[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_96":97},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","hsrcjvunhhtsy8sw87t68fltc","revision",2,"title","DT Cloud Star Acquisition 延长业务合并期限至2027年10月26日","originalTitle","DT Cloud Star Acquisition Corp (0002017950) (Filer)","summary","DT Cloud Star Acquisition Corp 将完成初始业务组合的最后期限延长至2027年10月26日，此前已通过修正信托协议将截止日期从2026年延长至2027年。","reason","公司现金仅198美元且面临营运资金赤字，需依赖信托账户资金完成业务合并，存在持续经营重大疑虑。","source",{"_12":87,"_88":89,"_9":90,"_91":42,"_92":93,"_94":95},"links",{"_84":85,"_77":86},"publishedAt","2026-10-20T21:00:27.000Z","discoveredAt","2026-10-20T22:17:18.195Z","timelineAt","category","tip","tags",[83],"stockSymbols",[82],"score",65,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fpSyMcdIA7NA",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","c376dc6b-d002-42e8-b78b-fb3ef72b234d","DT Cloud Star & Quartzsea 延长业务合并期限",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿\nD.C. 20549

表格\n10-Q

(选择一项)

\n \n \n \n

☒	季度\n 报告，根据《1934年证券交易法》第13或15(d)条

截至\n 2026年9月30日

\n \n \n \n

☐	过渡\n 报告，根据《1934年证券交易法》第13或15(d)条

截至\n 从________到________的过渡期

委员会\n文件编号 001-42167

DT\n云星收购公司

(注册人根据其章程指定的名称)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

开曼群岛		n/a
(州\n 或其他司法管辖区) \n 成立\n 或组织)		(IRS\n 雇主 \n 识别\n 号)
25\n 克里斯托弗·哥伦布大道4411号 \n 泽西市, NJ		07302
(主要执行办公室地址)		(邮政编码)

(718)\n865-2000

注册人的电话号码，包括区号

N/A

(如自上次报告以来名称或地址已更改，请填写原名称或原地址)

根据《法案》第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

每类证券的名称	交易\n 符号	每类证券注册的交易所名称
单位，每单位包括一股普通股，面值为0.0001美元，以及一个权利	DTSQU	纳斯达克股票市场有限责任公司
普通股，面值0.0001美元每股	DTSQ	纳斯达克股票市场有限责任公司
权利，每个权利使持有人有权获得九分之一（1/9）股普通股	DTSQR	纳斯达克股票市场有限责任公司

通过勾选方框表明注册人（1）是否已提交了根据《1934年证券交易法》第13或15(d)条在前12个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去90天内一直受此类提交要求的约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否在前12个月内（或注册人需提交此类文件的较短期间）根据S-T条例第405条（本章第232.405条）提交了所有要求提交的交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第12b-2条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

大型\n 加速提交者	☐	加速\n 提交者	☐

非加速\n 提交者	☒	小型报告公司	☒

		新兴成长公司	☒

如果\n是新兴成长公司，请通过复选框表明注册人是否选择不使用根据《交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

请\n通过复选框表明注册人是否为壳公司（根据《交易法》第12b-2条定义）。是 ☒ 否 ☐

截至\n2026年9月30日，已发行和流通的普通股为 3,653,409 股，每股面值为 $0.0001。

DT\nCLOUD STAR ACQUISITION CORPORATION

目\n录

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	页面
第一部分：财务信息	1

第1项：财务报表	1
截至2026年9月30日（未经审计）和2025年12月31日的资产负债表	1
截至2026年9月30日和2025年9月30日的三个月和九个月未经审计的损益表	2
截至2026年9月30日和2025年9月30日的三个月和九个月未经审计的所有者权益变动表	3
截至2026年9月30日和2025年9月30日的三个月和九个月未经审计的现金流量表	4
未经审计的财务报表附注	5
第2项：管理层讨论与分析	20
第3项：关于市场风险的定量和定性披露	23
第4项：控制和程序	23

第二部分：其他信息	24

第1项：法律诉讼	24
第1A项：风险因素	24
第2项：未注册的股权证券销售及已注册证券的收益使用	24
第3项：高级证券违约	25
第4项：矿山安全披露	25
第5项：其他信息	25
第6项：附录	25

第三部分：签名	26

第一部分\n财务信息

第1项\n财务报表

DT\nCLOUD STAR ACQUISITION CORPORATION

资\n产负债表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026年9月30日			2025年12月31日
	(未经审计)
资产
流动资产：
现金	$	198			$	461
预付费用		27,690				95,182

流动资产合计		27,888				95,643
信托中持有的现金及可交易证券		19,042,214				17,876,466
资产总计	$	19,070,102			$	17,972,109

负债和所有者权益（亏损）
流动负债：
应计费用	$	2,620			$	72,838
应付给发起人		1,648,144				384,050

流动负债合计		1,650,764				456,888

承销费用递延		690,000				690,000

负债总计	$	2,340,764			$	1,146,888

承诺和或有事项（注释7）		-				-
可能赎回的普通股，1,652,509 股（按2026年9月30日和2025年12月31日的赎回价分别为 $11.52 和 $10.82 每股）		19,042,214				17,876,466

所有者权益（亏损）：
普通股，面值 $0.0001 每股；500,000,000 股授权；\n 2,000,900 和 2,000,900 股于2026年9月30日和2025年12月31日发行和流通		200				200
额外支付资本		-				-
应收股本		-				-
累计亏损		(2,313,076	)			(1,051,445	)

股东权益赤字		(2,312,876	)			(1,051,245	)

负债及股东权益赤字	$	19,070,102			$	17,972,109

请参阅未审财务报表的附注。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审损益表

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026			2025			2026		2025
	截至 \n 9月30日			截至 \n 9月30日
	2026			2025			2026		2025
运营费用：
成立及运营成本	$	(162,278	)		$	(139,080	)	$	(496,661	)	$	(302,650	)
一般及行政费用	$	(30,000	)		$	(30,000	)	$	(90,000	)	$	(90,000	)
运营亏损		(192,278	)			(169,080	)		(586,661	)		(392,650	)

其他收入：
经营账户利息	$	13			$	592		$	30		$	6,079
信托账户利息收入	$	113,922			$	509,966		$	433,534		$	1,989,831
信托账户中可交易证券的未实现收益	$	57,214			$	241,486		$	57,214		$	241,486
其他收入总额		171,149				752,044			490,778			2,237,396
净收入（亏损）		(21,129	)			582,964			(95,883	)		1,844,746

基本及摊薄加权平均流通股
赎回普通股，基本及摊薄		1,652,509				6,900,000			1,652,509			6,900,000
不可赎回普通股，基本及摊薄		2,000,900				2,000,900			2,000,900			2,000,900
赎回普通股，基本及摊薄每股净收入		0.051				0.090			0.136			0.280
不可赎回普通股，基本及摊薄每股净收入（亏损）		(0.053	)			(0.019	)		(0.161	)		(0.043	)

请参阅未审财务报表的附注。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审股东权益赤字变动表

\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	股份数量		金额			资本		应收款	赤字		赤字
	截至2026年9月30日的九个月
	普通股		额外 \n已付资本			股本		累计	总 \n股东权益
	股份数量		金额			资本		应收款	赤字		赤字
2025年12月31日的余额		2,000,900		$	200		$	-	$	-		$	(1,051,445	)	$	(1,051,245	)
可能赎回普通股的后续计量 \n（信托账户利息收入和未实现收益）		-			-			-		-			(158,016	)		(158,016	)
可能赎回普通股的后续计量 \n（业务合并延期的额外资金）		-			-			-		-			(225,000	)		(225,000	)
年度净亏损		-			-			-		-			(110,289	)		(110,289	)
2026年3月31日的余额		2,000,900			200			-		-			(1,544,750	)		(1,544,550	)
可能赎回普通股的后续计量 \n（信托账户利息收入和未实现收益）		-			-			-		-			(161,596	)		(161,596	)
年度净收入		-			-			-		-			35,535			35,535
2026年6月30日的余额		2,000,900			200			-		-			(1,670,811	)		(1,670,611	)
可能赎回普通股的后续计量 \n（信托账户利息收入和未实现收益）		-			-			-		-			(171,136	)		(171,136	)
可能赎回普通股的后续计量 \n（业务合并延期的额外资金）		-			-			-		-			(450,000	)		(450,000	)
年度净亏损		-			-			-		-			(21,129	)		(21,129	)
2026年9月30日的余额		2,000,900			200			-		-			(2,313,076	)		(2,312,876	)

\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n

	股份数量		金额			资本		赤字	权益（赤字）
	截至2025年9月30日的九个月
	普通股		额外已付资本			累计		总股东权益
	股份数量		金额			资本		赤字	权益（赤字）
2024年12月31日的余额		2,000,900		$	200		$	-	$	(350,476	)	$	(350,276	)
可能赎回普通股的后续计量 \n（信托账户利息收入和未实现收益）		-			-			-		(737,706	)		(737,706	)
期间净收入		-			-			-		630,284			630,284
2025年3月31日的余额		2,000,900		$	200		$	-	$	(457,898	)	$	(457,698	)
可能赎回普通股的后续计量 \n（信托账户利息收入和未实现收益）		-			-			-		(742,159	)		(742,159	)
期间净收入		-			-			-		631,498			631,498
2025年6月30日的余额		2,000,900		$	200		$	-	$	(568,559	)	$	(568,359	)
余额		2,000,900		$	200		$	-	$	(568,559	)	$	(568,359	)
可能赎回普通股的后续计量 \n（信托账户利息收入和未实现收益）		-			-			-		(751,452	)		(751,452	)
期间净收入		-			-			-		582,964			582,964
净收入（亏损）		-			-			-		582,964			582,964
2025年9月30日的余额		2,000,900		$	200		$	-	$	(737,047	)	$	(736,847	)
余额		2,000,900		$	200		$	-	$	(737,047	)	$	(736,847	)

