NEW YORK, Nov.  28, 2023  (GLOBE NEWSWIRE) -- Fenix 360 Pte Ltd (“FENIX360”), a global social media company incorporated in Singapore that is designed to provide artists and creators with enhanced compensation, tools and control, and DUET Acquisition Corp. (NASDAQ: DUET) (“DUET”), a special purpose acquisition company incorporated in Delaware, announced today that that they have entered into a business combination agreement (the “Business Combination Agreement”), pursuant to which DUET will acquire 100% of the outstanding equity interests of FENIX360 (the “Transaction”). The Transaction is expected to be completed in the first half of 2024, subject to regulatory approvals and other customary closing conditions. The Transaction values FENIX360 at a $610 million enterprise value.

About FENIX360

FENIX360 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. Developed by a core team of founders and senior executives with deep passion, insight and experience in the worlds of music, art and advertising, FENIX360 reflects their passion and dedication to economically invigorate the creative landscape with the knowledge that success of the FENIX360 model can greatly enhance returns for artists and stakeholders and provide greater satisfaction for fans and users.

“The unique value proposition of FENIX360 as a hyper-agile and asset-light engagement platform with lucrative rewards for artists and fans alike provides both FENIX360 and DUET an unparalleled opportunity to reshape the creative and media space. Tapping into the substantial digital advertising and digital commerce ecosystem will bolster FENIX360’s revenue generation abilities,” said Dharmendra Magasvaran, Co-Chief Executive Officer of DUET.

FENIX360’s Chief Executive Officer, Allan Klepfisz, commented: “We are very pleased that this transaction and the consequent planned NASDAQ listing of FENIX360 should allow us to accelerate our global ambitions. In the coming months, as we activate artists and fans in each market and deliver greatly enhanced income for artists and a much more engaging platform for fans, we would like to believe that we will become unstoppable.”

Transaction Overview

The Transaction values FENIX360 at a $610 million enterprise value. The Transaction, which has been unanimously approved by the boards of directors of FENIX360 and DUET, is subject to approval by DUET’s stockholders and other customary closing conditions, including the receipt of certain regulatory approvals.

Additional information about the Transaction, including a copy of the Business Combination Agreement, will be available in a Current Report on Form 8-K to be filed by DUET with the U.S. Securities and Exchange Commission (the “SEC”), which will be available at www.sec.gov.

Legal Advisors

Nelson Mullins Riley & Scarborough LLP serves as legal counsel to DUET in the Transaction. Lucosky Brookman LLP serves as legal counsel to FENIX360 in the Transaction.

About DUET Acquisition Corp.

DUET (NASDAQ: DUET) 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.

DUET’s Co-CEO, Dharmendra Magasvaran, has deep experience in the media and entertainment industry as well as the consulting, digital and technology domains. DUET’s CFO, Lee Keat Hin, is an experienced senior consultant in merger & acquisition activities. To learn more, visit www.duet-corp.com.

Additional Information and Where to Find It

Additional information about the Transaction, including a copy of the Business Combination Agreement, will be available in a Current Report on Form 8-K to be filed by DUET with the SEC, as noted above. Additionally, in connection with the Transaction, DUET intends to file relevant materials with the SEC, including a registration statement on Form F-4, which will include a preliminary proxy statement/prospectus of DUET, and other documents regarding the Transaction. DUET’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus, any amendments thereto, the definitive proxy statement/prospectus, and any other documents filed in connection with the Transaction, as these materials will contain important information about FENIX360, DUET, and the Transaction. Promptly after the registration statement on Form F-4 is declared effective by the SEC, DUET will mail the definitive proxy statement/prospectus and a proxy card to each DUET stockholder entitled to vote at the meeting relating to the approval of the Transaction and other proposals set forth in the definitive proxy statement/prospectus. Before making any voting or investment decision, investors and stockholders of DUET are urged to carefully read the entire registration statement, the preliminary proxy statement/prospectus, any amendments thereto, the definitive proxy statement/prospectus, and any other documents filed in connection with the Transaction, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the Transaction. The documents filed by DUET with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov or by directing a request to DUET Acquisition Corp., V03-11-02, Designer Office, V03, Lingkaran SV, Sunway Velocity, Kuala Lumpur, Malaysia 55100.

Participants in the Solicitation

DUET and its directors and executive officers may be deemed participants in the solicitation of proxies from its stockholders with respect to the Transaction. A list of the names of those directors and executive officers and a description of their interests in DUET will be included in the proxy statement/prospectus for the Transaction when available at www.sec.gov. Information regarding DUET’s directors and executive officers is contained in DUET’s Form 10-K for the year ended December 31, 2022 filed with the SEC on March 31, 2023. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Transaction may be obtained by reading the preliminary and definitive proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the Transaction when it becomes available. These documents can be obtained free of charge from the source indicated above.

FENIX360 and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of DUET in connection with the Transaction. A list of the names of such directors and executive officers and information regarding their interests in the Transaction will be included in the proxy statement/prospectus for the Transaction.

No Offer or Solicitation

Forward-Looking Statements

Contact:

Dharmendra MagasvaranCo-Chief Executive OfficerEmail: enquiry@duet-corp.comPhone: Skype +1- 786 753 7867/+60 11-5695 7895

Fenix 360 Pte Ltd. To Go Public Through Merger With DUET

Fenix 360 Pte Ltd, a global social media company based in Singapore, will go public through a merger with DUET Acquisition Corp., a Delaware-based special purpose acquisition company. The merger, valued at $610 million, is expected to be completed in the first half of 2024, subject to regulatory approvals.