Item 5. Market for Registrant’s Common Equity
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
(a)
Market
Information
Our
units started to be listed on the Nasdaq
Global Market and began trading under the ticker symbol “DTSQU” on July 25, 2024. On September 12, 2024, we announced that
the holders of the units may elect to separately trade the underlying component securities of the Units commencing on September 16, 2024.
Those Units not separated continue to trade on Nasdaq under the symbol “DTSQU,” and each of the ordinary Shares and rights
that have been separated trade on Nasdaq under the symbols “DTSQ” and “DTSQR,” respectively.
(b)
Holders
As
of March 27, 2025, there was 4 holders of record of our units and 2 holders of record of our ordinary shares.
57
(c)
Dividends
We
have not paid any cash dividends on our ordinary shares as of the date of this Report, and do not intend to pay cash dividends prior
to the completion of our initial business combination. The payment of cash dividends in the future will be dependent upon our revenues
and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment
of any dividends subsequent to a business combination will be within the discretion of our then board of directors. It is the present
intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board does
not anticipate declaring any dividends in the foreseeable future. If we incur any indebtedness in connection with a business combination,
our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
(d)
Securities
Authorized for Issuance Under Equity Compensation Plans
None.
(e)
Performance
Graph
Not
applicable.
(f)
Recent
Sales of Unregistered Securities; Use of Proceeds from Registered Offerings.
Unregistered
Sales of Equity Securities
In
November 2022, March 2023 and January 2024, an aggregate of 1,725,000 initial shares were issued to our initial shareholders, for an
aggregate purchase price of $25,000, or approximately $0.014 per share. The initial shares held by our initial shareholders included
an aggregate of up to 225,000 shares subject to forfeiture by our sponsor to the extent that the underwriters’ over-allotment option
was not exercised in full or in part, so that our initial shareholders would collectively own 20.0% of our issued and outstanding shares
after our initial public offering (excluding the sale of the private units and the issuance of representative shares and assuming our
initial shareholders did not purchase units in our initial public offering). On July 25, 2024, the underwriters exercised their over-allotment
option in full.
Simultaneously
with the closing of our initial public offering on July 26, 2024, we consummated the private placement with the Sponsor of 206,900 private
units at a price of $10.00 per private unit. This issuance was made pursuant to Section 4(a)(2) of the Securities Act, as the transaction
did not involve a public offering. No underwriting discounts or commissions were paid with respect to the private placement.
Use
of Proceeds
On
July 26, 2024, we consummated the initial public offering of 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 on July 25, 2024. The units were sold at an offering price
of $10.00 per unit, generating gross proceeds of $69,000,000. Simultaneously with the closing of our initial public offering on July
26, 2024, we consummated the private placement with the Sponsor of 206,900 private units at a price of $10.00 per private unit, generating
total gross proceeds of $2,069,000.
As
of July 26, 2024, a total of $69,000,000 of the net proceeds from our initial public offering was deposited in a trust account established
for the benefit of our public shareholders, with Wilmington Trust National Association acting as trustee.
The
securities sold in our initial public offering were registered under the Securities Act pursuant to a registration statement on Form
S-1 (File No. 333-278982) (the “Registration Statement”). The SEC declared the Registration Statement effective on July 24,
2024.
There
has been no material change in the planned use of proceeds from our initial public offering and the private placement as described in
the final prospectus related to the initial public offering.
58
(g)
Purchases
of Equity Securities by the Issuer and Affiliated Purchasers
None.
Item
6. [Reserved]
Not
applicable.