请参阅未审财务报表的附注。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审现金流量表

\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026			2025
	截至 \n 9月30日
	2026			2025
经营活动产生的现金流量
净收入（亏损）		(95,883	)		1,844,746
非现金收入和费用的调整：					-
预付费用摊销		96,964			122,914
现金及信托账户中持有的投资产生的利息和股息收入		(490,748	)		(2,231,317	)

运营资产和负债的变化：
预付费用		(29,472	)		(121,393	)
应计负债和其他应付款		(70,218	)		(6,262	)
应付赞助商金额		589,094			-
经营活动中使用的净现金		(263	)		(391,312	)

投资活动产生的现金流量
存入信托账户的扩展出资		(675,000	)		-
投资活动中使用的净现金		(675,000	)		-

融资活动产生的现金流量					-
来自关联方的本票收入		675,000			-
融资活动产生的净现金		675,000			-

现金及现金等价物的净增加额		(263	)		(391,312	)
期初现金及现金等价物		461			411,429
期末现金及现金等价物		198			20,117

非现金投资和融资活动
支付的利息		-			-
支付的所得税		-			-

参见附注中的未审计财务报表。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审计财务报表的附注

注1 - 组织和业务背景

DT\nCloud Star Acquisition Corporation（“公司”）是一家空白支票公司。公司于2022年11月29日作为开曼群岛免税公司成立，最初名称为Infinity Star Acquisition Corporation。2024年1月31日，公司名称变更为DT\nCloud Star Acquisition Corporation。公司成立的目的是与一个或多个企业（“业务合并”）进行合并、股份交换、资产收购、股份购买、重组或类似业务合并。公司不限于特定行业或地理区域以完成业务合并。

公司是一家早期阶段公司和新兴成长公司，因此公司面临所有与早期阶段公司和新兴成长公司相关的风险。公司选择了12月31日作为财年结束。

公司最早在业务合并完成后才会产生运营收入。公司将在业务合并完成后产生非运营收入，形式为来自首次公开募股收益的利息收入。

公司首次公开募股的注册声明于2024年7月24日被宣布生效。2024年7月26日，公司完成了首次公开募股，发行了6,900,000个单位（“公众单位”），其中包括承销商完全行使超额配售选择权的900,000个公众单位，每个公众单位价格为10.00美元，为公司带来69,000,000美元的毛收入。每个公众单位包括一股普通股和一个权利（“公众权利”）。每个完整的公众权利将在首次业务合并完成后使持有人获得九分之一（1/9）股普通股。

在首次公开募股结束的同时，公司以每股10.00美元的价格向DT Cloud Star Management Limited（“赞助商”）私下出售了206,900个单位（“私人配售单位”），为公司带来2,069,000美元的毛收入。每个私人配售单位包括一股私人配售股份和一个权利（“私人配售权利”）。每个私人配售权利将在首次业务合并完成后使持有人获得九分之一（1/9）股普通股。

交易成本总计为2,175,819美元，其中包括1,035,000美元的承销佣金、690,000美元的递延承销佣金以及450,819美元的其他发行成本。

信托账户

在首次公开发行结束后，总计69,000,000美元（每份公众单位10.00美元）被存入一个信托账户（“信托账户”），该账户由威尔明顿信托公司作为受托人设立，用于公司公众股东的利益。该资金仅投资于到期日不超过185天的美国政府国库券，或投资于仅持有美国国债并符合1940年投资公司法（经修订）第2a-7条规定的条件的货币市场基金（“投资公司法”）。除非根据信托账户中资金产生的利息可能被释放给公司以支付其税款（如有），否则信托账户中的资金将在以下最早发生的情况中释放：(i) 公司首次业务合并的完成，(ii) 在股东投票修改公司修订和重述的公司章程以（A）修改公司未能在首次公开发行结束后15个月内完成首次业务合并时赎回100%的公众股份的实质或时间安排，或（B）与股东权利或业务合并前活动相关的其他条款，以及(iii) 如果公司未能在首次公开发行结束后15个月内完成其首次业务合并，则赎回所有公司的公众股份，受适用法律的约束。

利息收入是针对信托中所有债务工具产生的收益进行确认，包括美国国债货币市场基金、国库券和现金存款，无论托管人将定期分配描述为股息。只有在对权益工具、权益ETF和REITs宣布现金分红时才确认股息收入。来自信托投资的利息和股息应根据规章S-X第5-03条在损益表或附注中单独披露。

2025年10月22日，公司与特拉华州信托国家协会签订了投资管理信托协议（“信托协议1号”）的修订协议。根据协议1号，公司有权通过为每个一个月的延期向信托账户存入75,000美元，以使我们完成首次业务合并的时间延长12个月，从2025年10月26日延长至2026年10月26日。2025年10月23日，公司向发起人发行了一张总额为75,000美元的无担保本票（“本票”），以换取其将该金额存入我们的信托账户，从而延长公司完成业务合并的时间。本票不计利息，并在我们的业务合并完成后到期。此外，本票的持有人可以将其转换为与我们首次公开发行时发行的单位相同的单位，每单位价格为10.00美元。

截至2026年9月30日和2025年12月31日，信托账户的余额分别为19,042,214美元和17,876,466美元。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审计财务报表的附注

业务合并

公司管理层在应用首次公开发行和私募发行单位销售的净收益方面拥有广泛的选择权，尽管大部分净收益旨在一般用于完成业务合并。纳斯达克规则规定，业务合并必须与一个或多个目标公司进行，这些公司合计的公允市场价值在签署业务合并协议时应至少等于信托账户余额（扣除任何递延承销佣金和就已赚取利息应缴纳的税款）的80%。如果合并后公司拥有或收购目标公司50%或以上的已发行投票证券，或以其他方式获得目标公司的控制权，使其无需根据投资公司法注册为投资公司，公司将仅完成业务合并。无法保证公司能够成功完成业务合并。

公司将在完成业务合并后为股东提供赎回其全部或部分公开股份的机会，方式包括：(i) 与召开批准业务合并的股东会议相关，或(ii) 通过要约收购。在首次业务合并的情况下，公司可能会在为此目的召开的会议上寻求股东对业务合并的批准，股东可在该会议上寻求赎回其股份，无论他们投票支持还是反对业务合并。

尽管有上述规定，如果公司寻求股东批准一项业务合并且未根据要约收购规则进行赎回，根据公司的修订和重述公司章程，公众股东及其任何关联方或与该股东共同行动或作为“团体”（根据《1934年证券交易法》第13条定义）的任何其他人，未经公司事先书面同意，将被限制对超过15%的公众股份寻求赎回权。

如果不要求股东投票，且公司出于商业或其他法律原因决定不举行股东投票，公司将根据其修订和重述的公司章程，按照证券交易委员会（“SEC”）的要约收购规则提供此类赎回，并在完成业务合并前向SEC提交包含与在代理声明中包含的实质性相同信息的要约收购文件。

股东有权按比例获得当时信托账户中金额（最初为每公众股份10.00美元，加上在信托账户中持有并尚未释放给公司用于支付其税务义务的资金产生的按比例利息）。赎回其公众股份的股东将获得的每股金额不会因公司需支付给承销商的递延承销佣金而减少（如第7号注释所述）。在完成业务合并后，公司将不再有赎回权。根据《会计准则汇编》（“ASC”）第480项“负债与权益的区分”的规定，普通股将在完成首次公开募股后按赎回价值记录并归类为临时权益。

如果公司寻求股东批准，且投票的已发行股份中多数投票支持业务合并，公司将进行业务合并。如果不要求股东投票，且公司出于商业或其他法律原因决定不举行股东投票，公司将根据其修订和重述的公司章程，按照证券交易委员会（SEC）的要约收购规则提供此类赎回，并在完成业务合并前向SEC提交包含与在代理声明中包含的实质性相同信息的要约收购文件。

发起人和可能持有创始人股份（如注释5所述）（以下简称“初始股东”）的公司任何董事或高管与本次发行中出售的单位中包含的普通股相同，但创始人股份受到某些转让限制，如下文更详细所述：发起人、董事和高管已与我们签订了一份备忘录协议，根据该协议，他们同意（i）放弃其在完成首次业务合并时针对其创始人股份、私募股份和公众股份的赎回权，（ii）放弃其在股东投票批准对经修订和重述的公司章程（A）修改与首次业务合并相关的公众股份赎回内容或时间安排，或（B）在公司未在规定时间内完成首次业务合并时赎回100%的公众股份，或（ii）放弃其在任何其他与股东权利或首次业务合并前活动有关的条款下的赎回权，以及（iii）如果公司在本次发行结束后的15个月内未能完成首次业务合并，他们将放弃其创始人股份和私募股份从信托账户获得清算分配的权利（尽管如果公司在规定时间内未能完成首次业务合并，他们仍有权从信托账户获得其持有的任何公众股份的清算分配）。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审计财务报表的附注\n

2025年10月22日，公司与特拉华州信托国家协会（Wilmington Trust National Association）签订了投资管理信托协议（“信托协议”）的修订案（“信托修订案第1号”）。根据信托修订案第1号，公司有权通过为每一份剩余的公众股份存入75,000美元至信托账户，将信托协议下的业务合并（“合并”）完成时间延长12个月，即从2025年10月26日延长至2026年10月26日。2025年10月23日，公司向信托账户存入了75,000美元的初始款项，以将公司完成首次业务合并的日期最初延长一个月至2025年11月26日。截至2026年10月8日，发起人已向信托账户存入总计900,000美元，代表了12个月期间的全部延长付款。2026年10月1日，公司与特拉华州信托国家协会签订了另一项修订案（“信托修订案第2号”）以修订信托协议。根据信托修订案第2号，公司有权通过为每一份剩余的公众股份在每次一个月的延长期内存入0.033美元至信托账户，将信托协议下的合并期限延长12个月，即从2026年10月26日延长至2027年10月26日。截至本报告日期，公司进一步将完成首次业务合并的时间延长至2027年10月26日。

