DUET Acquisition Corp. (DUET) Signs LOI with Fenix 360
by Marlena Haddad on 2023-07-06 at 4:46pm

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.

Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved