to allow the Company to adjourn the Extraordinary General Meeting to a later date or dates if
we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there are insufficient
votes to approve the Proposal 1 and Proposal 2.
Holders
(the “Public Shareholders”) of DT Cloud’s Public Shares sold in the IPO may elect to redeem their Public Shares for
their pro rata portion of the funds available in the Trust Account in connection with the Extension Amendment Proposal and the Trust
Amendment Proposal (the “Election”) regardless of how such Public Shareholders vote in regard to the proposals, or whether
they were holders of DT Cloud’s Public Shares on the Record Date (as defined below) or acquired such shares after such date. DT
Cloud believes that the redemption right provided for by way of this proxy statement protects DT Cloud’s Public Shareholders from
having to maintain their investments for an unreasonably long period if DT Cloud fails to consummate an initial business combination
in the Combination Period initially contemplated by its Amended and Restated Memorandum and Articles of Association (and set forth in
the Trust Agreement provisions incorporated into the Amended and Restated Memorandum and Articles of Association). If the Extension Amendment
Proposal and the Trust Amendment Proposal are approved by the requisite vote of shareholders (and not abandoned), the remaining Public
Shareholders will retain their right to redeem their Public Shares for their pro rata portion of the funds available in the Trust Account
upon consummation of a business combination.
To
exercise your redemption rights, you must tender your shares to the Company’s Transfer Agent at least two (2) business days prior
to the Extraordinary General Meeting. You may tender your shares by either delivering your share certificates to the Transfer Agent or
by delivering your shares electronically using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) system. If
you hold your shares in street name, you will need to instruct your bank, broker or other nominee to withdraw the shares from your account
in order to exercise your redemption rights.
The per-share pro rata portion
of the Trust Account on _____, 2025 was approximately $_____. The closing price of DT Cloud’s ordinary shares on the _____, 2025
was $_____. DT Cloud cannot assure shareholders that they will be able to sell their shares of DT Cloud in the open market, as there may
not be sufficient liquidity in its securities when shareholders wish to sell their shares.
The
affirmative vote of the holders of at least two-thirds of the Company’s ordinary shares entitled to vote which are present (in
person or by proxy) at the Extraordinary General Meeting and which vote on the Extension Amendment Proposal will be required to approve
such proposal. The affirmative vote of the holders of a simple majority of the Company’s ordinary shares entitled to vote which
are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Trust Amendment Proposal will be required
to approve such proposal. The affirmative vote of the holders of a simple majority of the Company’s ordinary shares entitled to
vote which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Adjournment Proposal will be
required to approve such proposal.
The Board has fixed the close
of business on _____, 2025 as the record date (the “Record Date”) for determining DT Cloud shareholders entitled to receive
notice of and vote at the Extraordinary General Meeting and any adjournment thereof. Only holders of record of DT Cloud’s ordinary
shares on that date are entitled to notice of and to vote at the Extraordinary General Meeting or any adjournments thereof.
After
careful consideration of all relevant factors, the Board has determined that the Extension Amendment Proposal, the Trust Amendment Proposal
and the Adjournment Proposal are fair to and in the best interests of DT Cloud and its shareholders, has declared them advisable and
recommends that you vote or give instruction to vote “FOR” all the foregoing proposals.
Enclosed
is the proxy statement containing detailed information concerning the proposals and Extraordinary General Meeting. Whether or not you
plan to attend the Extraordinary General Meeting, we urge you to read this material carefully and vote your shares.
We
look forward to seeing you at the Extraordinary General Meeting.
Dated:
_____, 2025
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By
Order of the Board of Directors |
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Shaoke
Li |
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Chief
Executive Officer |
Your
vote is important. Please sign, date and return your proxy card as soon as possible to make sure that your shares are represented at
the Extraordinary General Meeting. If you are a shareholder of record, you may also cast your vote in person at the Extraordinary General
Meeting. If your shares are held in an account at a brokerage firm or bank, you must instruct your broker or bank how to vote your shares,
or you may cast your vote online at the Extraordinary General Meeting by obtaining a proxy from your brokerage firm or bank.
Important Notice Regarding the Availability of
Proxy Materials for the Extraordinary General Meeting of Shareholders to be held on _____, 2025: This Notice of Extraordinary General
Meeting and the accompanying proxy statement are available at the website of U.S. Securities and Exchange Commission at www.sec.gov.
DT
CLOUD ACQUISITION CORPORATION
30
Orange Street
London,
United Kingdom, WC2H 7HF
PROXY STATEMENT FOR THE EXTRAORDINARY GENERAL MEETING
OF SHAREHOLDERS
TO BE HELD ON APRIL _____, 2025
The Extraordinary General Meeting
(the “Extraordinary General Meeting”) of shareholders of DT Cloud Acquisition Corporation (“DT Cloud,” “Company,”
“we,” “us” or “our”), a Cayman Islands exempted company, will be held at [10:00 a.m.] Eastern Time
on April ____, 2025. The Extraordinary General Meeting will be held physically at the offices of Han Kun Law Offices LLP at 43/F, Gloucester
Tower, The Landmark, 15 Queen’s Road Central, Hong Kong.
As
an extraordinary general meeting of the Company’s shareholders, the Extraordinary General Meeting is being held for the purpose
of considering and voting upon the following proposals:
1. |
a
proposal to amend, 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 (the
“Sponsor”) depositing additional funds for each one-month extension into the trust account (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) (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 (the “Proposal 1” or “Extension Amendment Proposal”); |
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2. |
a
proposal 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 (“Trustee”), to reflect the Extension Amendment
Proposal (“Proposal 2” or “Trust Amendment Proposal”); and |
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3. |
a
proposal to direct, by ordinary resolution, the chairman of the Extraordinary General Meeting to adjourn the Extraordinary
General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated
vote at the time of the Extraordinary General Meeting, there are not sufficient votes to approve the foregoing proposals (“Proposal
3” or “Adjournment Proposal”). |
Each
of the Extension Amendment Proposal and the Trust Amendment Proposal is cross-conditioned on the approval of the other. Each of the Extension
Amendment Proposal, the Trust Amendment Proposal, and the Adjournment Proposal is more fully described in the accompanying Proxy Statement.
Currently,
our Amended and Restated Memorandum and Articles of Association provides that we have nine months from the closing of our initial public
offering (the “IPO”) to consummate our initial business combination (or 12 months if we enter into a business combination
agreement within nine months after the closing of the IPO), which deadline could be extended for up to twelve times by an additional
one month each time which may be accomplished only if the Sponsor deposits additional funds for each one-month extension into the Trust
Account established pursuant to the Investment Management Trust Agreement (the “Trust Agreement”) between the Company and
Continental Stock Transfer & Trust Company (the “Transfer Agent”) (each, and “Extension”). Currently, to
effectuate each Extension, the Sponsor and/or its affiliates must deposit an amount equal to $0.03 per Public Share into the Trust Account.
As we entered into a definitive business combination agreement on October 22, 2024, which is within nine months after the closing of
the IPO, we have been entitled to the automatic three-month extension. As a result, we have 12 months from the closing of the IPO to
consummate our initial business combination (i.e., until February 23, 2025 (the “Original Termination Date”)), as may be
extended, on a month-to-month basis and subject to the Sponsor depositing additional funds for each one-month extension into the Trust
Account, for up to twelve times as provided in the Amended and Restated Memorandum and Articles of Association (as amended, the “Combination
Period”). On February 18, 2025, the Sponsor requested the Company to extend the latest time for completion of initial business
combination from February 23, 2025, up to twelve (12) times, each by an additional one (1) month, subject to the sponsor depositing additional
funds into the Trust Account (the “Extension of Time Request”). The board of directors of the Company subsequently approved,
adopted and ratified the Extension of Time Request by unanimous approval. On March 20, 2025, the Company held an extraordinary general meeting where shareholders approved a proposal to amend
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 twelve times (i.e., until February 23, 2026) to up to fifteen times (i.e., until May 23,
2026).
The
purpose of the Extension Amendment Proposal and the Trust Amendment Proposal is to allow DT Cloud more time to complete an initial business
combination. In light of the uncertainties in the macroeconomic environment and regulatory landscape, the Board has determined that it
is in the best interests of the Company to seek Extension Amendment to allow for additional time and opportunity to clear regulatory
approvals and consummate the business combination. Following the Extension Amendment, the Company may complete a business combination
until up to 30 months from the closing of the IPO if the Sponsor deposits additional funds into the Trust Account as provided in the
Amended and Restated Memorandum and Articles of Association. Without the Extension Amendment, the Company may not be able to complete
a business combination on or before February 23, 2026. If that were to occur, the Company would be precluded from completing a business
combination and would be forced to liquidate. The Board has further determined that the approval of the Extension Amendment Proposal
and the Trust Amendment Proposal will provide the Sponsor and its affiliates with more incentive to fund the monthly extension fee required
for the Extensions that are required for the Company to complete an initial business combination as the Extension Amendment provides
more certainty in advance for the Company to consummate the Business Combination. Accordingly, the Board believes that Proposal 1 and
Proposal 2 are necessary in order to be able to consummate an initial business combination. Therefore, the Board has determined that
it is in the best interests of our shareholders to approve Proposal 1 and Proposal 2, which will provide our shareholders with the opportunity
to participate in an initial business combination.
If the Extension Amendment Proposal
and the Trust Amendment Proposal are adopted by the shareholders, the Combination Period could be extended for up to eighteen times from
the Original Termination Date (i.e., until August 23, 2026) by an additional one month each time which may be accomplished only if the
Sponsor deposits additional funds for each one-month extension into the Trust Account.
The
purpose of the Adjournment Proposal is to allow the Company to adjourn the Extraordinary General Meeting to a later date or dates if
we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there are insufficient
votes to approve the Proposal 1 and Proposal 2.
Holders
(the “Public Shareholders”) of DT Cloud’s Public Shares sold in the IPO may elect to redeem their Public Shares for
their pro rata portion of the funds available in the Trust Account in connection with the Extension Amendment Proposal and the Trust
Amendment Proposal (the “Election”) regardless of how such Public Shareholders vote in regard to the proposals, or whether
they were holders of DT Cloud’s Public Shares on the Record Date (as defined below) or acquired such shares after such date. DT
Cloud believes that the redemption right provided for by way of this proxy statement protects DT Cloud’s Public Shareholders from
having to maintain their investments for an unreasonably long period if DT Cloud fails to consummate an initial business combination
in the Combination Period initially contemplated by its Amended and Restated Memorandum and Articles of Association (and set forth in
the Trust Agreement provisions incorporated into the Amended and Restated Memorandum and Articles of Association). If the Extension Amendment
Proposal and the Trust Amendment Proposal are approved by the requisite vote of shareholders (and not abandoned), the remaining Public
Shareholders will retain their right to redeem their Public Shares for their pro rata portion of the funds available in the Trust Account
upon consummation of a business combination.
To
exercise your redemption rights, you must tender your shares to the Company’s Transfer Agent at least two (2) business days prior
to the Extraordinary General Meeting. You may tender your shares by either delivering your share certificates to the Transfer Agent or
by delivering your shares electronically using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) system. If
you hold your shares in street name, you will need to instruct your bank, broker or other nominee to withdraw the shares from your account
in order to exercise your redemption rights.
The
affirmative vote of the holders of at least two-thirds of the Company’s ordinary shares entitled to vote which are present (in
person or by proxy) at the Extraordinary General Meeting and which vote on the Extension Amendment Proposal will be required to approve
such proposal. The affirmative vote of the holders of a simple majority of the Company’s ordinary shares entitled to vote which
are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Trust Amendment Proposal will be required
to approve such proposal. The affirmative vote of the holders of a simple majority of the Company’s ordinary shares entitled to
vote which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Adjournment Proposal will be
required to approve such proposal.