如果公司在合并期限内无法完成业务合并，公司将（i）除为清算目的外，停止所有运营；（ii）在合理可能的最短时间内，但不超过此后十个营业日，按每股价格赎回全部已发行的公众股份，该价格以现金支付，等于信托账户中当时存款总额（包括已赚取的利息，扣除应缴税款），该赎回将完全消除公众股东作为股东的权利（包括如有的进一步清算分配权利），受适用法律的约束；以及（iii）在该赎回之后，尽快合理地进行，经剩余股东和公司董事会批准，开始自愿清算并从而正式解散公司，每种情况均受其对债权人索赔的义务和适用法律要求的约束。如果公司在合并期限内未能完成业务合并，承销商已同意放弃其在信托账户中持有的延期承销佣金的权利，在这种情况下，这些金额将与信托账户中持有的资金一起，用于资助公众股份的赎回。在该分配情况下，剩余可用于分配的资产每股价值可能低于10.00美元。

担保方同意，如果任何供应商就向公司提供的服务或销售的产品提出的索赔，或与公司讨论过进入交易协议的潜在目标业务，导致信托账户中的金额低于每股^10.00美元（无论是否全部行使承销商的超额配售选择权），则担保方将对该公司负责，但不包括任何已签署放弃寻求进入信托账户权利的第三方提出的索赔，也不包括公司对“拟议公开募股”的承销商在某些责任方面的赔偿，包括根据经修订的1933年证券法（“证券法”）规定的责任。如果已签署的放弃协议被认定对第三方不可执行，担保方将不对该第三方的索赔承担任何责任。为了减少担保方因债权人索赔而需赔偿信托账户的可能性，公司将努力使所有供应商、服务提供商、潜在目标业务或其他与公司有业务往来的实体与公司签署协议，放弃对信托账户中资金的任何权利、所有权、利益或索赔。

2026年2月2日，公司与DTSQ Purchaser Inc.（一家特拉华州公司，也是我们的全资子公司“购买方”）、DTSQ Merger Sub Inc.（一家特拉华州公司，也是我们的全资子公司“合并子公司”）以及PrimeGen US, Inc.（一家特拉华州公司，“目标公司”）签订了业务合并协议（“BCA”）。根据BCA，在其条款和条件的约束下，在BCA所设想交易的交割（“交割”）时，(i) 公司将与购买方合并（“重新国内化合并”），购买方在重新国内化合并中存续；以及(ii) 在重新国内化合并完成后的至少一个营业日后，合并子公司将与公司合并（“收购合并”，并与重新国内化合并一起称为“合并”），目标公司在收购合并中存续（“存续公司”）。截至本财务报表发布之日，BCA所设想的业务合并尚未完成。

DT CLOUD STAR ACQUISITION CORPORATION

未审计财务报表附注

根据BCA，在红国内并购（\"红国内并购生效时间\"）生效时，(a) (i) 在红国内并购生效时间之前发行并流通的DT Cloud Star的所有单位（\"母公司单位\"）将立即分解为其单独的组成部分，即DT Cloud Star的普通股（\"母公司普通股\"）和DT Cloud Star的权利（\"母公司权利\"），并将停止单独存在和交易，(ii) 在红国内并购生效时间之前发行并流通的每个母公司权利将转换为购买者获得的1/9（1/9）股购买者A类普通股（\"购买者A类普通股\"）的权利；(b) 在红国内并购生效时间，除某些排除股份和异议股份外，在红国内并购生效时间之前发行并流通的每个母公司普通股将自动转换为一股购买者A类普通股；以及(c) 在红国内并购生效时间，购买者将向（x）在红国内并购生效时间之前立即时间未在赎回中提交其母公司普通股的DT Cloud Star公众股东以及（y）在红国内并购生效时间之前的所有母公司普通股持有人（包括但不限于发起人、其他内部人员以及非公众母公司普通股的持有人）发行总计额外的1,931,900股购买者A类普通股（\"非赎回权证\"）（每个，\"合格权证接收人\"）。

在收购合并（\"收购合并生效时间\"）生效时，购买者将向公司股东发行价值为\"购买价格\"的购买者A类普通股总数，计算方式为(a) 1,489,800,000美元减去 (b) 根据赎回价格减去相应行权价格计算的公司未到期权证（\"公司权证\"）和公司股票期权（\"公司股票期权\"）的调整。每份购买者普通股（\"购买者普通股\"）的价值为赎回价格。每位公司股东将获得其按比例分配的\"合并对价\"，其中公司A类普通股持有人（\"公司A类普通股\"）将获得购买者A类普通股，公司B类普通股持有人（\"公司B类普通股\"）将获得购买者B类普通股（\"购买者B类普通股\"）。

流动性与资本资源

2024年7月26日，我们完成了6,900,000个单位的首次公开发行，其中包括承销商于2024年7月25日全部行使超额配售选择权，购买额外的900,000个单位。每个单位的发行价格为10.00美元，产生了69,000,000美元的毛收益。同时，在2024年7月26日我们首次公开发行结束时，我们与发起人完成了206,900个私人单位的私募，每个私人单位的价格为10.00美元，产生了2,069,000美元的总毛收益。

在我们首次公开募股和私募发行后，共计69,000,000美元的净收益已存入信托账户。我们打算将信托账户中持有的大部分资金，包括信托账户产生的利息（不包括延期承销佣金和应缴税款）用于完成我们的首次业务合并。我们可能会从信托账户中提取利息以支付税款。如果我们的股权或债务作为完成首次业务合并的对价，无论全部还是部分，信托账户中剩余的收益将用于为标的公司或公司的运营提供营运资金，进行其他收购并追求我们的增长策略。我们打算将信托账户外的资金主要用于识别和评估潜在的收购目标，对潜在标的公司进行业务尽职调查，前往和离开潜在标的公司的办公室、工厂或类似地点，审查潜在标的公司的公司文件和重要协议，选择要收购的标的公司并进行业务合并的策划、谈判和完成。

截至2026年9月30日的九个月，经营活动中使用的现金为263美元，主要是由于公司的经营支出，这抵消了赞助商在该期间支付的款项。截至2026年9月30日，我们银行存款为198美元。

截至2026年9月30日，公司营运资金赤字为1,622,876美元，不包括延期承销佣金和信托账户中用于可交易证券的可用现金，这表明其缺乏足够的流动性以在合理的时间内维持运营，该合理时间被认定为财务报表发布之日起的一年。

DT CLOUD STAR ACQUISITION CORPORATION

未审计财务报表附注

为了资助营运资金不足或为首次业务合并相关的交易成本提供资金，我们的赞助商、董事、高管或其关联方可能会但没有义务根据需要向我们提供资金。如果我们完成首次业务合并，我们将偿还这些借款。如果首次业务合并未能完成，我们可能会使用信托账户外的营运资金的一部分来偿还这些借款，但不会使用我们的信托账户的收益进行此类偿还。

在2024年10月28日，我们向发起人签发了一张无担保的期票，根据该期票，我们可能借款的总额不超过300,000美元（“期票”）。该期票不计利息，并在首次业务合并完成时支付，或在业务合并完成时转换为额外的私人单位，每单位价格为10.00美元。2025年7月29日，我们与发起人签订了《工作资本贷款期票的信函协议》（“信函协议”），根据该协议，我们和发起人同意终止工作资本贷款期票，并确认我们根据期票借入的未偿金额为零。

在2026年2月2日，我们与PrimeGen US, Inc.及某些其他方签订了业务合并协议（“BCA”），根据该协议，我们打算通过一系列合并交易完成我们的首次业务合并。管理层认为，如果完成该拟议的业务合并，将为我们提供一家运营公司和额外的资本资源。然而，该拟议的业务合并的完成需满足常规的交割条件，包括监管批准和股东批准，且无法保证该交易一定会完成。因此，上述事项并未减轻我们持续经营的严重疑虑。

此外，在2025年10月举行的年度股东大会上，共有5,247,491普通股被提交赎回。公众股份的赎回导致了流通公众股份数量的显著减少，并影响了公司的可用流动性。管理层正在积极管理公司的现金资源，以确保有足够的资金满足完成业务合并所需的最低现金条件。

公众股份的赎回以及业务合并截止日期的延长为公司提供了额外的时间来寻找合适的收购目标。然而，赎回活动减少了信托账户外可用的现金金额，任何进一步的赎回都可能进一步影响公司的流动性状况及其完成业务合并的能力。为了支持其持续的流动性需求并资助运营和交易相关费用，公司计划在双方同意的条款下向发起人或其关联方发行额外的期票。公司将继续密切监控其流动性状况，并采取适当措施以确保其保持足够的资本资源以完成业务合并。

持续经营考虑和管理层流动性计划

公司最初有15个月的时间从首次公开募股的完成之日起完成首次业务合并。\n如果公司在首次公开募股完成后的15个月内未能完成业务合并，公司将根据修订和重述的公司章程条款自动清算、解散和清算。因此，这与公司根据开曼群岛《公司法》（经修订）正式进行自愿清算程序的效果相同。因此，无需我们股东投票即可开始这种自愿清算、解散和清算。

