DUET Acquisition Corp. (NasdaqGM:DUET) signed a binding letter of intent to acquire Fenix 360 Pte Ltd. for $600 million on July 6, 2023. DUET Acquisition Corp.

(NasdaqGM:DUET) entered into a definitive Business Combination Agreement and Plan of Merger to acquire Fenix 360 Pte Ltd. on November 28, 2023. The transaction will be financed using the $86.25 million IPO which DUET Acquisition raised in January 2022. DUET may also seek additional equity financing from PIPE investors.

The completion of the transaction will be subject to, among other matters, regulatory review by the SEC/Nasdaq and receipt of any required regulatory approvals, the completion of due diligence, the negotiation of a Definitive Agreement, satisfaction of the conditions negotiated therein and requisite approval of the transaction by the board and stockholders of DUET and Fenix and other customary closing conditions that are mutually agreed. The consideration form the transaction will be used to pay the unpaid expenses, including transaction expenses, deferred IPO fees and deferred advisor fees, and obligations owed to the Sponsor of DUET and the remaining cash will be used for working capital and general corporate purposes. Nelson Mullins Riley & Scarborough LLP acted as legal advisor for DUET Acquisition Corp.