If the Extension Amendment Proposal
and the Trust Amendment Proposal are adopted by the shareholders, the Combination Period could be extended for up to eighteen times from
the Original Termination Date (i.e., until August 23, 2026) by an additional one month each time which may be accomplished only if the
Sponsor deposits additional funds for each one-month extension into the Trust Account.
The Board has fixed the close
of business on _____, 2025 as the record date (the “Record Date”) for determining DT Cloud shareholders entitled to receive
notice of and vote at the Extraordinary General Meeting and any adjournment thereof. Only holders of record of DT Cloud’s ordinary
shares on that date are entitled to notice of and to vote at the Extraordinary General Meeting or any adjournments thereof. On the Record
Date, there were _____ outstanding ordinary shares of DT Cloud, including _____ outstanding Public Shares. DT Cloud’s outstanding
rights do not have voting rights.
This
proxy statement contains important information about the Extraordinary General Meeting and the proposals. Please read it carefully and
vote your shares.
This
proxy statement is dated _______, 2025 and is first being mailed to shareholders on or about that date.
TABLE
OF CONTENTS
QUESTIONS
AND ANSWERS ABOUT THE MEETING
These
questions and answers are only summaries of the matters they discuss. They do not contain all of the information that may be important
to you. You should read carefully this entire proxy statement.
Q.
Why am I receiving this proxy statement? |
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A. |
This proxy statement and the accompanying materials are being sent to you
in connection with the solicitation of proxies by the Board, for use at the Extraordinary General Meeting to be held on April ______,
2025 at [10:00 a.m.], Eastern Time, or at any adjournments or postponements thereof, physically at the offices of Han Kun Law Offices
LLP at 43/F, Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong Kong. This proxy statement summarizes the information
that you need to make an informed decision on the proposals to be considered at the Extraordinary General Meeting. |
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Q.
What is being voted on? |
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A. |
You
are being asked to consider and vote on the following proposals: |
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● |
a proposal to amend, by special resolution, the Company’s 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) (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; |
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a
proposal to amend, by ordinary resolution, the Investment Management Trust Agreement, dated February 20, 2024, by and between the
Company and the Trustee, to reflect the Extension Amendment Proposal; and |
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a
proposal to direct, by ordinary resolution, the chairman of the Extraordinary General Meeting to adjourn the Extraordinary
General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated
vote at the time of the Extraordinary General Meeting, there are not sufficient votes to approve any of the foregoing proposals. |
Q.
How does the Board of Directors recommend I vote? |
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A. |
After
careful consideration of all relevant factors, the Board recommends that you vote or give instruction to vote “FOR” the
Extension Amendment Proposal, “FOR” the Trust Amendment Proposal, and “FOR” the Adjournment Proposal. |
Q. Why is the Company proposing the Extension Amendment Proposal and the Trust Agreement Proposal? |
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A. |
Currently, our Amended and Restated Memorandum and
Articles of Association provides that we have nine months from the closing of our initial public offering (the “IPO”) to consummate
our initial business combination (or 12 months if we enter into a business combination agreement within nine months after the closing
of the IPO), which deadline could be extended for up to twelve times by an additional one month each time which may be accomplished only
if the Sponsor deposits additional funds for each one-month extension into the Trust Account established pursuant to the Investment Management
Trust Agreement (the “Trust Agreement”) between the Company and Continental Stock Transfer & Trust Company (the “Transfer
Agent”) (each, and “Extension”). Currently, to effectuate each Extension, the Sponsor and/or its affiliates must deposit
an amount equal to $0.03 per Public Share into the Trust Account. As we entered into a definitive business combination agreement on October
22, 2024, which is within nine months after the closing of the IPO, we are entitled to the automatic three-month extension. As a result,
we have 12 months from the closing of the IPO to consummate our initial business combination (i.e., until February 23, 2025 (the “Original
Termination Date”)), as may be extended, on a month-to-month basis and subject to the Sponsor depositing additional funds for each
one-month extension into the Trust Account, for up to twelve times as provided in the Amended and Restated Memorandum and Articles of
Association (as amended, the “Combination Period”). On February 18, 2025, the Sponsor requested the Company to extend the
latest time for completion of initial business combination from February 23, 2025, up to twelve (12) times, each by an additional one
(1) month, subject to the sponsor depositing additional funds into the Trust Account (the “Extension of Time Request”). The
board of directors of the Company subsequently approved, adopted and ratified the Extension of Time Request by unanimous approval. On
March 20, 2025, the Company held an extraordinary general meeting where shareholders approved a proposal to amend 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 twelve times (i.e., until February 23, 2026) to up to fifteen times (i.e., until May 23, 2026).
The purpose of the Extension Amendment Proposal and
the Trust Amendment Proposal is to allow DT Cloud more time to complete an initial business combination. In light of the uncertainties
in the macroeconomic environment and regulatory landscape, the Board has determined that it is in the best interests of the Company to
seek Extension Amendment to allow for additional time and opportunity to clear regulatory approvals and consummate the business combination.
Following the Extension Amendment, the Company may complete a business combination until up to 30 months from the closing of the IPO if
the Sponsor deposits additional funds into the Trust Account as provided in the Amended and Restated Memorandum and Articles of Association.
Without the Extension Amendment, the Company may not be able to complete a business combination on or before February 23, 2026. If that
were to occur, the Company would be precluded from completing a business combination and would be forced to liquidate. The Board has further
determined that the approval of the Extension Amendment Proposal and the Trust Amendment Proposal will provide the Sponsor and its affiliates
with more incentive to fund the monthly extension fee required for the Extensions that are required for the Company to complete an initial
business combination as the Extension Amendment provides more certainty in advance for the Company to consummate the Business Combination.
Accordingly, the Board believes that Proposal 1 and Proposal 2 are necessary in order to be able to consummate an initial business combination.
Therefore, the Board has determined that it is in the best interests of our shareholders to approve Proposal 1 and Proposal 2, which will
provide our shareholders with the opportunity to participate in an initial business combination.
If the Extension Amendment Proposal and the Trust
Amendment Proposal are adopted by the shareholders, the Original Termination Date could be extended for up to eighteen times (i.e., until
August 23, 2026) by an additional one month each time which may be accomplished only if the Sponsor deposits additional funds for each
one-month extension into the Trust Account.
The purpose of the Adjournment Proposal is to allow
the Company to adjourn the Extraordinary General Meeting to a later date or dates if we determine that additional time is necessary to
permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Proposal 1 and Proposal
2.
Each of the Extension Amendment Proposal and the Trust
Amendment Proposal is cross-conditioned on the approval of each other. |
Q.
Why should I vote for the Extension Amendment Proposal and the Trust Agreement Proposal? |
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A. |
The
Board believes that Proposal 1 and Proposal 2 are necessary in order to be able to consummate an initial business combination. Therefore,
the Board has determined that it is in the best interests of our shareholders to approve Proposal 1 and Proposal 2, which will provide
our shareholders with the opportunity to participate in an initial business combination. See “Q. Why is the Company proposing
the Extension Amendment Proposal and the Trust Agreement Proposal?” for details. |
Q. How do the DT Cloud insiders intend to vote their shares? |
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A. |
All of DT Cloud’s directors, executive officers, the Sponsor and their respective affiliates are expected to vote any ordinary shares over which they have voting control (including any Public Shares owned by them) in favor of the Extension Amendment Proposal, the Trust Amendment Proposal and the Adjournment Proposal. |
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DT Cloud’s directors, executive officers, the Sponsor, and their respective affiliates have waived their redemption rights with respect to the Extension Amendment Proposal and the Trust Amendment Proposal and accordingly are not entitled to redeem the insider shares which include 1,725,000 ordinary shares initially issued to the Sponsor for an aggregate purchase price of $25,000 or the ordinary shares underlying the units issued to the Sponsor in a private placement simultaneously with the closing of the IPO (the “Private Placement Units”). On _____, 2025 (the “Record Date”), DT Cloud’s directors, executive officers, the Sponsor and their respective affiliates beneficially owned and were entitled to vote 1,725,000 insider shares and 234,500 private shares underlying the Private Placement Units, representing approximately 21.9% of DT Cloud’s issued and outstanding ordinary shares |
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DT Cloud’s directors, executive officers, the Sponsor and their respective affiliates may choose to buy Public Shares in the open market and/or through negotiated private purchases. In the event that purchases do occur, the purchasers may seek to purchase shares from shareholders who would otherwise have voted against the Extension Amendment Proposal and the Trust Amendment Proposal. Any Public Shares held by or subsequently purchased by affiliates of DT Cloud may be voted in favor of the Extension Amendment Proposal and the Trust Amendment Proposal. |
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Q. What amount will holders receive upon consummation of a subsequent business combination or liquidation if the Extension Amendment Proposal and the Trust Agreement Proposal are approved? |
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If the Extension Amendment Proposal and the Trust Amendment Proposal are approved, the Sponsor, or its designees, may contribute to us as a loan the Monthly Extension Fee of $0.03 for each then outstanding Public Share into the Trust Account for up to eighteen months from the Original Termination Date. The Monthly Extension Fees must be deposited into the Trust Account by February 23, 2025, and the 23rd of each succeeding month until August 23, 2026. |
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Assuming the Extension Amendment Proposal and the Trust Amendment Proposal are approved, the Sponsor or its designees will have the sole discretion to decide whether to continue extending for additional calendar months until August 23, 2026 and if the Sponsor determines not to continue extending for additional calendar months, its obligation to make additional Contributions will terminate. |
Q.
What vote is required to adopt the Extension Amendment Proposal and the Trust Amendment Proposal? |
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A
quorum of shareholders is necessary to hold a valid meeting. A quorum for the Extraordinary
General Meeting shall be a majority of the Company’s ordinary shares entitled to vote
at the Extraordinary General Meeting being individuals present in person or by proxy or if
a corporation or other non-natural person by its duly authorised representative or proxy.
The
affirmative vote of the holders of at least two-thirds of the Company’s ordinary shares entitled to vote which are present
(in person or by proxy) at the Extraordinary General Meeting and which vote on the Extension Amendment Proposal will be required
to approve such proposal. The affirmative vote of the holders of a simple majority of the Company’s ordinary shares entitled
to vote which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Trust Amendment Proposal
will be required to approve such proposal. The affirmative vote of the holders of a simple majority of the Company’s ordinary
shares entitled to vote which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Adjournment
Proposal will be required to approve such proposal. |
Q.
Why is the Company proposing the Adjournment Proposal? |
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To
allow the Company more time to solicit additional proxies in favor of the Extension Amendment Proposal and the Trust Amendment Proposal,
in the event the Company does not receive the requisite shareholder vote to approve the aforesaid Proposals. |
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Q.
Why should I vote “FOR” the Adjournment Proposal? |
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If
the Adjournment Proposal is not approved by the Company’s shareholders, the Board may not be able to adjourn the Shareholder
Meeting to a later date or dates to approve the Extension Amendment Proposal and the Trust Amendment Proposal or to allow Public
Shareholders time to reverse their redemption requests. |
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Q.
What if I do not want to vote “FOR” the Extension Amendment Proposal, the Trust Amendment Proposal, or the Adjournment
Proposal? |
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If
you do not want the Extension Amendment Proposal, the Trust Amendment Proposal, or the Adjournment Proposal to be approved, you may
“ABSTAIN,” not vote, or vote “AGAINST” such proposal. |
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If
you attend the Extraordinary General Meeting in person or by proxy, you may vote “AGAINST” any of the Proposals, and
your ordinary shares will be counted for the purposes of determining whether the Proposals are approved. |
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However,
if you fail to attend the Extraordinary General Meeting in person or by proxy, or if you do attend the Extraordinary General Meeting
in person or by proxy but you “ABSTAIN” or otherwise fail to vote at the Extraordinary General Meeting, your ordinary
shares will not be counted for the purposes of determining whether the Proposal is approved, and your ordinary shares which are not
voted at the Extraordinary General Meeting will have no effect on the outcome of such vote. |
Q.