2025年10月22日，公司与特拉华州信托国家协会签订了投资管理信托协议（“信托协议”）的修订（“信托修订第1号”）。根据信托修订第1号，公司有权通过为每个剩余的公众股份存入75,000美元至信托账户，将信托协议下的业务合并（“合并期”）延长12个月，从2025年10月26日延长至2026年10月26日。2025年10月23日，公司向信托账户存入了75,000美元的初始款项，以将公司完成首次业务合并的日期最初延长一个月至2025年11月26日。截至2026年10月8日，发起人已向信托账户存入总计900,000美元，代表十二个月期间的全部延期付款。2026年10月1日，公司与特拉华州信托国家协会签订了另一项修订（“信托修订第2号”）以修订信托协议。根据信托修订第2号，公司有权通过为每个剩余的公众股份每次延期存入0.033美元至信托账户，将信托协议下的合并期延长12个月，从2026年10月26日延长至2027年10月26日。截至本报告日期，公司进一步将完成首次业务合并的时间延长至2027年10月26日。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审计财务报表的附注

如果公司无法在2027年10月26日之前（除非进一步延长）完成公司的首次业务合并，公司将尽快但不超过此后十个营业日内，按比例赎回公司所有流通股的100%股份，包括信托账户中资金的按比例部分，包括信托账户中资金产生的利息，但不包括用于支付税款的部分，然后寻求清算和解散。然而，由于债权人可能优先于公司流通股股东的索赔，公司可能无法分配这些金额。在清算和解散的情况下，公司的权利将失效且毫无价值。

在根据会计准则更新（“ASU”）2014-15《关于实体持续经营能力不确定性的披露》对公司的持续经营考虑进行评估时，管理层确定，如果公司在首次公开发行（IPO）结束后规定的时间内未能完成首次业务合并，公司将停止所有运营、赎回公众股份并随后清算和解散的要求会引发关于其持续经营能力的重大疑虑。2024年10月28日，公司根据一项条款向发起人发行了一张无担保的期票，根据该条款，公司可借款的本金总额最高为$300,000（“期票”）。该期票不计利息，并在首次业务合并完成后偿还，或在业务合并完成后转换为额外的私人单位，每单位价格为$10.00。财务报表中未包含可能因该不确定性结果而产生的任何调整。管理层认为，公司有足够的资源为其营运资金需求提供资金，直至首次业务合并完成或公司清算为止。随附的财务报表已按照美国通用会计准则（“U.S. GAAP”）编制，该准则假设公司作为持续经营实体继续存在。

如随附的财务报表所示，公司目前存在营运资金赤字，预计费用超出首次业务合并完成或财务报表发布日期起一年内的可用现金。无法保证公司完成业务合并的计划会成功。如果在相关期限内未能完成业务合并，将强制清算并随后解散。因此，在财务报表发布后一年内，实体持续经营能力存在重大疑虑。财务报表中未包含可能因该不确定性结果而产生的任何调整。

注\n2 – 重要会计政策

列报基础

这些随附的财务报表已根据美国通用会计准则（U.S. GAAP）以及证券交易委员会（SEC）的规则和法规编制。

截至2026年9月30日的未审计财务报表以及截至2026年9月30日的三个月和九个月期间的财务报表已根据美国通用会计准则（U.S. GAAP）编制，适用于中期财务信息，并符合《S-X条例》第8条。在管理层看来，所有为公允列报所考虑的调整均已包括在内。截至2026年9月30日的三个月和九个月期间的经营成果不一定能代表截至2026年12月31日的期间或任何未来期间可能取得的结果。

新兴成长公司

该公司是根据《证券法》第2(a)条定义的“新兴成长公司”，并根据2012年《为我们的商业初创企业注入活力法案》（“JOBS法案”）进行了修改，它可以利用某些豁免条款，这些条款适用于其他非新兴成长公司的上市公司，包括但不限于无需遵守《萨班斯-奥克斯利法案》第404条的审计师鉴证要求、在定期报告和股东代理声明中减少关于高管薪酬的披露义务，以及免除举行非约束性高管薪酬咨询投票和股东批准任何未事先批准的金手铐支付的要求。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审计财务报表的附注

此外，JOBS法案第102(b)(1)条规定，新兴成长公司可以免于遵守新的或修订的财务会计准则，直到私人公司（即那些未被证券法注册声明生效或未根据交易法注册证券类别的公司）被要求遵守新的或修订的财务会计准则。JOBS法案规定，公司可以选择退出延长的过渡期，并遵守适用于非新兴成长公司的要求，但任何此类退出选择都是不可撤销的。公司已选择不退出该延长的过渡期，这意味着当一项标准被发布或修订，并且对上市公司和私人公司有不同的适用日期时，作为新兴成长公司的公司可以在私人公司采用新修订的标准时采用该新修订的标准。这可能使将公司的未审计财务报表与其他既不是新兴成长公司也不是已退出使用延长过渡期的新兴成长公司的财务报表进行比较变得困难或不可能，因为可能使用不同的会计准则。

估计的使用

根据美国公认会计原则编制财务报表需要管理层做出影响财务报表中资产和负债的报告金额以及在财务报表日期的或有资产和负债披露的估计和假设。

做出估计需要管理层进行重大判断。至少在合理可能的情况下，管理层在制定其估计时考虑的在财务报表日期存在的条件、情况或情形的估计效果可能由于一个或多个未来确认事件而在近期发生变化。因此，实际结果可能与这些估计有显著差异。

现金及现金等价物

公司将购买时原始到期日为三个月或更短的短期投资视为现金等价物。截至2026年9月30日和2025年12月31日，公司分别拥有现金198美元和461美元。

托管账户中持有的可交易证券

公司的投资存放于信托账户中，被归类为交易性证券。交易性证券在每个报告期末按公允价值列示在资产负债表上。存放于信托账户中的投资公允价值变动产生的损益包含在附注中的运营报表的利息收入和可流通证券的未实现损益中。存放于信托账户中的投资的估计公允价值是根据可获得的市场信息确定的。截至2026年9月30日和2025年12月31日，公司分别持有价值19,042,214美元和17,876,466美元的可流通证券在信托账户中。

在截至2026年9月30日的三个月和九个月内，信托账户中的利息收入分别为171,136\n和490,748，其中113,922\n和433,534美元重新投资于信托账户，57,214\n和57,214美元被确认为存放于信托账户中的投资的未实现损益。在截至2025年9月30日的三个月和九个月内，信托账户中的利息收入分别为751,452\n和2,231,317美元，其中509,966\n和1,989,831 美元重新投资于信托账户，241,486\n和241,486美元被确认为存放于信托账户中的投资的未实现损益。

与首次公开募股相关的发行成本

公司遵守ASC 340-10-S99-1和SEC工作人员会计公报主题5A - “发行成本”的要求。发行成本包括与首次公开募股直接相关的法律、会计和其他成本。在首次公开募股完成后，发行成本根据首次公开募股中发行的可分离金融工具的相对公允价值与收到的总收益进行分配。分配给认股权证的发行成本计入股东权益。分配给普通股的发行成本则冲减首次公开募股完成后可能赎回的普通股的账面价值。

DT\nCLOUD STAR ACQUISITION CORPORATION

未经审计财务报表的附注

可能被赎回的普通股

该公司根据ASC主题480“区分负债与权益”的指引，对其可能被赎回的普通股进行核算。必须赎回的普通股被归类为负债工具，并按公允价值计量。有条件赎回的普通股（包括那些赎回权在持有人控制之下，或取决于公司无法完全控制的不确定事件的普通股）被归类为临时权益。在其他所有情况下，普通股被归类为股东权益。该公司普通股具有某些被认为超出公司控制范围且取决于未来不确定事件的赎回权。因此，截至2026年9月30日，可能被赎回的普通股按赎回价值作为临时权益列示，不在公司资产负债表的股东权益部分。

该公司在赎回价值发生变化时立即确认这些变化，并在每个报告期末将可赎回普通股的账面价值调整为赎回价值。可赎回普通股账面价值的增减会影响额外支付资本和累计亏损，如果额外支付资本等于零的话。托管账户中持有的可交易证券产生的利息以及投入托管账户中可交易证券的延期费用，也立即在额外支付资本和累计亏损中确认为赎回价值。

所得税

所得税根据会计准则编码主题740“所得税”（“ASC 740”）的规定确定。根据这种方法，对于现有资产和负债的财务报表账面金额与其各自税基之间的差异所产生的未来税务后果，确认递延税资产和负债。递延税资产和负债使用预期适用于未来纳税年度应税收入的已颁布所得税税率进行计量，这些暂时性差异预期将在这些年度内收回或结算。税率变动对递延税资产和负债的影响在包含颁布日期的期间内确认为收入。

ASC\n740 为公司如何在未审计财务报表中确认、计量、列示和披露税务申报中或预期申报的不确定税务事项提供了一个全面的模型。根据 ASC 740，当税务机关审查时，该税务事项很可能被维持时，公司应在未审计财务报表中最初确认该税务事项。公司管理层确定开曼群岛是公司的主要税务辖区。公司确认与未确认税务利益相关的应计利息和罚款（如有），作为所得税费用。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，公司没有未确认的税务利益，也没有计提任何利息和罚款。公司目前未发现任何可能产生重大支付、计提或与其立场出现重大偏差的问题。

公司可能面临外国税务机关在所得税领域的潜在审查。这些潜在审查可能包括对扣除额的时间和金额、各税务辖区之间收入的关联性以及遵守外国税法的合规性提出质疑。公司管理层预计，未来十二个月内未确认税务利益的总额不会发生重大变化。

