DT Cloud Acquisition, a blank check company led by executives from energy-focused asset manager KX Power, filed on Wednesday with the SEC to raise up to $60 million in an initial public offering.
The company plans to raise $60 million by offering 6 million units at $10. Each unit contains one share of common stock, one warrant, exercisable at $11.50, and one right to receive one-twentieth of a share upon the consummation of a merger. At the proposed deal size, DT Cloud Acquisition would command a market cap of $78 million.
The company is led by CEO and Chair Olivia He, the CIO of KX Power Limited, and the CFO of March 2022 IPO Metal Sky Star Acquisition (MSSAU; flat from $10 offer price). She is joined by CFO and Director Thomas Stout, a Partner, President, and a senior advisor at KX Power, as well as the Senior Managing Director and Head of Blockchain of Priority Power Management. DT Cloud Acquisition plans to target companies positioned to bring in high returns and long-term sustainable growth.
The London, United Kingdom-based company was founded in 2022 and plans to list on the Nasdaq, although it has yet to choose a symbol (RC Ticker: DTCAU.RC). Brookline Capital Markets is the sole bookrunner on the deal.