Who bears the cost of soliciting proxies? |
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The
Company will bear the cost of soliciting proxies and will reimburse brokerage firms and others for expenses involved in forwarding
proxy materials to beneficial owners or soliciting their execution. In addition to solicitations by mail, the Company, through their
respective directors and officers, may solicit proxies in person, by telephone or by electronic means. Such directors and officers
will not receive any remuneration for these efforts. We have retained Advantage Proxy, Inc. (“Advantage Proxy”) to assist
us in soliciting proxies. If you have questions about how to vote or direct a vote in respect of your shares, you may contact Advantage
Proxy at (877) 870-8565 (toll free) or by email at ksmith@advantageproxy.com. The Company has agreed to pay Advantage
Proxy a fee and expenses, for its services in connection with the Extraordinary General Meeting. |
Q.
How do I change my vote? |
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If
you have submitted a proxy to vote your shares and wish to change your vote, you may do so by delivering a later-dated, signed proxy
card to DT Cloud’s Secretary prior to the date of the Extraordinary General Meeting or by voting online at the Extraordinary
General Meeting. Attendance at the Extraordinary General Meeting alone will not change your vote. You also may revoke your proxy
by sending a notice of revocation to 30 Orange Street, London, United Kingdom, WC2H 7HF – Secretary. |
Q.
If my shares are held in “street name,” will my broker automatically vote them for me? |
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A. |
No.
If you do not give instructions to your broker, your broker can vote your shares with respect to “discretionary” items,
but not with respect to “non-discretionary” items. We believe that Proposals 1, 2 and 3 are “non-discretionary”
items. |
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Your
broker can vote your shares with respect to “non-discretionary items” only if you provide instructions on how to vote.
You should instruct your broker to vote your shares. Your broker can tell you how to provide these instructions. If you do not give
your broker instructions, your shares will be treated as broker non-votes and will have no effect on the proposals. |
Q.
What is a quorum requirement? |
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A
quorum of shareholders is necessary to hold a valid Meeting. A quorum for the Extraordinary
General Meeting shall be a majority of the Company’s ordinary shares entitled to vote
at the Extraordinary General Meeting being individuals present in person or by proxy or if
a corporation or other non-natural person by its duly authorised representative or proxy.
Your
shares will be counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker, bank
or other nominee), vote online, or if you attend the Extraordinary General Meeting. Abstentions will be counted towards the quorum
requirement. If there is no quorum, the chairman of the Extraordinary General Meeting may adjourn the Extraordinary General Meeting
to another date. |
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Q.
How are votes counted? |
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The
affirmative vote of the holders of at least two-thirds of the Company’s ordinary shares
entitled to vote which are present (in person or by proxy) at the Extraordinary General Meeting
and which vote on the Extension Amendment Proposal will be required to approve such proposal.
The
affirmative vote of the holders of a simple majority of the Company’s ordinary shares entitled to vote which are present (in
person or by proxy) at the Extraordinary General Meeting and which vote on the Trust Amendment Proposal will be required to approve
such proposal. |
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The
affirmative vote of the holders of a simple majority of the Company’s ordinary shares
entitled to vote which are present (in person or by proxy) at the Extraordinary General Meeting
and which vote on the Adjournment Proposal will be required to approve such proposal. The
Adjournment Proposal will only be put forth for a vote if there are not sufficient votes
for, or otherwise in connection with, the approval of the other proposals at the special
meeting.
For
purposes of the Extension Amendment Proposal, the Trust Amendment Proposal and the Adjournment Proposal, abstentions (but not broker
non-votes), while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary
General Meeting and will have no effect on the outcome of any vote on such proposals. |
Q. Who can vote at the Extraordinary General Meeting? |
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Only holders of record of DT Cloud’s ordinary shares at the close of business on the Record Date, i.e., _____, 2025, are entitled to have their vote counted at the Extraordinary General Meeting and any adjournments or postponements thereof. On the Record Date, _____ ordinary shares were issued and outstanding and entitled to vote. |
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Shareholder
of Record: Shares Registered in Your Name. If on the Record Date your shares were registered directly in your name with DT Cloud’s
Transfer Agent, Continental Stock Transfer & Trust Company, then you are a shareholder of record. As a shareholder of record,
you may vote in person or online at the Extraordinary General Meeting or vote by proxy. Whether or not you plan to attend the Extraordinary
General Meeting, we urge you to fill out and return the enclosed proxy card to ensure your vote is counted. |
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Beneficial
Owner: Shares Registered in the Name of a Broker or Bank. If on the Record Date your shares were held, not in your name, but
rather in an account at a brokerage firm, bank, dealer, or other similar organization, then you are the beneficial owner of shares
held in “street name” and these proxy materials are being forwarded to you by that organization. As a beneficial owner,
you have the right to direct your broker or other agent on how to vote the shares in your account. You are also invited to attend
the Extraordinary General Meeting in person. However, since you are not the shareholder of record, you may not vote your shares online
or in person at the Extraordinary General Meeting unless you request and obtain a valid proxy from your broker or other agent. |
Q.
Does the Board recommend voting for the approval of the Extension Amendment Proposal, the Trust Amendment Proposal, and the Adjournment
Proposal? |
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Yes.
After careful consideration of the terms and conditions of these proposals, the Board has determined that the Proposals 1, 2 and
3 are fair to and in the best interests of DT Cloud and its shareholders. The Board recommends that DT Cloud’s shareholders
vote “FOR” for all such Proposals. |
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Q.
What interests do the Company’s sponsor, directors and officers have in the approval of the proposals? |
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A. |
DT
Cloud’s directors, officers, the Sponsor and their respective affiliates have interests in the proposals that may be different
from, or in addition to, your interests as a shareholder. These interests include direct or indirect ownership of certain securities
of the Company. See the section entitled “The Extension Amendment Proposal— Interests of DT Cloud’s Sponsor, Directors
and Officers.” |
Q.
If the Extension Amendment Proposal and the Trust Amendment Proposal are not approved, what happens next? |
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A. |
If
the Extension Amendment Proposal and the Trust Amendment Proposal are not approved, the Combination Period will still extend up to
February 23, 2026, on a month-to-month basis and subject to the Sponsor depositing additional funds for each one-month extension
into the Trust Account. |
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Q.
If the Extension Amendment Proposal and the Trust Amendment Proposal are approved, what happens next? |
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A. |
If
the Extension Amendment Proposal and the Trust Amendment Proposal are adopted by the shareholders, the Combination Period could be
extended for up to eighteen times from the Original Termination Date (i.e., until August 23, 2026) by an additional one month each time
which may be accomplished only if the Sponsor deposits additional funds for each one-month extension into the Trust Account. |
Q.
What do I need to do now? |
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A. |
DT
Cloud urges you to read carefully and consider the information contained in this proxy statement and to consider how the proposals
will affect you as a DT Cloud shareholder. You should then vote as soon as possible in accordance with the instructions provided
in this proxy statement and on the enclosed proxy card. |
Q.
How do I vote? |
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A. |
If
you are a holder of record of DT Cloud Public Shares, you may vote online at the Extraordinary General Meeting, by submitting a proxy
for the Extraordinary General Meeting or voting in person at the Extraordinary General Meeting. Whether or not you plan to attend
the Extraordinary General Meeting, we urge you to vote by proxy to ensure your vote is counted. You may submit your proxy by completing,
signing, dating and returning the enclosed proxy card in the accompanying pre-addressed postage paid envelope. You may still attend
the Extraordinary General Meeting and vote in person or online if you have already voted by proxy. |
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Voting
by Mail. By signing the proxy card and returning it in the enclosed prepaid and addressed envelope, you are authorizing the individuals
named on the proxy card to vote your shares at the Extraordinary General Meeting in the manner you indicate. You are encouraged to
sign and return the proxy card even if you plan to attend the Extraordinary General Meeting so that your shares will be voted if
you are unable to attend. |
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Voting
by Internet. Shareholders who have received a copy of the proxy card by mail may be able to vote over the Internet by visiting
the web address on the proxy card and entering the voter control number included on your proxy card. |
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Voting
by Email. If available, you may vote by email by following the instructions provided
on the proxy card.
If
your shares of DT Cloud are held in “street name” by a broker or other agent, you have the right to direct your broker
or other agent on how to vote the shares in your account. You are also invited to attend the Extraordinary General Meeting. However,
since you are not the shareholder of record, you may not vote your shares online or in person at the Extraordinary General Meeting
unless you request and obtain a valid proxy from your broker or other agent. |
Q.
How do I exercise my redemption rights? |
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A. |
Each
Public Shareholder may seek to redeem such shareholder’s Public Shares for its pro
rata portion of the funds available in the Trust Account, less any income taxes owed on such
funds but not yet paid. You will also be able to redeem your Public Shares in connection
with any shareholder vote to approve a proposed business combination, or if the Company has
not consummated an initial business combination within the Combination Period.
To
demand redemption of your Public Shares, you must ensure your bank or broker complies with the requirements identified elsewhere
herein.
In
connection with tendering your shares for redemption, you must elect either to physically tender your share certificates to Continental
Stock Transfer & Trust Company, the Company’s Transfer Agent, at 1 State Street 30th Floor, New York, NY 10004-1561,
at least two business days prior to the Extraordinary General Meeting or to deliver your shares to the Transfer Agent electronically
using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) System, which Election would likely be determined
based on the manner in which you hold your shares. |
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Certificates
that have not been tendered in accordance with these procedures at least two (2) business days prior to the Extraordinary General
Meeting will not be redeemed for cash. In the event that a Public Shareholder tenders its shares and decides prior to the Extraordinary
General Meeting that it does not want to redeem its shares, the Public Shareholder may withdraw the tender. If you delivered your
shares for redemption to our Transfer Agent and decide prior to the Extraordinary General Meeting not to redeem your shares, you
may request that our Transfer Agent return the shares (physically or electronically). You may make such request by contacting our
Transfer Agent at the address listed above. |
Q.
What should I do if I receive more than one set of voting materials? |
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A. |
You
may receive more than one set of voting materials, including multiple copies of this proxy statement and multiple proxy cards or
voting instruction cards, if your shares are registered in more than one name or are registered in different accounts. For example,
if you hold your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage
account in which you hold shares. Please complete, sign, date and return each proxy card and voting instruction card that you receive
in order to cast a vote with respect to all of your DT Cloud shares. |
Q.
Who can help answer my questions? |
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A. |
If
you have questions about the proposals or if you need additional copies of the proxy statement
or the enclosed proxy card you should contact:
DT
Cloud Acquisition Corporation
30
Orange Street
London,
United Kingdom, WC2H 7HF
+44-7918725316
Or
Advantage
Proxy, Inc.
P.O.
Box 10904
Yakima,
WA 98909
Toll
Free Telephone: (877) 870-8565
Main
Telephone: (206) 870-8565
You
may also obtain additional information about the Company from documents filed with the SEC by following the instructions in the section
entitled “Where You Can Find More Information.” |
FORWARD-LOOKING
STATEMENTS
We
believe that some of the information in this proxy statement constitutes forward-looking statements. You can identify these statements
by forward-looking words such as “may,” “expect,” “anticipate,” “contemplate,” “believe,”
“estimate,” “intends,” and “continue” or similar words. You should read statements that contain these
words carefully because they:
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discuss
future expectations; |
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contain
projections of future results of operations or financial condition; or |
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state
other “forward-looking” information. |
We
believe it is important to communicate our expectations to our shareholders. However, there may be events in the future that we are not
able to predict accurately or over which we have no control. The cautionary language discussed in this proxy statement provide examples
of risks, uncertainties and events that may cause actual results to differ materially from the expectations described by us in such forward-looking
statements, including, among other things, claims by third parties against the Trust Account, unanticipated delays in the distribution
of the funds from the Trust Account and DT Cloud’s ability to finance and consummate any proposed business combination. You are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this proxy statement.
