On July 25, 2024, DT Cloud Star Acquisition Corporation (DT Star), a special purpose acquisition company (SPAC), successfully listed on the Nasdaq Global Market raising gross proceeds of $60 million from its IPO, or approximately $69 million if the underwriters exercise the over-allotment option in full. Concurrently with the closing of the IPO, DT Star will consummate the private placement with DT Cloud Star Management Limited of 193,400 units at a price of $10 per private unit, generating total gross proceeds of $1,934,000 (or 206,900 private units at a price of $10 per unit, generating total gross proceeds of $2,069,000, if the underwriters exercise the over-allotment option in full). Wilson Sonsini Goodrich & Rosati acted as U.S. counsel to DT Cloud Star in the transaction.

DT Cloud Star will focus on identifying high-growth de-SPAC targets featuring, among others, established businesses with long-term financial visibility, defensible market position, and talented and incentivized management team with a proven track record.

The Wilson Sonsini core team that advised DT Cloud Star on the transaction included:

Corporate
Dan Ouyang
Ke Li
Claire Chen
Ya Liu

Tax
Myra A. Sutanto Shen
Anjali Krishnan

For more information, please see DT Cloud Star’s press release.