Announcement • Nov 27
DUET Acquisition Corp.(NasdaqGM:DUET) dropped from NASDAQ Composite Index DUET Acquisition Corp. has been dropped from the NASDAQ Composite Index (^COMP) . Announcement • Nov 21
DUET Acquisition Corp. Provides Non-Compliance Update As previously disclosed on May 10, 2024, DUET Acquisition Corp. (the Company") received a written notice (the Original Notice") from the Listing Qualifications Department (the Staff") of The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that, for the last 30 consecutive business days, the Company's Market Value of Listed Securities (MVLS") was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the Market Value Standard"). The Staff also noted that the Company does not meet the requirements under Nasdaq Listing Rule 5450(b)(3)(A) (the Total Assets/Total Revenue Standard"). The Original Notice provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(C) (the Compliance Period Rule"), the Company has a period of 180 calendar days from the date of the Original Notice, or until November 5, 2024 (the Compliance Date"), to regain compliance with the Market Value Standard. During this period, the Company's securities will continue to trade on The Nasdaq Global Market. If at any time before the Compliance Date the Company's MVLS closes at or above $50 million for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it has regained compliance with the Market Value Standard and will close the matter. On November 6, 2024, the Company received a written notice (the Notice") from the Staff that it had not complied with the Market Value Standard prior to the Compliance Date, and that the Nasdaq Hearings Panel (the Panel') will also consider this matter in rendering a determination regarding the Company's continued listing on The Nasdaq Global Market. The Company intends on addressing the issue at the hearing before the Panel. Announcement • Nov 19
DUET Acquisition Corp. announced delayed 10-Q filing On 11/18/2024, DUET Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Aug 16
DUET Acquisition Corp. announced delayed 10-Q filing On 08/15/2024, DUET Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Aug 08
DUET Acquisition Receives a Written Notice from the Listing Qualifications Department of the Nasdaq Stock Market On August 1, 2024, DUET Acquisition Corp. received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2), which requires the Company to have at least 400 total holders for continued listing on the Nasdaq Global Market. An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact the listing of the Company’s securities on the Nasdaq Global Market at this time. The Notice states that the Company has 45 calendar days, or September 15, 2024, to submit a plan (the “Company’s Plan”) to regain compliance with the Minimum Public Holders Rule. If the Company is unable to regain compliance by that date, the Company intends to submit a plan to regain compliance with the Minimum Public Holders Rule within the required timeframe. If Nasdaq accepts Company’s Plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the Minimum Public Holders Rule. If Nasdaq does not accept the Company’s Plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. However, there can be no assurance that such an appeal would be successful. The Company, by filing this Current Report Form 8-K, discloses its receipt of the Notice in accordance with Nasdaq Listing Rule 5810(b). The Company intends to monitor its total holders between now and September 15, 2024, and may, if appropriate, evaluate available options to resolve the deficiency under the Minimum Public Holders Rule and regain compliance with the Minimum Public Holders Rule. Additionally, the Company may consider applying to transfer the listing of its securities to the Nasdaq Capital Market (provided that it then satisfies the requirements for continued listing on that market). However, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing criteria. Announcement • May 15
DUET Acquisition Corp. announced delayed 10-Q filing On 05/13/2024, DUET Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 11
DUET Acquisition Receives a Written Notice from Nasdaq Regarding Non-Compliance with the Minimum of $50 Million Market Value of Listed Securities Pursuant to Nasdaq Listing Rule 5450(b)(2)(A) On May 6, 2024, DUET Acquisition Corp. (the ‘Company’) received a written notice (the ‘Notice’) from the Listing Qualifications Department (the ‘Staff’) of The Nasdaq Stock Market LLC (‘Nasdaq’) notifying the Company that, for the last 30 consecutive business days, the Company’s Market Value of Listed Securities (‘MVLS’) was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the ‘Market Value Standard’). The Staff also noted that the Company does not meet the requirements under Nasdaq Listing Rule 5450(b)(3)(A) (the ‘Total Assets/Total Revenue Standard’). An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact the listing of the Company’s securities on The Nasdaq Global Market at this time. The Notice provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(C) (the ‘Compliance Period Rule’), the Company has a period of 180 calendar days from the date of the Notice, or until November 5, 2024 (the ‘Compliance Date’), to regain compliance with the Market Value Standard. During this period, the Company’s securities will continue to trade on The Nasdaq Global Market. If at any time before the Compliance Date the Company’s MVLS closes at or above $50 million for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it has regained compliance with the Market Value Standard and will close the matter. If the Company does not regain compliance with the Market Value Standard by the Compliance Date, the Staff will provide a written notification to the Company that its securities are subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a Hearings Panel (the ‘Panel’). However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by the Staff to the Panel, such appeal would be successful. The Company intends to monitor its MVLS between now and the Compliance Date, and may, if appropriate, evaluate available options to resolve the deficiency under the Market Value Standard and regain compliance with the Market Value Standard. Additionally, the Company may consider applying to transfer the listing of its securities to The Nasdaq Capital Market (provided that it then satisfies the requirements for continued listing on that market). However, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing criteria. New Risk • Aug 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$81.4m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-US$3.2m). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (US$81.4m market cap). Announcement • Jul 07
DUET Acquisition Corp. (NasdaqGM:DUET) signed a binding letter of intent to acquire Fenix 360 Pte Ltd. for $600 million. DUET Acquisition Corp. (NasdaqGM:DUET) signed a binding letter of intent to acquire Fenix 360 Pte Ltd. for $600 million on July 6, 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. Announcement • May 16
DUET Acquisition Corp. announced delayed 10-Q filing On 05/15/2023, DUET Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jul 27
Anteco Systems, S.L. entered into a definitive agreement to acquire DUET Acquisition Corp. (NasdaqGM:DUET) in a reverse merger agreement. Anteco Systems, S.L. entered into a definitive agreement to acquire DUET Acquisition Corp. (NasdaqGM:DUET) in a reverse merger agreement on July 25, 2022. The business combination values Anteco Systems at a $200 million (MYR 890 million) enterprise value. After closing, Anteco Systems expects to trade on NASDAQ under ticker symbol ANYT. The transaction, which has been unanimously approved by the Boards of Directors of AnyTech365 and DUET, is subject to approval by DUET’s shareholders and other customary closing conditions, including the receipt of certain regulatory approvals. The Transaction is expected to be completed in the fourth quarter of 2022. Anteco Systems intends to use the proceeds from the transaction to accelerate its growth strategy, including expanding its core business to meet increased demand, accelerating its strategic partnership with Media Markt, and pursuing strategic acquisitions. Riveron is serving as financial advisor to Anteco Systems and Arthur Cox LLP is serving as legal counsel on the transaction. Nelson Mullins Riley & Scarborough LLP is serving as legal counsel to DUET.