All
forward-looking statements included herein attributable to DT Cloud or any person acting on DT Cloud’s behalf are expressly qualified
in their entirety by the cautionary statements contained or referred to in this section. Except to the extent required by applicable
laws and regulations, DT Cloud undertakes no obligation to update these forward-looking statements to reflect events or circumstances
after the date of this proxy statement or to reflect the occurrence of unanticipated events.
BACKGROUND
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.”
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.
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 continue to trade on Nasdaq under the symbol “DYCQU,”
and each of the ordinary shares and rights that are separated trade on Nasdaq under the symbols “DYCQ” and “DYCQR,”
respectively.
On
October 22, 2024, DT Cloud entered into a definitive business combination agreement with Maius Pharmaceutical Co., Ltd. (“Maius”),
Maius Pharmaceutical Group Co., Ltd., a Cayman Islands exempted company (“Pubco”), Chelsea Merger Sub 1 Limited, a Cayman
Islands exempted company and a wholly-owned subsidiary of Pubco (“Merger Sub 1”), Chelsea Merger Sub 2 Limited, a Cayman
Islands exempted company and a wholly-owned subsidiary of Pubco (“Merger Sub 2”), and XXW Investment Limited, a BVI business
company, as the Company Shareholders’ Representative (the “Target Shareholders’ Representative”) (such agreement,
the “Business Combination Agreement”). The business combination 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, DT Cloud will become a wholly owned subsidiary of Pubco. The closing of the business combination 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.
On
February 18, 2025, the Sponsor requested the Company to extend the latest time for completion of initial business combination from February
23, 2025, up to twelve (12) times, each by an additional one (1) month, subject to the sponsor depositing additional funds into the trust
account as descried in the final prospectus of the Company dated February 20, 2024 (the “Extension of Time Request”). The
board of directors of the Company subsequently approved, adopted and ratified the Extension of Time Request by unanimous approval.
On March 20, 2025, the Company
held an extraordinary general meeting where shareholders approved a proposal to amend 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 twelve times
(i.e., until February 23, 2026) to up to fifteen times (i.e., until May 23, 2026).
The
mailing address of DT Cloud’s principal executive office is 30 Orange Street, London, United Kingdom, WC2H 7HF, and its telephone
number is +44-7918725316.
You
are not being asked to vote on a business combination at this time. If the Extension Amendment Proposal and the Trust Amendment Proposal
are approved and you do not elect to redeem your Public Shares, you will retain the right to vote on any proposed business combination
if and when it is submitted to shareholders and the right to redeem your Public Shares for a pro rata portion of the trust account
in the event such business combination is approved and completed or the Company has not consummated a business combination within the
Combination Period.
RISK
FACTORS
You should consider carefully
all of the risks described in our annual report for the fiscal year ended December 31, 2023 as filed with the SEC on March 28, 2024 and
final prospectus for the IPO as filed with the SEC on February 20, 2024, and in the other reports we file with the SEC before making a
decision to invest in our securities. Furthermore, if any of the events described in our annual report, final prospectus or other reports
filed with the SEC occur, our business, results of operations and financial condition may be materially adversely affected or we could
face liquidation. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.
The risks and uncertainties described in our annual report, final prospectus and other reports are not the only ones we face. Additional
risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that
adversely affect our business, results of operations and financial condition or result in our liquidation.
PROPOSAL
1 — THE EXTENSION AMENDMENT PROPOSAL
DT
Cloud is proposing to approve the Extension Amendment Proposal to allow for additional time and opportunity to clear regulatory approvals
and consummate the business combination, as well as to provide the Sponsor and its affiliates with more incentive to fund the monthly
extension fee required for the Extensions that are required for the Company to complete an initial business combination as the Extension
Amendment provides more certainty in advance for the Company to consummate the Business Combination. Accordingly, the Board believes
that the approval of this Proposal 1 is necessary for the Company to be able to consummate an initial business combination.
Currently,
our Amended and Restated Memorandum and Articles of Association provides that we have nine months from the closing of our initial public
offering (the “IPO”) to consummate our initial business combination (or 12 months if we enter into a business combination
agreement within nine months after the closing of the IPO), which deadline could be extended for up to twelve times by an additional
one month each time which may be accomplished only if the Sponsor deposits additional funds for each one-month extension into the Trust
Account established pursuant to the Investment Management Trust Agreement (the “Trust Agreement”) between the Company and
Continental Stock Transfer & Trust Company (the “Transfer Agent”) (each, and “Extension”). Currently, to
effectuate each Extension, the Sponsor and/or its affiliates must deposit an amount equal to $0.03 per Public Share into the Trust Account.
As we entered into a definitive business combination agreement on October 22, 2024, which is within nine months after the closing of
the IPO, we have been entitled to the automatic three-month extension. As a result, we have 12 months from the closing of the IPO to
consummate our initial business combination (i.e., until February 23, 2025 (the “Original Termination Date”)), as may be
extended, on a month-to-month basis and subject to the Sponsor depositing additional funds for each one-month extension into the Trust
Account, for up to twelve times as provided in the Amended and Restated Memorandum and Articles of Association (as amended, the “Combination
Period”). On February 18, 2025, the Sponsor requested the Company to extend the latest time for completion of initial business
combination from February 23, 2025, up to twelve (12) times, each by an additional one (1) month, subject to the sponsor depositing additional
funds into the Trust Account (the “Extension of Time Request”). The board of directors of the Company subsequently approved,
adopted and ratified the Extension of Time Request by unanimous approval. On March 20, 2025, the Company held an extraordinary general meeting where shareholders approved a proposal to amend
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 twelve times (i.e., until February 23, 2026) to up to fifteen times (i.e., until May 23,
2026).
The
purpose of the Extension Amendment Proposal is to allow DT Cloud more time to complete an initial business combination.
In
light of the uncertainties in the macroeconomic environment and regulatory landscape, the Board has determined that it is in the best
interests of the Company to seek Extension Amendment to allow for additional time and opportunity to clear regulatory approvals and consummate
the business combination. Following the Extension Amendment, the Company may complete a business combination until up to 30 months from
the closing of the IPO if the Sponsor deposits additional funds into the Trust Account as provided in the Amended and Restated Memorandum
and Articles of Association. Without the Extension Amendment, the Company may not be able to complete a business combination on or before
February 23, 2026. If that were to occur, the Company would be precluded from completing a business combination and would be forced to
liquidate.
The
Board has further determined that the approval of the Extension Amendment Proposal and the Trust Amendment Proposal will provide the
Sponsor and its affiliates with more incentive to fund the monthly extension fee required for the Extensions that are required for the
Company to complete an initial business combination as the Extension Amendment provides more certainty in advance for the Company to
consummate the Business Combination. Therefore, the Board has determined that it is in the best interests of our shareholders to approve
Proposal 1, which will provide our shareholders with the opportunity to participate in an initial business combination.
Through this Extension Amendment
Proposal, DT Cloud is proposing that its shareholders approve 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 in the form set forth below and in Annex A of the proxy
statement.
If Proposal 1 is approved, the
Combination Period could be extended for up to eighteen times from the Original Termination Date (i.e., until August 23, 2026) by an
additional one month each time which may be accomplished only if the Sponsor deposits additional funds for each one-month extension into
the Trust Account.
The
Board’s Reasons for the Extension Amendment Proposal
Under the Extension Amendment
Proposal, the Company is seeking the approval of its shareholders 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 (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). The Board believes that the approval of Proposal 1 will allow for additional time and opportunity
for the Company to clear regulatory approvals and consummate the business combination, as well as to provide the Sponsor and its affiliates
with more incentive to fund the monthly extension fee required for the Extensions that are required for the Company to complete an initial
business combination as the Extension Amendment provides more certainty in advance for the Company to consummate the Business Combination.
Accordingly, the Board believes that the approval of Proposal 1 is necessary for the Company to be able to consummate an initial business
combination. Therefore, the Board has determined that it is in the best interests of our shareholders to approve Proposal 1 to allow
the Company to complete an initial business combination by or before August 23, 2026, subject to the Sponsor depositing additional funds
into the Trust Account, which will provide our shareholders with the opportunity to participate in an initial business combination.
As
discussed above, after careful consideration of all relevant factors, the Board has determined that the Extension Amendment Proposal
is fair to, and in the best interests of, DT Cloud and its shareholders. The Board has approved and declared advisable adoption of the
Extension Amendment Proposal and recommends that you vote “FOR” such adoption.
If
the Extension Amendment Proposal is Not Approved
The
Company is seeking the approval of its shareholders in order to implement the Extension Amendment Proposal. Approval of the Extension
Amendment Proposal is required for the implementation of the Board’s plan to increase the likelihood that the Company will be able
to extend the date by which it must complete an initial business combination.
If
the Extension Amendment Proposal is not approved, the Combination Period will still extend up to February 23, 2026, on a month-to-month
basis and subject to the Sponsor depositing additional funds for each one-month extension into the Trust Account. Assuming the Extension
Amendment Proposal is not approved, even though the Sponsor agrees to implement any additional Extensions for up to twelve times, if
the Company fails to consummate an initial business combination by February 23, 2026, the Company will (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, and subject to
having lawfully available funds therefor, 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 on the funds held in the trust account and not
previously released to the Company to pay taxes, divided by the number of then outstanding Public Shares, 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 our remaining
shareholders and the Board, dissolve and liquidate, subject in each case to our obligations under applicable law to provide for claims
of creditors and requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to
our rights, which will expire worthless in the event the Company winds up.
The
Sponsor, officers and directors have waived their rights to liquidating distributions from the Trust Account with respect to their founder
shares and private shares if we fail to complete our initial business combination prior to the end of the Combination Period. The Company
will pay the costs of liquidation from its remaining assets outside of the Trust Account. If such funds are insufficient, our Sponsor
has contractually agreed to advance us the funds necessary to complete such liquidation (currently anticipated to be no more than approximately
$300,000) and has contractually agreed not to seek repayment for such expenses.
If
the Extension Amendment Proposal is Approved
If the Extension Amendment Proposal
is approved, the Combination Period could be extended for up to eighteen times from the Original Termination Date (i.e., until August
23, 2026) by an additional one month each time which may be accomplished only if the Sponsor deposits additional funds for each one-month
extension into the Trust Account.
You
are not being asked to vote on a business combination at this time. If the Extension Amendment Proposal is approved and you do not elect
to redeem your Public Shares, you will retain the right to vote on any proposed business combination when it is submitted to shareholders
(provided that you are a shareholder on the Record Date for a meeting to consider a business combination) and the right to redeem your
Public Shares for a pro rata portion of the Trust Account in the event such business combination is approved and completed or
the Company has not consummated a business combination by the end of the Combination Period.
If
the Extension Amendment Proposal is approved and implemented, the removal of the funds from the Trust Account in connection with the
election to redeem the Public Shares (the “Election”) will reduce the amount held in the Trust Account following the Election.
The Company cannot predict the amount that will remain in the Trust Account after such withdrawal if the Extension Amendment Proposal
is approved and the amount remaining in the Trust Account may be only a fraction of the amount of $_____ (including interest but less
the funds used to pay taxes) that was in the Trust Account as of _____, 2025. In such event, the Company may require additional
funds to complete a business combination, and there can be no assurance that such funds will be available on terms acceptable to the
parties or at all.
