DT Cloud Star Acquisition, a blank check company led by an executive from CITIC Securities, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one right to receive one-ninth of a share upon the completion of an initial business combination.
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 plans to list on the Nasdaq under the symbol DTSQU. A.G.P. acted as sole bookrunner on the deal.
