DT Cloud Star Acquisition, a blank check company led by an executive from CITIC Securities, filed on Monday with the SEC to raise up to $60 million in an initial public offering.
The Brooklyn, NY-based company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one right to receive one-seventh of a share upon the completion of an initial business combination. At the proposed deal size, DT Cloud Star Acquisition would command a market value of $78 million.
The company is led by CEO and Chair Bian Fan, an SVP at CITIC Securities, where he leads cross-border mergers and acquisitions and capital markets transactions. While it has not selected a target industry or geography, the SPAC plans to focus on established businesses with long-term financial visibility and defensible market positions, among other characteristics.
DT Cloud Star Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol DTSQU. A.G.P. is the sole bookrunner on the deal.
