Ogier advises DT Cloud Acquisition Corporation on US$69 million Nasdaq IPO

Ogier's Corporate team in Hong Kong acted as Cayman Islands counsel to DT Cloud Acquisition Corporation on its US$69 million initial public offering on Nasdaq.

The special purpose acquisition company (SPAC), which is incorporated in the Cayman Islands, completed the initial public offering (IPO) of its 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.

Each unit consists of one ordinary share and one right to receive one-seventh of one ordinary share upon the consummation of an initial business combination, at an offering price of US$10 per unit on 23 February 2024.

The units issued by the company started trading on the NASDAQ Global Market on 21 February 2024 under the ticker symbol DYCQU.

Ogier's Corporate partner Florence Chan led the team, with support from the firm's global head of Corporate, Nathan Powell, and paralegal Jenson Ng.

Ogier worked alongside Loeb & Loeb LLP as the US counsel and Brookline Capital Markets, a division of Arcadia Securities, LLC as the sole book-running manager of the offering.