公司被视为一家免税的开曼群岛公司，与任何其他应税辖区没有联系，目前在开曼群岛或美国不承担所得税或所得税申报义务。因此，公司所列期间的税务拨备为零。

2022 年 8 月 16 日，美国政府颁布了通常被称为《通胀削减法案》的立法。我们预计可能对我们产生影响的《通胀削减法案》（“IR 法案”）的主要条款是针对股票回购征收 1% 的消费税。任何在 2022 年 12 月 31 日之后与业务合并、延期投票或其他情况相关的赎回或其他回购，可能需要缴纳消费税。由于公司有可能收购一家美国国内公司或进行一家国内公司成为公司母公司或附属公司的交易，公司可能因此成为在纳斯达克上市的“受监管公司”。管理层已对 IR 法案进行了评估，截至 2026 年 9 月 30 日，认为其不会对公司的重大影响，并将继续评估其影响。

DT\nCLOUD STAR ACQUISITION CORPORATION

未审计财务报表附注

每股净收入（亏损）

该公司根据ASC专题260，\"每股收益\"计算每股净收入（亏损）。为了确定归属于可赎回股份和不可赎回股份的净收入（亏损），公司首先考虑了可赎回普通股和不可赎回普通股可分配的未分配收入（亏损），并使用总净收入（亏损）减去任何已支付的股息来计算未分配收入（亏损）。然后，公司根据可赎回普通股和不可赎回普通股之间的加权平均股份数按比例分配未分配收入（亏损）。对可能赎回的普通股的赎回价值的重估被视作对公众股东的股息。

The\ncalculation of diluted income (loss) per ordinary shares does not consider the effect of the rights issued in connection with the (i)\nInitial Public Offering, and (ii) the private placement since the exercise of the rights are contingent upon the occurrence of future\nevents. As of September 30, 2026 the Company did not have any dilutive securities or other contracts that could, potentially, be exercised\nor converted into ordinary shares in the earnings of the Company. As a result, diluted net income (loss) per ordinary share is the same\nas basic net income (loss) per ordinary share for the period presented.

The\nnet income (loss) per share presented in the statement of operations is based on the following:

SCHEDULE\nOF BASIC AND DILUTED NET LOSS PER SHARE

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	For the Three Months ended September 30, 2026			For the Three Months ended September 30, 2025
Net income (loss)	$	(21,129	)		$	582,964
Less: Interest earned in Trust Account to be allocated to redeemable shares		(171,136	)			(751,452	)
Net loss excluding investment income in Trust Account		(192,265	)			(168,488	)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	For the Nine Months Ended September 30, 2026			For the Nine Months Ended September 30, 2025
Net income (loss)	$	(95,883	)		$	1,844,746
Less: Interest earned in Trust Account to be allocated to redeemable shares		(490,748	)			(2,231,317	)
Net loss excluding investment income in Trust Account		(586,631	)			(386,571	)

	Non-Redeemable			Redeemable			Non-Redeemable		Redeemable
	For the Three Months Ended			For the Three Months Ended
	September 30, 2026			September 30, 2025
	Non-Redeemable			Redeemable			Non-Redeemable		Redeemable
	Ordinary Share			Ordinary Share			Ordinary Share		Ordinary Share
Basic and Diluted net income (loss) per share:
Numerators:
Allocation of net losses	$	(105,300	)		$	(86,965	)	$	(37,876	)	$	(130,612	)
Interest earned in Trust Account		-				171,136			-			751,452
Allocation of net income (loss)	$	(105,300	)		$	84,171		$	(37,876	)	$	620,840
Denominators:
Weighted-average shares outstanding		2,000,900				1,652,509			2,000,900			6,900,000
Basic and diluted net income (loss) per share	$	(0.053	)		$	0.051		$	(0.019	)	$	0.090

DT\nCLOUD STAR ACQUISITION CORPORATION

NOTES\nTO UNAUDITED FINANCIAL STATEMENTS

	Non-Redeemable			Redeemable			Non-Redeemable		Redeemable
	For the Nine Months Ended			For the Nine Months Ended
	September 30, 2026			September 30, 2025
	Non-Redeemable			Redeemable			Non-Redeemable		Redeemable
	Ordinary Share			Ordinary Share			Ordinary Share		Ordinary Share
Basic and Diluted net income (loss) per share:
Numerators:
Allocation of net losses	$	(321,286	)		$	(265,345	)	$	(86,900	)	$	(299,671	)
Interest earned in Trust Account		-				490,748			-			2,231,317
Allocation of net income (loss)	$	(321,286	)		$	225,403		$	(86,900	)	$	1,931,646
Denominators:
Weighted-average shares outstanding		2,000,900				1,652,509			2,000,900			6,900,000
Basic and diluted net income (loss) per share	$	(0.161	)		$	0.136		$	(0.043	)	$	0.280

Related\nParties

Parties,\nwhich can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control\nthe other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also\nconsidered to be related if they are subject to common control or common significant influence.

Fair\nValue of Financial Instruments

The\nfair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value\nMeasurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to\ntheir short-term nature. Please refer to Note 8.

Concentration\nof Credit Risk

Financial\ninstruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution.\nThe Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such\naccount.

Recent\nAccounting Pronouncements

In\nNovember 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requiring\npublic entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim\nand annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07,\nas well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted\nASU 2023-07 during the year ended December 31, 2024. See Note 9 Segment and Geographic Information in the accompanying notes to the consolidated\nfinancial statements for further detail.

NOTE\n3 – INITIAL PUBLIC OFFERING

On\nJuly 26, 2024, pursuant to the Initial Public Offering, the Company sold 6,900,000 Public Units, which includes 900,000 Public Units\nupon the full exercise by the underwriter of its over-allotment option, at a purchase price of $10.00 per Public Unit. Each Unit will\nconsist of one ordinary share and one Public Right. Each whole Public Right will entitle the holder to receive one-ninth (1/9) ordinary\nshare upon consummation of initial business combination.

All\nof the 6,900,000 public shares sold as part of the Public Units in the Initial Public Offering contain a redemption feature which allows\nfor the redemption of such public shares if there is a shareholder vote or tender offer in connection with the Business Combination and\nin connection with certain amendments to the Company’s Amended and Restated Memorandum and Articles of Association, or in connection\nwith the Company’s liquidation. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which\nhas been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject\nto redemption to be classified outside of permanent equity.

The\nCompany’s redeemable ordinary share is subject to SEC and its staff’s guidance on redeemable equity instruments, which has\nbeen codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either\naccrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the\ninstrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption\nvalue immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting\nperiod. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend\n(i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).

DT\nCLOUD STAR ACQUISITION CORPORATION

NOTES\nTO UNAUDITED FINANCIAL STATEMENTS

As\nof September 30, 2026, the ordinary shares reflected in the balance sheet are reconciled in the following table:

SCHEDULED\nOF ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


Gross proceeds from Public Shares	$	69,000,000
Less:
Proceeds allocated to public rights		(6,900,000	)
Allocation of offering costs related to ordinary shares		(1,958,237	)
Redeem the redeemable ordinary shares held by Shareholder		(55,413,505	)
Plus:
Accretion of carrying value to redemption value		8,858,237
Subsequent measurement of ordinary shares subject to possible redemption (interest earned in Trust Account)		4,630,719
Subsequent measurement of ordinary shares subject to possible redemption (additional funding for business combination extension)		825,000
Ordinary shares subject to possible redemption (plus any Interest earned in the Trust Account)	$	19,042,214

NOTE\n4 – PRIVATE PLACEMENT

Simultaneously\nwith the closing of the Initial Public Offering, the Company consummated a private placement of 206,900 Private Placement Units, at a\nprice of $10.00 per Private Placement Unit. Each Private Placement Unit consists of one Private Placement Share and one right (“Private\nPlacement Right”). Each Private Placement Right will entitle the holder to receive one-ninth (1/9) ordinary share upon consummation\nof the initial business combination.

The\nPrivate Placement Units are identical to the Public Units sold in the Initial Public Offering except for certain registration rights\nand transfer restrictions.

NOTE\n5 – RELATED PARTY TRANSACTIONS

Founder\nShares

On\nNovember 29, 2022, the Company issued an aggregate of 1,725,000 founder shares (“Founder Shares”) to the initial shareholders,\nso that the Sponsor collectively owned 20% of the Company’s issued and outstanding shares after the Initial Public Offering for\nan aggregate purchase price of $25,000.

On\nJuly 26, 2024, since the underwriter exercised the over-allotment in full, no Founder Shares are subject to forfeiture.

Representative\nShares

On\nJuly 26, 2024, the Company issued 69,000 ordinary shares of $0.0001 par value each to A.G.P/Alliance Global Partners (“A.G.P.”)\n(hereafter – the Representative Shares), at the closing of the IPO as part of representative compensation. The shares were accounted\nfor as of July 26, 2024, and received by A.G.P.

Private\nPlacement

On\nJuly 26, 2024, the Company consummated the sale of 206,900 Private Placement Units at a price of $10.00 per Private Placement Unit in\na private placement to the Sponsor, generating gross proceeds of $2,069,000 to the Company.

Promissory\nNote — Related Party

On\nDecember 31, 2023, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an\naggregate principal amount of $300,000 (the “first Promissory Note”). The first Promissory Note is non-interest-bearing and\npayable on the earlier of (i) December 31, 2024 and (ii) the date on which the Company consummates an IPO or the date on which the Company\ndetermines not to conduct the IPO. The first Promissory Note terminated and paid back after consummation of IPO on July 29, 2024.

On\nOctober 28, 2024, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate\nprincipal amount of $300,000. The Promissory Note is non-interest-bearing and payable on the date which the Company consummates an initial\nbusiness combination. On July 29, 2025, the Company entered into a letter agreement to the Promissory Note with the Sponsor, pursuant\nto which the Company and the Sponsor agreed to terminate the Promissory Note and confirmed that the outstanding amount that the Company\nborrowed under the Promissory Note was nil.