Redemption
Rights
If
the Extension Amendment Proposal is approved, the Company will provide the Public Shareholders making the Election, the opportunity to
receive, at the time the Extension Amendment Proposal becomes effective, and in exchange for the surrender of their shares, a pro
rata portion of the funds available in the Trust Account, including interest earned on the funds held in the Trust Account and not
previously released to the Company to pay taxes, less any income taxes owed on such funds but not yet paid. DT Cloud has provided that
all holders of Public Shares, whether they vote for or against the Extension Amendment Proposal, or whether they were holders of DT Cloud
ordinary shares on the Record Date or acquired such shares after such date, may elect to redeem their Public Shares into their pro rata
portion of the Trust Account and should receive the funds shortly after the Extraordinary General Meeting. You will also be able to redeem
your Public Shares in connection with any shareholder vote to approve a proposed business combination, or if the Company has not consummated
a business combination within the Combination Period.
TO
DEMAND REDEMPTION, YOU MUST ENSURE YOUR BANK OR BROKER COMPLIES WITH THE REQUIREMENTS IDENTIFIED ELSEWHERE HEREIN, INCLUDING SUBMITTING
A WRITTEN REQUEST THAT YOUR SHARES BE REDEEMED FOR CASH TO THE TRANSFER AGENT AND DELIVERING YOUR SHARES TO THE TRANSFER AGENT PRIOR
TO 5:00 P.M. EASTERN TIME ON ___________, 2025 (TWO BUSINESS DAYS BEFORE THE SCHEDULED VOTE AT THE EXTRAORDINARY GENERAL MEETING).
YOU WILL ONLY BE ENTITLED TO RECEIVE CASH IN CONNECTION WITH A REDEMPTION OF THESE SHARES IF YOU CONTINUE TO HOLD THEM UNTIL THE EFFECTIVE
DATE OF THE EXTENSION AMENDMENT PROPOSAL AND THE TRUST AMENDMENT PROPOSAL AND ELECTION.
In
connection with tendering your shares for redemption, you must elect either to physically tender your share certificates to Continental
Stock Transfer & Trust Company, the Company’s Transfer Agent, at 1 State Street 30th Floor, New York, NY 10004-1561,
at least two (2) business days prior to the vote for the Extension Amendment Proposal or to deliver your shares to the Transfer Agent
electronically using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) System, which election would likely
be determined based on the manner in which you hold your shares. The requirement for physical or electronic delivery prior to the vote
at the Extraordinary General Meeting ensures that a redeeming holder’s Election is irrevocable once the Extension Amendment Proposal
are approved. In furtherance of such irrevocable Election, shareholders making the Election will not be able to tender their shares after
the vote at the Extraordinary General Meeting.
Holders
of Units must elect to separate the underlying Public Shares and Public Rights prior to exercising redemption rights with respect to
the Public Shares. If holders hold their Units in an account at a brokerage firm or bank, holders must notify their broker or bank that
they elect to separate the Units into the underlying Public Shares and Public Rights, or if a holder holds Units registered in its own
name, the holder must contact the Transfer Agent directly and instruct it to do so. Public Shareholders may elect to redeem all or
a portion of their Public Shares regardless of whether they vote for or against the Extension Amendment Proposal and the Trust Amendment
Proposal and regardless of whether they hold Public Shares on the Record Date.
Through
the DWAC system, this electronic delivery process can be accomplished by the shareholder, whether or not it is a record holder or its
shares are held in “street name,” by contacting the Transfer Agent or its broker and requesting delivery of its shares through
the DWAC system. Delivering shares physically may take significantly longer. In order to obtain a physical share certificate, a shareholder’s
broker and/or clearing broker, DTC, and the Company’s Transfer Agent will need to act together to facilitate this request. There
is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through
the DWAC system. The Transfer Agent will typically charge the tendering broker $45 and the broker would determine whether or not to pass
this cost on to the redeeming holder. It is the Company’s understanding that shareholders should generally allot at least two (2)
weeks to obtain physical certificates from the Transfer Agent. The Company does not have any control over this process or over the brokers
or DTC, and it may take longer than two (2) weeks to obtain a physical share certificate. Such shareholders will have less time to make
their investment decision than those shareholders that deliver their shares through the DWAC system. Shareholders who request physical
share certificates and wish to redeem may be unable to meet the deadline for tendering their shares before exercising their redemption
rights and thus will be unable to redeem their shares.
Certificates
that have not been tendered in accordance with these procedures prior to the vote for the Extension Amendment Proposal will not be redeemed
for a pro rata portion of the funds held in the Trust Account. In the event that a Public Shareholder tenders such holder’s shares
and decides prior to the vote at the Extraordinary General Meeting that it does not want to redeem its shares, the shareholder may withdraw
the tender. If you delivered your shares for redemption to our Transfer Agent and decide prior to the vote at the Extraordinary General
Meeting not to redeem your shares, you may request that our Transfer Agent return the shares (physically or electronically). You may
make such request by contacting our Transfer Agent at the address listed above. In the event that a Public Shareholder tenders shares
and the Extension Amendment Proposal is not approved or are abandoned, these shares will not be redeemed and the physical certificates
representing these shares will be returned to the shareholder promptly following the determination that the Extension Amendment Proposal
will not be approved or will be abandoned. The Company anticipates that a Public Shareholder who tenders shares for redemption in connection
with the vote to approve the Extension Amendment Proposal would receive payment of the redemption price for such shares soon after the
completion of the Extension Amendment Proposal. The Transfer Agent will hold the certificates of Public Shareholders that make the Election
until such shares are redeemed for cash or returned to such shareholders.
If properly demanded,
the Company will redeem each Public Share for a pro rata portion of the funds available in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, less any income taxes owed on
such funds but not yet paid, calculated as of two (2) business days prior to the Extraordinary General Meeting. Based on the amount in
the Trust Account as of _____, 2025, this would amount to approximately $_____ per share. The closing price of the Public Shares on the
Nasdaq on _____, 2025 was $_____. Accordingly, if the market price were to remain the same until the date of the Extraordinary General
Meeting, exercising redemption rights would result in a Public Shareholder receiving approximately $_____ more per share than if such
shareholder sold the Public Shares in the open market. The Company cannot assure Public Shareholders that they will be able to sell their
Public Shares in the open market, even if the market price per share is higher than the redemption price stated above, as there may not
be sufficient liquidity in its securities when such shareholders wish to sell their shares.
If
you exercise your redemption rights, you will be exchanging your Public Shares for cash and will no longer own such shares. You will
be entitled to receive cash for such shares only if you properly demand redemption and tender your share certificate(s) to the Company’s
Transfer Agent at least two (2) business days prior to the Extraordinary General Meeting. If the Extension Amendment Proposal is not
approved or if they are abandoned, such shares will be returned promptly following the Extraordinary General Meeting as described above.
Interests
of DT Cloud’s Sponsor, Directors and Officers
When
you consider the recommendation of the Board, you should keep in mind that the Sponsor, executive officers and members of the Board have
interests that may be different from, or in addition to, your interests as a shareholder. These interests include, among other things:
|
● |
The fact that the Sponsor holds 1,725,000 insider shares and 234,500 Private
Placement Units that would expire worthless if a business combination is not consummated. The founder shares had an aggregate market value
of approximately $_____ based on the closing price for the Company’s Public Shares of $_____ on the Nasdaq on _____, 2025 and the
Private Placement Units had an aggregate market value (assuming they have the same value per Unit as the Public Units) of $_____ based
on the closing price for the Public Units of $_____ on the Nasdaq on _____, 2025. In addition, certain director has a direct interest
in the Sponsor; |
|
|
|
|
● |
Even
if the trading price of our ordinary shares lost substantial value prior to the consummation of a business combination, due to the
low amount of the initial investment in the Company made by the Sponsor, if an initial business combination is completed, the initial
shareholders are likely to be able to make a substantial profit on their investment in us even if the ordinary shares has lost significant
value. On the other hand, if the Extension Amendment Proposal and the Trust Amendment Proposal are not approved and the Company liquidates
without completing its initial business combination before February 23, 2026 (or an earlier date when the Sponsor does not deposit
the monthly extension fee), the initial stockholders will lose their entire investment in us; |
|
|
|
|
● |
In
order to finance transaction costs in connection with an intended initial business combination, the Sponsor, officers, directors
or their affiliates may, but are not obligated to, loan us funds as may be required. 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. Such loans would be evidenced by promissory notes. Such promissory notes
would either be paid upon consummation of our initial 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 additional Private Placement Units
at a price of $10.00 per Unit; |
|
|
|
|
● |
The
fact that the Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered
or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i)
$10.05 per Public Share or 100.5% of the gross proceeds from the IPO and (ii) the actual amount per Public Share held in the Trust
Account as of the date of the liquidation of the Trust Account, if less than $10.05 per share due to reductions in the value of the
trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target
business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable)
nor will it apply to any claims under our indemnity of the underwriters of the IPO against certain liabilities, including liabilities
under the Securities Act of 1933, as amended; |
|
● |
All
rights specified in the Amended and Restated Memorandum and Articles of Association relating to the right of officers and directors
to be indemnified by the Company, and of the Company’s executive officers and directors to be exculpated from monetary liability
with respect to prior acts or omissions, will continue after a business combination. If a business combination is not approved and
the Company liquidates, the Company will not be able to perform its obligations to its officers and directors under those provisions;
and |
|
|
|
|
● |
All
of the current members of the Board are expected to continue to serve as directors of the Company at least through the date of the
Extraordinary General Meeting to vote on a proposed business combination and may even continue to serve following any potential business
combination and receive compensation thereafter. |
Additionally,
if the Extension Amendment Proposal and the Trust Amendment Proposal are approved and we consummate an initial business combination,
the Sponsor, and our officers and directors may have additional interests as will be described in the proxy statement for the business
combination.
The
Company’s directors, executive officers, the Sponsor, and their respective affiliates have waived their redemption rights with
respect to the Extension Amendment Proposal and the Trust Amendment Proposal and accordingly are not entitled to any Ordinary Shares
held by them. In addition, DT Cloud’s directors, executive officers and their affiliates may choose to buy Units or ordinary shares
of DT Cloud in the open market and/or through negotiated private purchases. In the event that purchases do occur, the purchasers may
seek to purchase shares from shareholders who would otherwise have voted against the Extension Amendment Proposal and the Trust Amendment
Proposal and elected to redeem their shares for a portion of the Trust Account. Any shares of DT Cloud held by the Sponsor and its affiliates
will be voted in favor of the Extension Amendment Proposal and the Trust Amendment Proposal.
