DT Cloud Star (DTSQ) is a SPAC — a blank check company with no operating business — that raised $69M in its IPO in July 2024 and holds those proceeds in a trust account while searching for a private company to acquire and take public. In February 2026, DT Cloud Star signed a Business Combination Agreement to merge with PrimeGen US at a valuation of approximately $1.49B. The merger has not yet closed. DT Cloud Star itself generates no revenue; the trust account earns interest on the IPO proceeds in the interim. The sponsor, DT Cloud Star Management Limited, received founder shares at a nominal cost and purchased $2.07M in private placement units — these become valuable only if a deal closes, which is the sponsor's primary economic incentive. Public shareholders invested at $10.00/unit and can redeem shares for approximately $10.00 plus interest if they choose not to participate in the merger. To discourage redemptions, DT Cloud Star is issuing warrants for up to 1.93M additional shares to shareholders who remain in the deal. If no deal closes by October 26, 2026, the trust is liquidated, public shareholders recover their ~$10.00/share, and founder shares and private placement units become worthless. The nature of PrimeGen's underlying business is not disclosed.