DT\nCLOUD STAR ACQUISITION CORPORATION

NOTES\nTO UNAUDITED FINANCIAL STATEMENTS

On\nOctober 22, 2025, the Company entered into Amendment No. 1 to the Investment Management Trust Agreement with Wilmington Trust, National\nAssociation. Pursuant to this amendment, the Company has the right to extend the period to complete its initial business combination\nfor up to 12 months, from October 26, 2025 to October 26, 2026, by depositing $75,000 into the Trust Account for all remaining public\nshares for each one-month extension. On October 23, 2025, the Company issued an unsecured promissory note in the aggregate principal\namount of $75,000 (the “Note”) to the sponsor, in exchange for the sponsor depositing such amount into the Trust Account\nto extend the time available to complete the business combination. The Note does not bear interest and matures upon the closing of the\nbusiness combination. In addition, the Note may be converted, at the holder’s option, into units identical to the units issued\nin the Company’s initial public offering at a price of $10.00 per unit.

As\nof September 30, 2026, the Company had issued additional unsecured promissory notes to the sponsor in connection with subsequent\none-month extensions, resulting in an aggregate principal amount of $825,000\ndeposited into the Trust Account for business combination extension purposes. As of October 8, 2026, the Sponsor had deposited an\naggregate of $900,000 into the Trust Account, representing the full extension payments for the twelve-month period. This aggregate\namount is recorded as an amount due to the sponsor on the condensed consolidated balance sheets. Of this aggregate amount, $75,000\n(represented by the Note) may, at the option of the sponsor, be converted into Private Units at a price of $10.00\nper unit at the closing of the business combination.

As\nof September 30, 2026 and December 31, 2025, the principal amount due and owing under the Promissory Note were nil, respectively.

Due\nto Related Party

As\nof September 30, 2026 and December 31, 2025, the Company had a temporary advance of $1,648,144 and $384,050 from the Sponsor, respectively.\n The balance is unsecured, interest-free and has no fixed terms of repayment.

Administrative\nServices Arrangement

An\naffiliate of the Sponsor will agree that, commencing from the date that the Company’s securities are first listed on NASDAQ\nthrough the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the\nCompany certain general and administrative services, including office space, administrative and support services, as the Company may\nrequire from time to time. The Company has agreed to pay an affiliate of the Sponsor $10,000\nper month for these services, commencing on the closing date of the initial public offering and continuing monthly thereafter until the earlier of the consummation of an initial business combination or the\nCompany’s\nliquidation. For the three and nine\nmonths ended September 30, 2026, the Company incurred $30,000\nand $90,000\nfor these services in total, included in General and administrative expenses. For the three and nine months ended September 30,\n2025, the Company incurred $30,000\nand $90,000\nfor these services in total, included in General and administrative expenses. During the nine months ended September 30, 2026 and\n2025, we paid administrative expense of $nil\nand $90,000,\nrespectively.

Working\nCapital Loans

In\norder to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of\nthe Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital\nLoans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds\nof the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the\nTrust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust\nAccount to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.\nExcept for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with\nrespect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest,\nor, at the lender’s discretion, up to $300,000 converted upon consummation of our business combination into private units at a\nprice of $10.00 per unit. As of September 30, 2026 and December 31, 2025, the principal amount due under the Working Capital Loan was\nnil.

DT\nCLOUD STAR ACQUISITION CORPORATION

NOTES\nTO UNAUDITED FINANCIAL STATEMENTS

NOTE\n6 – SHAREHOLDERS’ DEFICIT

Ordinary\nshares

The\nCompany is authorized to issue 500,000,000 ordinary shares, with a par value $0.0001 per share. Holders of the Company’s ordinary\nshares are entitled to one vote for each share.

As\nof September 30, 2026, there were 2,000,900 ordinary shares issued and outstanding, excluding 1,652,509 ordinary shares subject to possible\nredemption.

Rights\n— Each holder of a right will receive one-ninth (1/9) ordinary share upon consummation of a Business Combination, even if the\nholder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon\nexchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional\nshares upon consummation of a Business Combination as the consideration related thereto has been included in the Unit purchase price\npaid for by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a Business Combination in\nwhich the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same\nper share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary share basis\nand each holder of a right will be required to affirmatively convert its rights in order to receive 1/9 share underlying each right (without\npaying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held\nby affiliates of the Company).

NOTE\n7 – COMMITMENTS AND CONTINGENCIES

Registration\nRights

Pursuant\nto a registration rights agreement entered into on July 26, 2024, the holders of the Founder Shares, Private Placement Units (including\nsecurities contained therein), and units (including securities contained therein) that may be issued on conversion of working capital\nloans or extension loans are entitled to registration rights pursuant to a registration rights agreement signed on the effective date\nof this offering requiring the Company to register such securities for resale. The holders of these securities are entitled to make up\nto three demands, excluding short form demands, that the Company’s register such securities. In addition, the holders have certain\n“piggy-back” registration rights with respect to registration statements filed subsequent to the Company completion of initial\nbusiness combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities\nAct. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriter\nAgreement

The\nunderwriters are entitled to aggregate 3.5% of the gross proceeds of the IPO and the Over-Allotment Option, including:

The\nunderwriters are entitled to a cash underwriting discount of 1.5% of the gross proceeds of the Initial Public Offering, upon the consummation\nof IPO.

As\nof July 26, 2024, the Company paid a cash underwriting commission of 1.5% of the gross proceeds of the IPO, or $1,035,000. The Company\nissued 69,000 ordinary shares of $0.0001 par value each to A.G.P at the closing of the IPO as part of representative compensation. The\nshares were accounted for as of July 26, 2024, and received by A.G.P on the IPO day.

The\nunderwriters are entitled to a cash underwriting discount of 1.0% of the gross proceeds of the of the Initial Public Offering, which\nwill be deferred and payable until the closing of the initial Business Combination, without accrued interest.

DT\nCLOUD STAR ACQUISITION CORPORATION

NOTES\nTO UNAUDITED FINANCIAL STATEMENTS

NOTE\n8 – FAIR VALUE MEASUREMENTS

“Fair\nvalue” is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction\nbetween market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs\nused in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets\nor liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	Level\n 1 - Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in\n which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing\n basis.

	●	Level\n 2 - Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets\n or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

	●	Level\n 3 - Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing\n the asset or liability.

SCHEDULE\nOF FAIR VALUE MEASUREMENTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Prices in

Other

Active

Observable

Unobservable

Markets

Inputs

At September 30, 2026

(Level 1)

(Level 2)

(Level 3)

Money Market Funds (cash equivalents)

198

Money Market Funds (marketable securities held in Trust Account)

19,042,214

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Prices in

Other

Active

Observable

Unobservable

Markets

Inputs

At December 31, 2025

(Level 1)

(Level 2)

(Level 3)

Money Market Funds (cash equivalents)

461

Money Market Funds (marketable securities held in Trust Account)

17,876,466

Note\n9 – Segment reporting

ASC\nTopic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about\noperating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise\nthat engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information\nis available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding\nhow to allocate resources and assess performance.

The\nCompany’s CODM has been identified as the Chief Executive Officer and the Chief Financial Officer, who review the assets, operating\nresults, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance.\nAccordingly, management has determined that there is only one reportable segment.

DT\nCLOUD STAR ACQUISITION CORPORATION

NOTES\nTO UNAUDITED FINANCIAL STATEMENTS

The\nCODM assesses performance for the single segment and decides how to allocate resources based on net income (loss) that also is reported\non the statement of operations as net income (loss). The measure of segment assets is reported on the balance sheet as total assets.

SCHEDULE\nOF SEGMENT REPORTING

\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026			2025
	For the Nine months ended \n September 30，
	2026			2025
Operating expenses:
Formation and Operation Cost	$	(496,661	)		$	(302,650	)
General and administrative expenses	$	(90,000	)		$	(90,000	)
Loss from operations		(586,661	)			(392,650	)

Other income:
Interest from operating account	$	30			$	6,079
Interest earned in trust account	$	433,534			$	1,989,831
Unrealized gained on marketable securities held in Trust Account	$	57,214			$	241,486
Total other income		490,778				2,237,396
Net Income (Loss)		(95,883	)			1,844,746

The\nkey measures of segment profit or loss reviewed by the CODM are formation and operational costs. Formation and operational costs are\nreviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete the Business Combination\nwithin the Combination Period. The CODM also reviews formation and operational costs to manage, maintain and enforce all contractual\nagreements to ensure costs are aligned with all agreements and budget. Formation and operational costs, as reported on the statement\nof operations, are the significant segment expenses provided to the CODM on a regular basis.

All\nother segment items included in net income are reported on the consolidated statement of operations and described within their respective\ndisclosures.

Note\n10 – Subsequent Events

Management\nhas evaluated subsequent events through the date of issuance of these condensed consolidated financial statements. On October 1, 2026,\nthe Company held its Annual General Meeting of Shareholders, at which shareholders approved amendments to the Company’s Investment\nManagement Trust Agreement and Charter to extend the deadline by which the Company must consummate an initial business combination from\nOctober 26, 2026 to October 26, 2027, through up to twelve successive one-month extensions, with each one-month extension exercisable\nby depositing $0.033\nper remaining public share into the Trust Account. In connection\nwith the Annual General Meeting, 787,135\noutstanding shares were tendered for redemption. In accordance\nwith ASC 855, Subsequent Events, management has determined that these events constitute non-recognized subsequent events that do not\nrequire adjustment to the condensed consolidated financial statements as of and for the quarter ended September 30, 2026, as they pertain\nto the Company’s capital structure, liquidity position and business combination timeline rather than to conditions existing at\nSeptember 30, 2026. However, disclosure of these events is provided to inform readers of the Company’s current status with respect\nto its extension of the business combination period, the reduction in public shares outstanding following the redemptions, and the sponsor’s\ncontinued financial support. No other subsequent events have occurred that would require recognition or disclosure in these financial\nstatements.