Full
text of the Resolution
The
resolution to be put to the shareholders to consider and to vote upon at the Extraordinary General Meeting in relation to Extension Amendment
Proposal is as follows:
“RESOLVED,
as a special resolution that, the Amended and Restated Memorandum and Articles of Association of DT Cloud Acquisition Corporation shall
be amended by deleting Article 37.8, 37.9(a)(ii) and 37.11(b)(ii)(A) in their entirety and replacing them with the following:
37.8 |
“The Company has until 9 months from the closing
of the IPO to consummate a Business Combination, provided if the Company enter into a business combination agreement within 9 months after
the closing of the IPO, the Company are entitled to an automatic 3 months extension and will have 12 months from the closing of the IPO
to consummate the business combination (the Event), however that if the Board of Directors anticipates that the Company may not
be able to consummate a Business Combination within 9 months or 12 months from the closing of the IPO (depending on the occurrence of
the Event), the Company may, by Resolution of Directors, extend the period of time to consummate a Business Combination up to eighteen(18)
times, each by an additional one month (for a total of up to 27 months or 30 months to complete a Business Combination, depending on the
occurrence of the Event), subject to the Sponsor depositing additional funds into the Trust Account upon five days advice notice prior
to the applicable deadline in accordance with terms as set out in the Trust Agreement and referred to in the Registration Statement. In
the event that the Company does not consummate a Business Combination by 9 months or 12 months from the closing of the IPO (or 27 months
or 30 months from the closing of the IPO, depending on the occurrence of the Event (subject in the latter case to valid one month extensions
having been made in each case) or such later time as the Members of the Company may approve in accordance with these Articles, the Company
shall:
(a)
cease all operations except for the purpose of winding up;
(b)
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 the Company to pay income taxes, if any (less up to US$105,000 of interest to
pay dissolution expenses), divided by the number of the Public Shares then in issue, which redemption will completely extinguish
public Members’ rights as Members (including the right to receive further liquidation distributions, if any); and
(c)
as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Members and
the directors, liquidate and dissolve,
subject
in each case, to its obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other
requirements of Applicable Law. If the Company shall wind up for any other reason prior to the consummation of a Business Combination,
the Company shall, as promptly as reasonably possible but not more than ten business days thereafter, follow the foregoing procedures
set out in this Article 37.8 with respect to the liquidation of the Trust Account, subject to its obligations under Cayman Islands
law to provide for claims of creditors and in all cases subject to the other requirements of Applicable Law.” |
37.9(a)(ii) |
“redeem 100% of the Public Shares if the Company has not consummated
an initial Business Combination within 9 months or 12 months from the closing of the IPO, depending on the occurrence of the Event (or
27 months or 30 months from the closing of the IPO, depending on the occurrence of the Event, pursuant to Article 37.8 (subject in the
latter case to valid one month extensions having been made in each case); or” |
|
|
37.11(b)(ii)(A) |
“extend
the time the Company has to consummate a Business Combination beyond 9 months or 12 months from the closing of the IPO (depending
on the occurrence of the Event) or 27 months or 30 months from the closing of the IPO (depending on the occurrence of the Event)
pursuant to Article 37.8 (subject in the latter case to valid one month extensions having been made in each case); or” |
Required
Vote
Approval
of the Extension Amendment Proposal requires the affirmative vote of the holders of at least two-thirds of the Company’s ordinary
shares issued and outstanding and entitled to vote and which are present (in person or by proxy) at the Extraordinary General Meeting
and which voted on the Extension Amendment Proposal. Abstentions, which are not votes cast, will have no effect with respect to approval
of this Proposal.
All
of DT Cloud’s directors, executive officers and their affiliates are expected to vote any shares owned by them in favor of the
Extension Amendment Proposal. On the Record Date, the Sponsor and the directors and executive officers of DT Cloud and their affiliates
beneficially owned and were entitled to vote 1,959,500 ordinary shares of DT Cloud representing approximately 21.9% of DT Cloud’s
issued and outstanding ordinary shares. As the Extension Amendment Proposal is not a “routine” matter, brokers will not be
permitted to exercise discretionary voting on this proposal.
Recommendation
The
Board recommends that you vote “FOR” the Extension Amendment Proposal.
Recommendation
of the Board
The
Board recommends that you vote “FOR” the Extension Amendment Proposal.
PROPOSAL
2 — THE TRUST AMENDMENT PROPOSAL
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. In connection with the IPO, we entered
into an Investment Management Trust Agreement, dated February 20, 2024 (the “Trust Agreement”), with Continental Stock Transfer&
Trust Company, as trustee (“Trustee”).
We
propose to amend the Trust Agreement in the form set forth in Annex B to this proxy statement to reflect the Extension Amendment Proposal
if the Extension Amendment Proposal is approved. The Board has determined that it is in the best interests of our shareholders to approve
both the Extension Amendment Proposal and the Trust Amendment Proposal to allow for additional time and opportunity to clear regulatory
approvals and consummate the business combination, as well as to provide the Sponsor and its affiliates with more incentive to fund the
monthly extension fee required for the Extensions that are required for the Company to complete an initial business combination as the
Extension Amendment provides more certainty in advance for the Company to consummate the Business Combination.
Each
of the Extension Amendment Proposal and the Trust Amendment Proposal is cross-conditioned on the approval of the other.
See
“Proposal 1—The Extension Amendment Proposal—Redemption Rights” for the details of your redemption rights.
Full
text of the Resolution
The
resolution to be put to the shareholders to consider and to vote upon at the Extraordinary General Meeting in relation to Trust Amendment
Proposal is as follows:
“RESOLVED,
as an ordinary resolution that, the proposed amendment to the Trust Agreement attached to the proxy statement as Annex B be confirmed,
adopted, approved and ratified in all respects.”
Required
Vote
Approval
of the Trust Agreement Proposal requires the affirmative vote of the holders of a simple majority of the Company’s ordinary shares
issued and outstanding and entitled to vote and which are present (in person or by proxy) at the Extraordinary General Meeting and which
voted on the Trust Amendment Proposal. Abstentions, which are not votes cast, will have no effect with respect to approval of this Proposal.
Recommendation
The
Board recommends that you vote “FOR” the Trust Amendment Proposal.
PROPOSAL
3 — THE ADJOURNMENT PROPOSAL
The
Adjournment Proposal, if adopted, will request the chairman of the Extraordinary General Meeting (who has agreed to act accordingly)
to adjourn the Extraordinary General Meeting to a later date or dates to permit further solicitation of proxies. The Adjournment Proposal
will only be presented to our shareholders in the event, based on the tabulated votes, there are not sufficient votes at the time of
the Extraordinary General Meeting to approve the Extension Amendment Proposal (Proposal 1) and the Trust Amendment Proposal (Proposal
2). If the adjournment proposal is not approved by our shareholders, it is agreed that the chairman of the Extraordinary General Meeting
shall not adjourn the Extraordinary General Meeting to a later date in the event, based on the tabulated votes, there are not sufficient
votes at the time of the Extraordinary General Meeting to approve Proposal 1 and Proposal 2.
Full
text of the Resolution
The
resolution to be put to the shareholders to consider and to vote upon at the Extraordinary General Meeting in relation to Adjournment
Proposal is as follows:
“RESOLVED,
as an ordinary resolution that, the adjournment of the Extraordinary General Meeting to a later date or dates to permit further solicitation
of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment
Proposal and the Trust Amendment Proposal, to be determined by the chairman of the Extraordinary General Meeting be confirmed, adopted,
approved and ratified in all respects.”
Required
Vote
The
affirmative vote of the holders of a simple majority of the Company’s ordinary shares present (in person or by proxy) and voting
on the Adjournment Proposal at the Extraordinary General Meeting will be required to direct the chairman of the Extraordinary General
Meeting to adjourn the Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote
of proxies if, based upon the tabulated vote at the time of the Extraordinary General Meeting, there are not sufficient votes to approve
the Proposal 1 and Proposal 2. Abstentions will have no effect with respect to approval of this Adjournment Proposal. As this proposal
is not a “routine” matter, brokers will not be permitted to exercise discretionary voting on this proposal.
Recommendation
The
Board recommends that you vote “FOR” the Adjournment Proposal.
THE
EXTRAORDINARY GENERAL MEETING
Date, Time and Place.
The Extraordinary General Meeting of DT Cloud’s shareholders will be held at [10:00 a.m.], Eastern Time on April ______, 2025 physically
at the offices of Han Kun Law Offices LLP at 43/F, Gloucester Tower, The Landmark, 15 Queen’s
Road Central, Hong Kong.
Voting Power;
Record Date. You will be entitled to vote or direct votes to be cast at the Extraordinary General Meeting, if you owned DT Cloud
ordinary shares at the close of business on _____, 2025, the Record Date for the Extraordinary General Meeting. You will have one (1)
vote per proposal for each DT Cloud ordinary share you owned at that time. DT Cloud rights do not carry voting rights.
Votes
Required. The affirmative vote of the holders of at least two-thirds of the Company’s ordinary shares issued and outstanding
and entitled to vote which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Extension Amendment
Proposal (Proposal 1) will be required to approve this proposal. Abstentions, which are not votes cast, will have no effect with respect
to approval of this proposal.
The
affirmative vote of the holders of a simple majority of the Company’s ordinary shares issued and outstanding and entitled to vote
which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Trust Amendment Proposal (Proposal
2) will be required to approve this proposal. Abstentions, which are not votes cast, will have no effect with respect to approval of
this proposal.
The
affirmative vote of the holders of a simple majority of the Company’s ordinary shares issued and outstanding and entitled to vote
which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Adjournment Proposal (Proposal 3)
will be required to approve this proposal. The Adjournment Proposal will only be put forth for a vote if there are not sufficient votes
for, or otherwise in connection with, the approval of the other proposals at the Extraordinary General Meeting. Abstentions, which are
not votes cast, will have no effect with respect to approval of this proposal.
As
none of the proposals are “routine” matters, brokers will not be permitted to exercise discretionary voting on Proposal 1,
Proposal 2 and Proposal 3.
At the close of
business on the Record Date, there were _____ issued and outstanding ordinary shares of DT Cloud each of which entitles its holder to
cast one (1) vote per proposal.
If
you do not want the Extension Amendment Proposal and the Trust Amendment Proposal approved, you should vote against such proposals. If
you want to obtain your pro rata portion of the Trust Account in the event the Extension Amendment is implemented, you must timely demand
redemption of your shares, which shall be at least two (2) business days prior to the Extraordinary General Meeting.
Voting
Your Shares — Shareholders of Record
If
you are shareholder of record, you may vote by mail, Internet, email. Your one or more proxy cards show the number of Ordinary Shares
that you own.
Voting
by Mail. You can vote your shares by completing, signing, dating and returning the enclosed proxy card in the postage-paid envelope
provided. By signing the proxy card and returning it in the enclosed prepaid and addressed envelope, you are authorizing the individuals
named on the proxy card to vote your shares at the Extraordinary General Meeting in the manner you indicate. If you sign and return the
proxy card but do not give instructions on how to vote your shares, your Ordinary Shares will be voted as recommended by the Board. The
Board recommends voting “FOR” the Extension Amendment Proposal, “FOR” the Trust Amendment Proposal, and “FOR”
the Adjournment Proposal.
Voting
by Internet. Shareholders who have received a copy of the proxy card by mail may be able to vote over the Internet by visiting the
web address on the proxy card and entering the voter control number included on your proxy card.
Voting
by Email. If available, you may vote by email by following the instructions provided on the proxy card.
You
can also vote your shares in person by attending the Extraordinary Meeting and voting in person.
Voting
Your Shares — Beneficial Owners
If
your shares are registered in the name of your broker, bank or other agent, you are the “beneficial owner” of those shares
and those shares are considered as held in “street name.” If you are a beneficial owner of shares registered in the name
of your broker, bank or other agent, you should have received a proxy card and voting instructions with these proxy materials from that
organization rather than directly from DT Cloud. Simply complete and mail the proxy card or voting information form to ensure that your
vote is counted. You also may be eligible to vote your shares electronically over the Internet or by telephone. A large number of banks
and brokerage firms offer Internet and telephone voting. If your bank or brokerage firm does not offer Internet or telephone voting information,
please complete and return your proxy card or voting information form in the self-addressed, postage-paid envelope provided. Shareholders
who hold their shares in “street name” must either direct the record holder of their shares to vote their share or obtain
a legal proxy from the record holder to vote their shares at the Extraordinary General Meeting. To vote yourself at the Extraordinary
General Meeting, you must first obtain a valid legal proxy from your broker, bank or other agent and then register in advance to attend.
Follow the instructions from your broker or bank included with these proxy materials, or contact your broker or bank to request a legal
proxy form.
Revocability
of Proxies. Any proxy may be revoked by the person giving it at any time before the polls close at the Extraordinary General Meeting.
