DUET Acquisition Corp. (NASDAQ:DUET) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with global social media company Fenix 360.

Singapore-based FENIX360 states that it is an artist centric, multi genre social media platform that has been created to help independent artists and creatives monetize their art much more lucratively.

And while not much additional information has been provided on the transaction just yet, there is a website for FENIX360 providing some context for how the platform works. Notably, it utilizes the FENIX Token, a tradeable form of digital currency that will be used for transacting on the FENIX360 Platform. Additionally, according to the timeline provided on the website, it appears the platform is still in trials with an expected launch in 2023.

Pursuant to the LOI, the SPAC will acquire 100% of the outstanding equity interests of Fenix in a proposed business combination.

The total consideration for Fenix’s equity holders in the deal is $600 million, subject to approval by DUET’s board. The LOI also includes exclusivity provisions, stating that both parties will work exclusively with each other and not entertain other proposals until the signing of a definitive agreement or the expiration of the letter.

Since there is no guarantee that this LOI will be completed, DUET will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.

The SPAC raised $87.5 million through its IPO in January 2022. However, after an extension meeting, approximately 41.52% of the funds were redeemed, leaving DUET with $52.3 million remaining in its trust post-vote. Initially, DUET had intended to merge with IT security and support firm AnyTech365 in July 2022. But, the $287 million deal was terminated in April of this year.