ITEM\n2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References\nin this quarterly report on Form 10-Q (the “Quarterly Report”) to “we,” “us” or the “Company”\nrefer to DT Cloud Star Acquisition Corporation. References to our “management” or our “management team” refer\nto our officers and directors, and references to the “Sponsor” refer to DT Cloud Star Management Limited. The following discussion\nand analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial\nstatements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis\nset forth below includes forward-looking statements that involve risks and uncertainties.

Special\nNote Regarding Forward-Looking Statements

This\nQuarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and\nSection 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to\ndiffer materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly\nReport including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and\nResults of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management\nfor future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,”\n“intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify\nsuch forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s\ncurrent beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ\nmaterially from the events, performance and results discussed in the forward-looking statements. For information identifying important\nfactors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to\nthe Risk Factors section of the Company’s final prospectus for its initial public offering filed with the SEC. The Company’s\nsecurities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable\nsecurities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result\nof new information, future events or otherwise.

Overview

We\nare a blank check company incorporated in the Cayman Islands on November 29, 2022 as an exempted company with limited liability. We were\nformed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or\nsimilar business combination with one or more businesses or entities, which we refer to as a “target business.” We are an\nemerging growth company and, as such, we are subject to all of the risks associated with emerging growth companies.

On\nJuly 26, 2024, we consummated the initial public offering of 6,900,000 units (“Units”), which includes the exercise in full\nby the underwriters of their over-allotment option to purchase up to an additional 900,000 Units on July 25, 2024. Each Unit consists\nof one ordinary share, par value $0.0001 per share (“Ordinary Share”), and one right (“Right”) to receive one-ninth\n(1/9) of one Ordinary Share upon the consummation of an initial business combination. The Units were sold at an offering price of $10.00\nper Unit, generating gross proceeds of $69,000,000. A.G.P./Alliance Global Partners (“A.G.P.”) served as the representative\nof the underwriters of our initial public offering.

Simultaneously\nwith the closing of our initial public offering on July 26, 2024, we consummated the private placement with DT Cloud Star Management\nLimited, the sponsor (“Sponsor”), of 206,900 private units at a price of $10.00 per private unit, generating total gross\nproceeds of $2,069,000. As of July 26, 2024, a total of $69,000,000 of the net proceeds from our initial public offering were deposited\nin a trust account established for the benefit of our public stockholders, with Wilmington Trust National Association acting as trustee.

Our\nUnits started to be listed on The Nasdaq Global Market (the “Nasdaq”) and began trading under the ticker symbol “DTSQU”\non July 25, 2024. On September 12, 2024, we announced that the holders of the Units may elect to separately trade the underlying component\nsecurities of the Units commencing on September 16, 2024. Those Units not separated continue to trade on Nasdaq under the symbol “DTSQU,”\nand each of the Ordinary Shares and Rights that have been separated trade on Nasdaq under the symbols “DTSQ” and “DTSQR,”\nrespectively.

Our\nefforts to identify a prospective target business will not be limited to a particular industry or geographic location. Our management\nteam is actively seeking out potential opportunities to pursue a business combination. Completion of an initial business combination\nis subject to, among other things, the negotiation and execution of a definitive agreement providing for the transaction, satisfaction\nof the closing conditions included therein and approval of the transaction by our shareholders. Accordingly, there can be no assurance\nthat a definitive agreement will be entered into or that the proposed transaction will be consummated in the near term. Nevertheless,\nwe are confident that we will be able to find a target business that will meet expectations. We intend to capitalize on the strengths\nand experiences of our management team to select, acquire and form a business combination that has a competitive advantage in their core\nbusiness and is positioned to bring in high returns and long-term sustainable growth.

We\ninitially have 15 months from the closing of our initial public offering to consummate our initial business combination. On October 22,\n2025, we entered into an amendment to the Investment Management Trust Agreement (the “Trust Agreement”), with Wilmington\nTrust National Association. Pursuant to the Trust Agreement, we have the right to extend the time for us to complete our initial business\ncombination for a period for 12 months from October 26, 2025 to October 26, 2026 by depositing into the trust account $75,000 for all\nremaining public shares for each one-month extension.

Liquidity\nand Capital Resources

On\nJuly 26, 2024, we consummated the initial public offering of 6,900,000 Units, which includes the exercise in full by the underwriters\nof 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\nof $10.00 per Unit, generating gross proceeds of $69,000,000. Simultaneously with the closing of our initial public offering on July\n26, 2024, we consummated the private placement with the Sponsor of 206,900 private units at a price of $10.00 per private unit, generating\ntotal gross proceeds of $2,069,000.

Following\nour initial public offering and the private placement, a total of $69,000,000 of the net proceeds were deposited in the trust account.\nWe intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the\ntrust account (excluding deferred underwriting commissions and less taxes payable) to complete our initial business combination. We may\nwithdraw interest from the trust account to pay our taxes. To the extent that our equity or debt is used, in whole or in part, as consideration\nto complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance\nthe operations of the target business or businesses, make other acquisitions and pursue our growth strategies. We intend to use the funds\nheld outside the trust account primarily for identifying and evaluating prospective acquisition candidates, performing business due diligence\non prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing\ncorporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring,\nnegotiating and consummating the business combination.

For\nthe nine months ended September 30, 2026, cash used in operating activities was $263, primarily due to the Company’s operating\nexpenditures, which offset payments made by the sponsor during the period. As of September 30, 2026, we had cash at bank of $198.

On\nSeptember 30, 2026, the Company had working capital deficit of $1,622,876, excluding deferred underwriting commissions and the available\ncash held in the Trust Account for marketable securities, which indicated a lack of liquidity it needed to sustain operations for a reasonable\nperiod of time, which was considered to be one year from the issuance of the financial statements.

In\norder to fund working capital deficiencies or finance transaction costs in connection with an initial business combination, our sponsor,\nofficers, directors, or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete our initial\nbusiness combination, we will repay such loaned amounts. In the event that the initial business combination does not close, we may use\na portion of the working capital held outside the trust account to repay such loaned amounts, but no proceeds from our trust account\nwould be used for such repayment.

On\nOctober 28, 2024, we issued an unsecured promissory note to the sponsor, pursuant to which we may borrow up to an aggregate principal\namount of $300,000 (the “Promissory Note”). The Promissory Note is non-interest-bearing and payable on the consummation of\nthe initial business combination or converted upon consummation of the business combination into additional private units at a price\nof $10.00 per unit. On July 29, 2025, we entered into a Letter Agreement to the Working Capital Loan Note (the “Letter Agreement”)\nwith the sponsor, pursuant to which we and the sponsor agreed to terminate the Working Capital Loan Note and confirmed that the outstanding\namount that we borrowed under the Promissory Note was $nil.

On\nFebruary 2, 2026, we entered into a Business Combination Agreement (the “BCA”) with PrimeGen US, Inc. and certain other parties,\npursuant to which we intend to consummate our initial business combination through a series of merger transactions. Management believes\nthat the consummation of the proposed business combination, if completed, would provide us with an operating business and additional\ncapital resources. However, the completion of the proposed business combination is subject to customary closing conditions, including\nregulatory approvals and shareholder approval, and there can be no assurance that the transaction will be consummated. Accordingly, the\nmatters described above do not alleviate the substantial doubt about our ability to continue as a going concern.

Additionally,\nduring the Annual General Meeting of Shareholders held in October 2025, a total of 5,247,491 shares of common stock were tendered for\nredemption. This redemption of public shares resulted in a significant reduction in the number of outstanding public shares and has\nimpacted the Company’s available liquidity. Management is actively managing the Company’s cash resources to ensure that\nsufficient funds are available to meet the minimum cash condition required to consummate the business combination.

The\nredemption of public shares, together with the extension of the business combination deadline, provides the Company with additional time\nto pursue suitable acquisition targets. However, the redemption activity has reduced the amount of cash available outside of the Trust\nAccount, and any further redemptions could further impact the Company’s liquidity position and its ability to consummate the business\ncombination. To support its ongoing liquidity needs and fund operating and transaction-related expenses, the Company plans to issue additional\npromissory notes to the Sponsor or its affiliates, subject to mutually agreed terms. The Company will continue to closely monitor its\nliquidity position and take appropriate actions to ensure that it maintains sufficient capital resources to complete the business combination.

Results\nof Operations

We\nhave neither engaged in any operations nor generated any revenue to date. Our entire activity since inception through September 30, 2026\nrelated to our formation, the preparation for the initial public offering, and since the closing of the initial public offering, the\nsearch for a prospective initial business combination. We do not expect to generate any operating revenues until the closing and completion\nof our initial business combination, at the earliest. We will generate non-operating income in the form of interest income from the amount\nheld in the trust account. We expect that we will incur increased expenses as a result of being a public company (for legal, financial\nreporting, accounting and auditing compliance), as well as for due diligence expenses in connection with search for, and completing,\na business combination.

For\nthe nine months ended September 30, 2026, we had net loss of $95,883, which consisted of operating costs of $586,661, offset by\ninterest earned on marketable securities held in the operating account and Trust Account of $490,778. For the nine months ended\nSeptember 30, 2025, we had net income of $1,844,746, which consisted of operating costs of $392,650, offset by Interest earned on marketable securities held in the operating account and Trust Account of $2,237,396.