A proxy may be revoked by filing with the Corporate Secretary, at 30 Orange Street, London, United Kingdom, WC2H 7HF – Secretary,
either a written notice of revocation bearing a date later than the date of such proxy or a subsequent proxy relating to the same shares
or by attending the Extraordinary General Meeting and voting in person. Simply attending the Extraordinary General Meeting will not constitute
a revocation of your proxy. If your shares are held in the name of a broker or other nominee who is the record holder, you must follow
the instructions of your broker or other nominee to revoke a previously given proxy.
Other
Business. The Company is not currently aware of any business to be acted upon at the Extraordinary General Meeting other than the
matters discussed in this proxy statement. The form of proxy accompanying this proxy statement confers discretionary authority upon the
named proxy holders with respect to amendments or variations to the matters identified in the accompanying Notice of Extraordinary General
Meeting and with respect to any other matters which may properly come before the Extraordinary General Meeting. If other matters do properly
come before the Extraordinary General Meeting, or at any adjournment(s) of the Extraordinary General Meeting, the Company expects that
the ordinary shares represented by properly submitted proxies will be voted by the proxy holders in accordance with the recommendations
of the Board.
Principal
Executive Offices. Our principal executive offices are located at 30 Orange Street, London, United Kingdom, WC2H 7HF. Our telephone
number at such address is +44-7918725316.
Proxies;
Board Solicitation. Your proxy is being solicited by the Board on the proposal to approve the proposals being presented to shareholders
at the Extraordinary General Meeting. Proxies may be solicited in person or by telephone. If you grant a proxy, you may still revoke
your proxy and vote your shares online at the Extraordinary General Meeting.
We
have retained Advantage Proxy to assist us in soliciting proxies. If you have questions about how to vote or direct a vote in
respect of your shares, you may contact Advantage Proxy at (877) 870-8565 (toll free). The Company has agreed to pay Advantage Proxy
a fee of $7,500 and expenses, for its services in connection with the Extraordinary General Meeting.
MANAGEMENT
Directors
and Executive Officers
Our
current directors and officers are listed below.
Name |
|
Age |
|
Title |
Shaoke
Li |
|
40 |
|
Chairperson
of the Board of Directors, Director and Chief Executive Officer |
Guojian
Chen |
|
32 |
|
Chief
Financial Officer and Director |
Michael
David Osowski |
|
53 |
|
Independent
Director |
Olivia
Wenxi He |
|
45 |
|
Independent
Director |
Thomas
Trent Stout |
|
46 |
|
Independent
Director |
Shaoke
Li. Mr. Li is our Chief Executive Officer, Director and Chairperson of the Board of Directors. Mr. Li has over 11 years of experience
in international trade and investment. From October 2017 to August 2022, Mr. Li served as the secretary to the board of director and
head of investor relations of Canaan Inc.(Nasdaq: CAN), a company which provide semiconductor solutions. From November 2016 to July 2017,
Mr. Li served as a partner of Zhejiang Yinxinggu Capital, an investment fund. From February 2015 to October 2016, Mr. Li served as the
legal representative and vice general manager of investment at Yifang Investment Co., Ltd., an investment company. From March 2014 to
October 2016, Mr. Li served as the director of capital markets department at Yifang (Shanghai) Commercial Factoring Co., Ltd. Mr. Li
obtained a bachelor’s degree in accountancy from the Concordia University in Canada in 2008. We believe that Mr. Li is qualified
to serve on our board of directors based on his solid experience in the international trade and investment industries.
Guojian
Chen. Mr. Chen is our Chief Financial Officer and Director. Since March 2021, Mr. Chen has been the chief financial officer and
director of Alpha Star Acquisition Corporation (Nasdaq: ALSA), a blank check company. Since May 2020, Mr. Chen has been the secretary
of the board of directors of Board of Beijing ChinaReel Art Exchange Inc., a leading copyright operator focusing on high-quality video
content. From February 2021 to December 2022, Mr. Chen was an independent director of Venus Acquisition Corporation (Nasdaq: Vena), previously
a blank check company, now known as MicroAlgo Inc. (Nasdaq: MLGO). From May 2019 to May 2020, Mr. Chen served as a director of Beijing
Zhongqixinhe Enterprise Management Consulting Co., Ltd., a financial advisory firm with focuses on financial, real estate and TMT industry.
From July 2018 to May 2019, Mr. Chen served as an analyst of Zhongrong Huitong Investment Fund Management (Zhuhai) Co., Ltd, an investment
fund. Mr. Chen received his Bachelor of Management degree from Renmin University of China in 2015, and Master of Finance from the University
of Chinese Academy of Sciences in June 2018. We believe that Mr. Chen is qualified to serve on our board of directors based on his solid
experience in the business and finance industry.
Michael
David Osowski. Mr. Osowski is our Independent Director. Since January 2022, Mr. Osowski has been serving in a strategic business
development role with Priority Power Management, LLC, an energy management and consulting services firm focused on energy supply, information,
and demand management. From May 2015 to January 2022, Mr. Osowski served as the president and the chief executive officer of Trident
Operating Company, LLC, a company which operates various companies in multiple industries including energy, food services, and sporting
events. Mr. Osowski has been serving as a board member of Texas Hydrogen Alliance, the Warrior Health Foundation and Houston Constable
Precinct One since 2022, 2020 and 2021, respectively. Mr. Osowski obtained a bachelor’s degree in communication from Ohio University
in 1993. We believe that Mr. Osowski is qualified to serve on our board of directors based on his solid experience in holding various
management positions.
Olivia
Wenxi He. Ms. He is our Independent Director. Ms. He has over 15 years of experience in the investment banking industry. Since
June 2021, Ms. He serves as the chief financial officer of Metal Sky Star Acquisition Corporation (Nasdaq: MSSA), a special purpose acquisition
company. Since February 2019, Ms. He serves as chief investment officer at KX Power Limited, an asset management company based in London,
specializing in the development and management of renewable energy and power generation assets. From January 2010 to January 2018, Ms.
He served as the managing director and global head of Commodity Exchange Traded Products at Bank of America Merrill Lynch, an investment
bank. Ms. He holds master’s degrees in both Mathematical Finance and Engineering from University of Toronto, and a bachelor’s
degree in engineering from Tongji University. Ms. He holds Chartered Financial Analyst Level 2. We believe that Ms. He is qualified to
serve on our board of directors based on her solid experience in the investment banking industry.
Thomas
Trent Stout. Mr. Stout is our Independent Director. Since July 2020, Mr. Stout has been the senior managing director and the
head of blockchain of Priority Power Management, LLC, an energy management and consulting services firm focused on energy supply, information,
and demand management. Since July 2020, Mr. Stout has been a partner, president and a senior advisory team member of KX Power Limited,
an asset management company based in London. From January 2017 to June 2020, Mr. Stout served as a founder and principal of PowerLink
Partners, LLC, an investment vehicle and consulting firm focused on the energy industry. From April 2012 to December 2016, Mr. Stout
served as a managing director and a head of global commodity index & products of Bank of America Corporation (NYSE: BAC) in Houston
and London, a multinational investment bank and financial services holding company. He obtained a master’s degree in business administration
from the University of Chicago, and a bachelor’s degree in business administration from Texas Christian University, in 2004 and
2000, respectively. We believe that Mr. Stout is qualified to serve on our board of directors based on his solid experience in the investment
banking and asset management industries.
BENEFICIAL
OWNERSHIP OF SECURITIES
The
following table sets forth certain information regarding the beneficial ownership of DT Cloud’s ordinary shares as of the Record
Date by:
|
● |
each
person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares; |
|
|
|
|
● |
each
of our current officers and directors; and |
|
|
|
|
● |
all
current officers and directors as a group. |
As
of the date of this proxy statement, there were 8,963,000 ordinary shares issued and outstanding. Unless otherwise indicated, all persons
named in the table have sole voting and investment power with respect to all ordinary shares beneficially owned by them.
Name and Address of Beneficial Owner(1) | |
Amount and Nature of Beneficial Ownership | | |
Approximate Percentage of Outstanding Shares | |
DT Cloud Capital Corp. (the Sponsor) (2) | |
| 1,959,500 | | |
| 21.9 | % |
Shaoke Li(3) | |
| — | | |
| — | |
Guojian Chen(4) | |
| — | | |
| — | |
Michael David Osowski(4) | |
| — | | |
| — | |
Olivia Wenxi He(4) | |
| — | | |
| — | |
Thomas Trent Stout(4) | |
| — | | |
| — | |
All directors and executive officers (five individuals) as a group | |
| — | | |
| — | |
Infinity-Star Holdings Limited(5) | |
| — | | |
| — | |
Ip Ping Ki(6) | |
| — | | |
| — | |
All initial shareholders as a group | |
| — | | |
| — | |
(1) |
Unless
otherwise indicated, the business address of each of the individuals is c/o DT Cloud Acquisition Corporation, 30 Orange Street, London,
United Kingdom, WC2H 7HF. |
(2) |
Represents
shares held by DT Cloud Capital Corp., the Sponsor. The address of the Sponsor is Ritter House, Wickhams Cay II, PO Box 3170, Road
Town, Tortola VG1110, British Virgin Islands. |
(3) |
Such
individual holds a direct interest in the Sponsor. Such person disclaims any beneficial ownership of the reported shares other than
to the extent of any pecuniary interest they may have therein, directly or indirectly. |
(4) |
Such
individual does not beneficially own any of our ordinary shares. |
(5) |
Infinity-Star
Holdings Limited holds 20% of the outstanding shares of DT Cloud Capital Corp. |
(6) |
Mr.
Ip Ping Ki holds 80% of the outstanding shares of DT Cloud Capital Corp. |
DELIVERY
OF DOCUMENTS TO SHAREHOLDERS
Pursuant
to the rules of the SEC, DT Cloud and its agents that deliver communications to its shareholders are permitted to deliver to two or more
shareholders sharing the same address a single copy of DT Cloud’s proxy statement. Upon written or oral request, DT Cloud will
deliver a separate copy of the proxy statement to any shareholder at a shared address who wishes to receive separate copies of such documents
in the future. Shareholders receiving multiple copies of such documents may likewise request that DT Cloud deliver single copies of such
documents in the future. Shareholders may notify DT Cloud of their requests by calling or writing DT Cloud at its principal executive
offices at 30 Orange Street, London, United Kingdom, WC2H 7HF, +44-7918725316.
WHERE
YOU CAN FIND MORE INFORMATION
DT
Cloud files annual, quarterly and current reports, proxy statements and other information with the SEC as required by the Exchange Act.
DT Cloud files its reports, proxy statements and other information electronically with the SEC. You may access information on DT Cloud
at the SEC website at http://www.sec.gov.
This
proxy statement describes the material elements of relevant contracts, exhibits and other information attached as annexes to this proxy
statement. Information and statements contained in this proxy statement are qualified in all respects by reference to the copy of the
relevant contract or other document included as an annex to this document.
You
may obtain this additional information, or additional copies of this proxy statement, at no cost, and you may ask any questions you may
have about the Proposals by contacting us at the following address and telephone number:
DT
Cloud Acquisition Corporation
30
Orange Street,
London,
United Kingdom, WC2H 7HF,
+44-7918725316
In
order to receive timely delivery of the documents in advance of the Extraordinary General Meeting, you must make your request for information
no later than ______, 2025 (one week before the date of the Extraordinary General Meeting).
