DUET Acquisition Corp. Announces Charter and Trust Agreement Amendments and Extension of Deadline to Complete a Business Combination to May 24, 2023.
April 24 2023 - 4:30PM
DUET Acquisition Corp. (NASDAQ: DUET, DUETW, DUETU) (“DUET”), a
special purpose acquisition company focused on disruptive
high-growth, middle market technology companies, announced today
that its stockholders approved amendments to its charter and trust
agreement to change the structure and cost of how DUET can obtain
extensions to the deadline to complete its initial business
combination and that DUET obtained the first of up to nine
one-month extensions of the deadline—from April 24, 2023 to May 24,
2023—by depositing $175,000 into its trust account (the “Trust
Account”) with Continental Stock Transfer and Trust Company
(“Continental”).
DUET’s stockholders, at a virtual special
meeting of stockholders held on April 19, 2023, approved amendments
to DUET’s Amended and Restated Certificate of Incorporation (the
“Charter Amendment”) and DUET’s Investment Management Trust
Agreement dated January 19, 2022 with Continental (the “Trust
Agreement Amendment”) to change how DUET can obtain extensions to
the previously applicable April 24, 2023 deadline to complete its
initial business combination. Prior to the amendments, DUET could
obtain one 3-month extension by depositing $862,500 into its Trust
Account by the deadline applicable prior to the extension. The
amendments allow DUET to instead obtain up to nine one-month
extensions by depositing the lesser of (i) $175,000 or (ii) $0.055
per outstanding public share per extension into the Trust Account
by the deadline applicable prior to the extension.
The Charter Amendment triggered a right of
DUET’s public stockholders to demand the redemption of their public
shares out of funds held in the Trust Account. Holders of 3,580,986
public shares properly requested redemption leaving 5,044,014
public shares outstanding. After payment of the redemption price to
the redeeming public stockholders of approximately $10.38 per share
for an aggregate of approximately $37.2 million, DUET will have
approximately $52.4 million left in its Trust Account.
As a consequence of adoption of the Charter
Amendment and the Trust Agreement Amendment and the redemptions,
DUET can now obtain up to nine one-month extensions to the deadline
to complete its initial business combination at a cost of the
lesser of (i) $175,000 or (ii) $0.055 per outstanding public share
per extension. In connection with the amendments, DUET notified
Continental that it was exercising its right to obtain the first
extension and deposited $175,000 into the Trust Account.
The Charter Amendment, Trust Agreement
Amendment, and the first extension described above will provide
DUET with additional time to complete a business combination.
About DUET Acquisition
Corp.
DUET Acquisition Corp. is a blank check company,
which was formed to acquire one or more businesses and assets, via
a merger, capital stock exchange, asset acquisition, stock
purchase, and reorganization. DUET was formed to effect a business
combination with middle market “enabling technology” businesses or
assets with a focus on eCommerce, FinTech, Big Data & Analytics
and Robotic Process Automation (RPA).
DUET’s chairman, Larry Gan Nyap Liou has
extensive experience as an active and strategic investor in
eCommerce and digital enterprises. DUET’s Co-CEOs, Dharmendra
Magasvaran and Yeoh Oon Lai have deep experience in consulting,
digital business and operational experience in the consumer
industry respectively.
To learn more, visit www.duet-corp.com.
Forward-Looking Statements
This press release includes certain statements
that are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” “project,” “anticipate,” “will
likely result” and similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. All statements, other than statements of present or
historical fact included in this press release, are subject to
risks and uncertainties, which could cause actual results to differ
from the forward looking statements, including those set forth in
the Risk Factors section of the Company’s proxy statement filed on
March 24, 2023 with the SEC. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of the management of DUET and are not
predictions of actual performance.
Contact:
Larry Gan Nyap LiouChairman of the BoardEmail:
enquiry@duet-corp.comPhone: +60 3-9201 1087/+60 11-5695 7895
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