Contractual\nObligations

Registration\nRights

Pursuant\nto a registration rights agreement entered into on July 24, 2024, the holders of the insider shares, private placement units (including\nsecurities contained therein), and units (including securities contained therein) that may be issued on conversion of working capital\nloans are entitled to certain customary registration rights for the resale of such securities. The holders of these securities are entitled\nto make requests for no more than two demand registrations, excluding short form demands, that we register such securities. In addition,\nthe holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our\ncompletion of initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under\nthe Securities Act. We will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting\nAgreement

The\nunderwriters are entitled to a cash underwriting commission of 2.5% of the gross proceeds of the initial public offering upon the closing\nof the initial business combination, including (1) $0.15 per unit, or $1,035,000 in the aggregate, payable to the underwriters in cash\nupon the consummation of the initial public offering, and (2) $0.10 per unit, or $690,000 in the aggregate, for deferred underwriting\ncommissions that will be placed in the trust account as described in the final prospectus related to the initial public offering and\npayable to the underwriters in cash upon the consummation of the initial business combination. In addition, we agreed to issue 69,000\nordinary shares (the “Representative Shares”) to Alliance Global Partners (“A.G.P.”) upon the consummation of\nthe initial public offering as part of the underwriting compensation in connection with the offering. On July 26, 2024 we issued 69,000\nRepresentative Shares to A.G.P. at the closing of our initial public offering, which have been received by A.G.P.

Administrative\nServices Agreement

On\nJuly 24, 2024, we entered into an agreement with the Sponsor, pursuant to which we agreed to pay the Sponsor a total of $10,000 per month\nfor secretarial and administrative support services provided to us through the earlier of consummation of the initial business combination\nand our liquidation.

In\naddition, our Sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses\nincurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on\nsuitable business combinations. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in\nconnection with activities on our behalf.

Critical\nAccounting Policies and Estimates

The\npreparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions\nthat affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial\nstatements, and the reported amounts of income and expenses during the periods reported. Actual results could materially differ from\nthose estimates. A critical accounting estimate to our unaudited financial statements includes the valuation of ordinary shares subject\nto possible redemption.

Recent\nAccounting Pronouncements

Our\nmanagement does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have\na material effect on the Company’s unaudited financial statements.

Off-Balance\nSheet Arrangements

As\nof September 30, 2026, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

Subsequent\nEvents

Subsequent\nto the quarter ended September 30, 2026, on October 1, 2026, the Company held its Annual General Meeting of Shareholders, during which\nthe Company’s shareholders approved amendments to the Company’s Investment Management Trust Agreement and Charter to extend\nthe deadline by which the Company must consummate an initial business combination from October 26, 2026 to October 26, 2027, through\nup to twelve successive one-month extensions. This extension was sought to provide the Company with additional time to complete its previously\nannounced proposed business combination with PrimeGen US, Inc. While the shareholders’ approval has extended the Company’s\ntimeline, there can be no assurance that the Company will be able to consummate the business combination within the extended period or\nat all. Failure to complete the business combination by the extended deadline would result in the Company’s mandatory liquidation\nand subsequent dissolution.

In\nconnection with the Annual General Meeting, holders of 787,135 public shares exercised their redemption rights, and such shares were\nredeemed. These redemptions and the sponsor’s extension payment\nhave reduced the amount of cash available outside of the Trust Account and may adversely affect the Company’s liquidity position\nand its ability to fund transaction-related expenses. Management is actively evaluating available financing options, including the issuance\nof additional promissory notes to the sponsor or its affiliates, to address the Company’s liquidity needs. However, there is no\nguarantee that such financing will be available on acceptable terms or at all. This subsequent event does not have any direct impact\non the Company’s reported results of operations, cash flows, or financial position for the quarter ended September 30, 2026.

JOBS\nAct

We\nqualify as an “emerging growth company” under the JOBS Act and are allowed to comply with new or revised accounting pronouncements\nbased on the effective date for private (not publicly traded) companies. We elected to delay the adoption of new or revised accounting\nstandards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such\nstandards is required for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that\ncomply with new or revised accounting pronouncements as of public company effective dates.

As\nan “emerging growth company”, we are not required to, among other things, (1) provide an auditor’s attestation report\non our system of internal controls over financial reporting pursuant to Section 404, (2) provide all of the compensation disclosure that\nmay be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (3) comply\nwith any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s\nreport providing additional information about the audit and the financial statements (auditor discussion and analysis), and (4) disclose\ncertain executive compensation related items such as the correlation between executive compensation and performance and comparisons of\nthe CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion\nof our initial public offering or until we are no longer an “emerging growth company,” whichever is earlier.

ITEM\n3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

This\nitem is not applicable as we are a smaller reporting company.

ITEM\n4. CONTROLS AND PROCEDURES

Evaluation\nof Disclosure Controls and Procedures

Disclosure\ncontrols and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,\nprocessed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is\naccumulated and communicated to our management, including our principal executive officer and principal financial and accounting officer\nor persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Under\nthe supervision and with the participation of our management, including our principal executive officer and principal financial officer,\nwe conducted an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2026, as such term is defined\nin Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial\nofficer have concluded that during the period covered by this Quarterly Report, our disclosure controls and procedures were effective\nas of September 30, 2026.

Changes\nin Internal Control Over Financial Reporting

During\nthe most recently completed fiscal quarter, there has been no change in our internal control over financial reporting (as defined in\nRules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our\ninternal control over financial reporting.

PART\nII – OTHER INFORMATION

ITEM\n1. LEGAL PROCEEDINGS

We\nare not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against\nus or any of our officers or directors in their corporate capacity.

ITEM\n1A. RISK FACTORS

We\nmay not be able to maintain compliance with Nasdaq listing requirements.

On\nJanuary 15, 2026, we were notified by the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) that based\non our Market Value of Listed Securities (“MVLS”) for the period from November 21, 2025 to January 6, 2026, we no longer\nmet the continued listing requirement under Nasdaq Listing Rule 5450(b)(2)(A) to maintain a minimum MVLS of $50,000,000. On April 6,\n2026, we were notified by Nasdaq that we did not comply with the minimum 400 total shareholders requirement for continued inclusion under\nNasdaq Listing Rule 5450(a)(2). Based on the review of materials we submitted on May 29, 2026, Nasdaq granted our request for an extension\nuntil October 5, 2026 to regain compliance with this requirement. On July 15, 2026, we received written notice from the Listing Qualifications\nDepartment of Nasdaq stating that Nasdaq had determined to delist our securities due to our failure to regain compliance with Nasdaq\nListing Rules. Unless we requested an appeal by July 22, 2026, trading of our securities would be suspended at the opening of business\non July 24, 2026, and a Form 25-NSE would be filed with the SEC to remove our securities from listing and registration on Nasdaq. We\ntimely submitted a hearing request, which stayed the suspension. On July 27, 2026, we received notice that Nasdaq approved the transfer\nof the listing of our ordinary shares, units and rights from the Nasdaq Global Market to the Nasdaq Capital Market, effective at the\nopening of trading on July 29, 2026. As a result of this transfer, we regained compliance with Nasdaq listing requirements. Our securities\ncontinue to trade under the symbols “DTSQ,” “DTSQU” and “DTSQR,” respectively. However, there can\nbe no assurance that we will be able to maintain compliance with Nasdaq listing requirements in the future. Any delisting from Nasdaq\nwould materially reduce stock liquidity and adversely affect the market price of our securities.

ITEM\n2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered\nSales of Equity Securities

In\nNovember 2022, March 2023 and January 2024, an aggregate of 1,725,000 insider shares were issued to our initial shareholders, for an\naggregate purchase price of $25,000, or approximately $0.014 per share. The insider shares held by our initial shareholders included\nan aggregate of up to 225,000 shares subject to forfeiture by our sponsor to the extent that the underwriters’ over-allotment option\nwas not exercised in full or in part, so that our initial shareholders would collectively own 20.0% of our issued and outstanding shares\nafter our initial public offering (excluding the sale of the private units and the issuance of representative shares and assuming our\ninitial shareholders did not purchase units in our initial public offering). On July 25, 2024, the underwriters exercised their over-allotment\noption in full.

Simultaneously\nwith the closing of our initial public offering on July 26, 2024, we consummated the private placement with the Sponsor of 206,900 private\nunits 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\ndid not involve a public offering. No underwriting discounts or commissions were paid with respect to the private placement.

Use\nof Proceeds

As\nof July 26, 2024, a total of $69,000,000 of the net proceeds from our initial public offering was deposited in the Trust Account established\nfor the benefit of our public stockholders, with Wilmington Trust National Association acting as trustee.

The\nsecurities sold in our initial public offering were registered under the Securities Act pursuant to a registration statement on Form\nS-1 (File No. 333-278982) (the “Registration Statement”). The SEC declared the Registration Statement effective on July 24,\n2024.

There\nhas been no material change in the planned use of proceeds from our initial public offering and the private placement as described in\nour Prospectus.

ITEM\n3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM\n4. MINE SAFETY DISCLOSURES

Not\napplicable.

ITEM\n5. OTHER INFORMATION

None.

ITEM\n6. EXHIBITS

The\nfollowing exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Exhibit\n No.		Description

31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline\n XBRL Instance Document.

101.SCH*		Inline\n XBRL Taxonomy Extension Schema Document.

101.CAL*		Inline\n XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF*		Inline\n XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*		Inline\n XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*		Inline\n XBRL Taxonomy Extension Presentation Linkbase Document.

104		Cover\n Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

\n \n \n \n \n \n \n \n \n \n

*	Filed\n herewith

**	Furnished\n herewith

SIGNATURES

Pursuant\nto the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by\nthe undersigned, thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Date:\n October 20, 2026	DT\n Cloud Star Acquisition Corporation

	By:	/s/\n Sam Zheng Sun
	Name:\n	Sam\n Zheng Sun
	Title:	Chief\n Executive Officer and Director \n (Principal\n Executive Officer)

	By:	/s/\n Kenneth Lam
	Name:	Kenneth\n Lam
	Title:	Chief\n Financial Officer and Director \n (Principal\n Financial and Accounting Officer)

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