ANNEX
A
PROPOSED
AMENDMENT TO THE AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION
The
Amended and Restated Memorandum and Articles of Association of DT Cloud Acquisition Corporation shall be amended by deleting Article
37.8, 37.9(a)(ii) and 37.11(b)(ii)(A) in their entirety and replacing them with the following:
37.8 |
“The Company has until 9 months from the closing
of the IPO to consummate a Business Combination, provided if the Company enter into a business combination agreement within 9 months after
the closing of the IPO, the Company are entitled to an automatic 3 months extension and will have 12 months from the closing of the IPO
to consummate the business combination (the Event), however that if the Board of Directors anticipates that the Company may not be able
to consummate a Business Combination within 9 months or 12 months from the closing of the IPO (depending on the occurrence of the Event),
the Company may, by Resolution of Directors, extend the period of time to consummate a Business Combination up to eighteen(18) times,
each by an additional one month (for a total of up to 27 months or 30 months to complete a Business Combination, depending on the occurrence
of the Event), subject to the Sponsor depositing additional funds into the Trust Account upon five days advice notice prior to the applicable
deadline in accordance with terms as set out in the Trust Agreement and referred to in the Registration Statement. In the event that the
Company does not consummate a Business Combination by 9 months or 12 months from the closing of the IPO (or 27 months or 30 months from
the closing of the IPO, depending on the occurrence of the Event (subject in the latter case to valid one month extensions having been
made in each case) or such later time as the Members of the Company may approve in accordance with these Articles, the Company shall:
(a)
cease all operations except for the purpose of winding up;
(b)
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 the Company to pay income taxes, if any (less up to US$105,000 of interest to
pay dissolution expenses), divided by the number of the Public Shares then in issue, which redemption will completely extinguish
public Members’ rights as Members (including the right to receive further liquidation distributions, if any); and
(c)
as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Members and
the directors, liquidate and dissolve,
subject
in each case, to its obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other
requirements of Applicable Law. If the Company shall wind up for any other reason prior to the consummation of a Business Combination,
the Company shall, as promptly as reasonably possible but not more than ten business days thereafter, follow the foregoing procedures
set out in this Article 37.8 with respect to the liquidation of the Trust Account, subject to its obligations under Cayman Islands
law to provide for claims of creditors and in all cases subject to the other requirements of Applicable Law.” |
37.9(a)(ii) |
“redeem
100% of the Public Shares if the Company has not consummated an initial Business Combination within 9 months or 12 months from the
closing of the IPO, depending on the occurrence of the Event (or 27 months or 30 months from the closing of the IPO, depending on
the occurrence of the Event, pursuant to Article 37.8 (subject in the latter case to valid one month extensions having been made
in each case); or” |
|
|
37.11(b)(ii)(A) |
“extend
the time the Company has to consummate a Business Combination beyond 9 months or 12 months from the closing of the IPO (depending
on the occurrence of the Event) or 27 months or 30 months from the closing of the IPO (depending on the occurrence of the Event)
pursuant to Article 37.8 (subject in the latter case to valid one month extensions having been made in each case); or” |
ANNEX
B
PROPOSED
AMENDMENT TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT
This
Amendment (this “Amendment”), dated as of _____, 2025, to the Investment Management Trust Agreement (as defined below) is
made by and between DT Cloud Acquisition Corporation (the “Company”) and Continental Stock Transfer & Trust Company,
as trustee (“Trustee”). All terms used but not defined herein shall have the meanings assigned to them in the Trust Agreement.
WHEREAS,
the Company and the Trustee entered into an Investment Management Trust Agreement dated as of February 20, 2024 (the “Trust Agreement”);
WHEREAS, at a Shareholders
Meeting of the Company held on _____, 2025, the Company’s shareholders approved a proposal to amend the Trust Agreement to reflect
the Company’s shareholder approval of the Extension Amendment (as defined therein).
NOW
THEREFORE, IT IS AGREED:
1.
Preamble. The third WHEREAS clause in the preamble of the Trust Agreement is hereby amended and restated to read as follows:
“WHEREAS, if a Business
Combination is not consummated within the initial 9-month period following the closing of the IPO, the Company’s insiders may extend
such period eighteen times by an additional one-month period each time, up to a maximum of 27 months in the aggregate, by depositing $180,000
(or $207,000 if the Underwriters’ over-allotment option is exercised in full, or in any case, $0.03 per public share) into the Trust
Account (as defined below) prior to the applicable monthly deadline (each, an “Applicable Deadline”), as applicable, for each
one-month extension (each, an “Extension”), in exchange for which they will receive promissory notes. However, if the Company
enters into a business combination agreement within 9 months following the closing of the IPO, The Company is entitled to an automatic
3-month extension. As a result, the Company will have 12 months (or up to a maximum of 30 months in the aggregate) following the closing
of the IPO to consummate an initial Business Combination; and”
2.
The defined term of “Trust Agreement” in the Trust Agreement shall mean that certain Investment Management Trust Agreement
dated February 20, 2024, between DT Cloud Acquisition Corporation and Continental Stock Transfer & Trust Company, as amended by this
Amendment to Investment Management Trust Agreement dated , 2025.
3.
Section 1(i) is hereby amended and restated to read as follows:
“(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company
by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary and, in the case of a Termination
Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by Brookline, and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the
other documents referred to therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee
by the 9-month anniversary of the closing of the IPO (“Closing”) or, in the event that the Company extended the time to complete
the Business Combination for up to 27 months from the closing of the IPO but has not completed the Business Combination within the applicable
monthly anniversary of the Closing, (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date. However,
if the Company enters into a business combination agreement within 9 months following the closing of the IPO, The Company is entitled
to an automatic 3-month extension. As a result, the Company will have 12 months (or up to 30 months from the closing of the IPO) following
the closing of the IPO to consummate an initial Business Combination.”
4.
The Exhibit D of the Trust Agreement is hereby amended and restated to read as follows:
[Letterhead
of Company]
[Insert
date]
Continental
Stock Transfer & Trust Company
1
State Street, 30th Floor
New
York, NY 10004-1561
Attn:
Francis Wolf and Celeste Gonzalez
Re:
|
Trust
Account - Extension Letter |
Dear
Mr. Wolf and Ms. Gonzalez:
Pursuant
to Section 1(l) of the Investment Management Trust Agreement between DT Cloud Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company, dated as of February 20, 2024 and amended on , 2025 (“Trust Agreement”), this is to advise
you that the Company is extending the time available in order to consummate a Business Combination with the Target Businesses for an
additional one (1) month, from _______ to _________ (the “Extension”).
This
Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words used
herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.
In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $180,000 (or $207,000 if the underwriters’
over-allotment option was exercised in full, or in any case, $0.03 per public share), which will be wired to you, into the Trust Account
investments upon receipt.
This
is the ____ of up to fifteen Extension Letters.
|
Very
truly yours, |
|
|
|
DT
CLOUD ACQUISITION CORPORATION |
|
|
|
By: |
|
|
Name: |
Shaoke
Li |
|
Title: |
Chief
Executive Officer |
4.
All other provisions of the Trust Agreement shall remain unaffected by the terms hereof.
5.
This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be
one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile
signature shall be deemed to be an original signature for purposes of this Amendment.
6.
This Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section
7(c) of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby
ratified, intentionally waived and relinquished by all parties hereto.
7.
This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
IN WITNESS WHEREOF, the parties
have duly executed this First Amendment to the Investment Management Trust Agreement as of the date first written above.
CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Trustee |
|
|
|
|
By: |
|
|
Name: |
|
|
Title: |
|
|
DT
Cloud Acquisition Corporation |
|
|
|
|
By: |
|
|
Name: |
Shaoke
Li |
|
Title: |
Chief
Executive Officer |
|
PROXY
DT
CLOUD ACQUISITION CORPORATION
30
Orange Street
London,
United Kingdom, WC2H 7HF
+44-7918725316
EXTRAORDINARY
MEETING OF SHAREHOLDERS
APRIL _____, 2025
YOUR
VOTE IS IMPORTANT
FOLD
AND DETACH HERE
THIS
PROXY IS SOLICITED BY THE BOARD OF DIRECTORS FOR THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL _____, 2025
The undersigned, revoking any
previous proxies relating to these shares, hereby acknowledges receipt of the Notice and Proxy Statement, dated __________, 2025, in connection
with the Extraordinary General Meeting and at any adjournments thereof (the “Extraordinary General Meeting”) to be held at
[10:00 a.m.] Eastern Time on April ____, 2025 physically at the offices of Han Kun Law Offices LLP at 43/F, Gloucester Tower, The Landmark,
15 Queen’s Road Central, Hong Kong and hereby appoints Shaoke Li as proxy of the undersigned,
with full power to appoint his substitute, and hereby authorizes him to represent and to vote all ordinary shares of DT Cloud Acquisition
Corporation (the “Company”) registered in the name provided, which the undersigned is entitled to vote at the Extraordinary
General Meeting with all the powers the undersigned would have if personally present. Without limiting the general authorization hereby
given, said proxies are, and each of them is, instructed to vote or act as follows on the proposals set forth in this Proxy Statement.
THIS
PROXY, WHEN EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED “FOR”
PROPOSAL 1, 2 and 3.
THE
BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSAL 1, 2 and 3.
PROPOSAL
1: Extension Amendment Proposal.
To approve the proposed amendment
to the Amended and Restated Memorandum and Articles of Association attached to the proxy statement as Annex A to reflect the Extension
Amendment, which extends 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 (the “Sponsor”) depositing additional funds for each one-month extension into the trust
account (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).
For
|
|
Against |
|
Abstain |
☐ |
|
☐ |
|
☐ |
PROPOSAL
2: Trust Amendment Proposal.
To
approve the proposed amendment to the Trust Agreement attached to the proxy statement as Annex B to reflect the Extension Amendment Proposal.
For
|
|
Against |
|
Abstain |
☐ |
|
☐ |
|
☐ |
PROPOSAL
3: Adjournment Proposal
To
direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General Meeting to a later date or dates, if necessary,
to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Extraordinary General Meeting,
there are not sufficient votes to approve Proposal 1 and Proposal 2.
For |
|
Against |
|
Abstain |
☐ |
|
☐ |
|
☐ |
Please
indicate if you intend to attend this Meeting ☐ YES ☐ NO
Signature
of Shareholder: |
|
|
|
|
|
Date: |
|
|
|
|
|
Name
shares held in (Please print): |
|
Account
Number (if any): |
|
|
|
|
|
|
|
|
|
No.
of Shares Entitled to Vote: |
|
Stock
Certificate Number(s): |
|
|
|
|
|
|
Note: |
Please
sign exactly as your name or names appear in the Company’s stock transfer books. When shares are held jointly, each holder
should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. |
|
|
|
If
the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. |
|
|
|
If
the signer is a partnership, please sign in partnership name by authorized person. |
Please
provide any change of address information in the spaces below in order that we may update our records:
Signature
should agree with name printed hereon. If shares are held in the name of more than one person, EACH joint owner should sign. Executors,
administrators, trustees, guardians, and attorneys should indicate the capacity in which they sign. Attorneys should submit powers of
attorney.
PLEASE SIGN, DATE AND RETURN THE PROXY
IN THE ENVELOPE ENCLOSED TO CONTINENTAL STOCK TRANSFER & TRUST COMPANY. THIS PROXY WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED “FOR” THE PROPOSALS SET FORTH IN PROPOSALS
1, 2 AND 3 AND WILL GRANT DISCRETIONARY AUTHORITY TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE EXTRAORDINARY GENERAL
MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF. THIS PROXY WILL REVOKE ALL PRIOR PROXIES SIGNED BY YOU.
PLEASE
COMPLETE, DATE, SIGN AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
Grafico Azioni DT Cloud Acquisition (NASDAQ:DYCQU)
Storico
Da Mar 2025 a Apr 2025
Grafico Azioni DT Cloud Acquisition (NASDAQ:DYCQU)
Storico
Da Apr 2024 a Apr 2025