DUET Acquisition Corp. reported its financial results for the second quarter and first half of 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
As of June 30, 2024, DUET's cash balance decreased to $3,055 from $87,134 at the end of 2023. However, cash and marketable securities held in the trust account increased to $14,588,710 from $13,979,449. Total assets rose to $14,592,265, while total liabilities increased to $8,264,279, up from $7,874,132. The accumulated deficit also widened to $(8,115,559) from $(6,833,673).
For the three months ended June 30, 2024, DUET reported a net income of $2,697, a notable recovery from a net loss of $(385,045) in the same period of 2023. The loss from operations improved to $(97,725) from $(1,067,814) year-over-year. Interest earned on marketable securities decreased to $190,400 from $850,973, reflecting lower investment returns. For the six-month period, net income was $135,534, compared to a net loss of $(159,121) in 2023.
Formation and operating costs significantly decreased, totaling $(348,422) for the first half of 2024, down from $(1,452,332) in the prior year. This reduction in costs contributed to the improved profitability metrics.
Strategically, DUET has made notable moves regarding its business combination efforts. On November 28, 2023, the company entered into a definitive agreement to acquire Fenix 360 Pte. Ltd., with plans to domesticate from Delaware to the Cayman Islands upon closing. The agreement stipulates that Fenix shareholders will receive 61,000,000 DUET Ordinary Shares, valued at $610 million. The company is also addressing compliance issues with Nasdaq, having received notices regarding its Market Value of Listed Securities and Minimum Public Holders Rule.
In terms of liquidity, DUET reported a working capital deficit of $5,673,224 as of June 30, 2024. The company anticipates needing to raise additional funds to cover operational expenditures and potential costs related to identifying a target business and completing the business combination.
Overall, DUET Acquisition Corp. has shown improved financial performance in the first half of 2024, with strategic developments aimed at completing its business combination while managing its financial position amid ongoing compliance challenges.
About DUET Acquisition Corp.
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