DUET Acquisition Corp. Announces Termination of Merger Agreement with AnyTech365.

Rhea-AI Summary

DUET Acquisition Corp. (NASDAQ: DUET, DUETW, DUETU) announced the termination of its business combination agreement with Anteco Systems, S.L. This decision was communicated through a written notice, prompting DUET to search for alternative business combinations.

As a special purpose acquisition company, DUET focuses on acquiring middle market technology firms specializing in eCommerce, FinTech, Big Data & Analytics, and Robotic Process Automation (RPA). The management team, led by chairman Larry Gan Nyap Liou and co-CEOs Dharmendra Magasvaran and Yeoh Oon Lai, has extensive experience in digital enterprises and consulting.

This press release includes forward-looking statements about DUET's future business targets and strategic direction.

Positive

• DUET is actively seeking alternative business combinations after terminating the previous agreement, which may lead to new opportunities.
• The management team has significant experience in eCommerce and technology sectors, which could enhance future acquisition efforts.

Negative

• Termination of the merger with Anteco Systems may signal challenges in executing strategic acquisitions.
• The need to search for a new business combination could lead to delays in operational growth.

Kuala Lumpur, Malaysia, April 06, 2023 (GLOBE NEWSWIRE) -- 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 previously announced business combination agreement and plan of merger with Anteco Systems, S.L and certain other parties has been terminated by DUET by written notice to the other parties thereto. As a result, DUET will seek an alternative 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, including those regarding the terms of DUET’s initial business combination and search for a business combination target. 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 Liou
Chairman of the Board
Email: enquiry@duet-corp.com
Phone: +60 3-9201 1087/+60 11-5695 7895

FAQ

Why did DUET Acquisition Corp. terminate its merger with Anteco Systems, S.L.?

DUET terminated the merger to seek alternative business opportunities.

What is the focus of DUET Acquisition Corp. in its future business combinations?

DUET is focused on middle market technology companies in sectors like eCommerce, FinTech, Big Data & Analytics, and Robotic Process Automation.

What is the significance of the termination of the merger for DUET's shareholders?

The termination may indicate potential delays in growth, but it also allows DUET to explore new opportunities.

Who are the key members of DUET Acquisition Corp.’s management team?

The management team includes chairman Larry Gan Nyap Liou and co-CEOs Dharmendra Magasvaran and Yeoh Oon Lai.

What does DUET's business strategy entail?

DUET aims to acquire businesses through mergers, asset acquisitions, and capital stock exchanges, focusing on disruptive technology sectors.