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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______to_______
Commission
File Number: 001-41237
DUET
Acquisition Corp.
(Exact
name of registrant as specified in its charter)
Delaware |
|
87-2744116 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
Number) |
V03-11-02,
Designer Office.
V03,
Lingkaran SV, Sunway Velocity,
Kuala
Lumpur, Malaysia |
|
55100 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (914) 316-4805
Not
applicable
(Former
name or former address, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one share of Class A Common Stock and one Redeemable Warrant |
|
DUETU |
|
The
Nasdaq Global Market LLC |
|
|
|
|
|
Class
A Common Stock, $0.0001 par value per share |
|
DUET |
|
The
Nasdaq Global Market LLC |
|
|
|
|
|
Redeemable
Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
|
DUETW |
|
The
Nasdaq Global Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically, if any, every Interactive Date File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
|
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
|
Smaller
reporting company |
☒ |
|
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
As
of June 30, 2024, there were 1,759,586
shares of the Company’s Class A Common
Stock, $0.0001
par value per share (the “Class A Common
Stock”), and 2,156,250
shares of the Company’s Class B Common
Stock, $0.0001
par value per share, issued and outstanding (the
“Class B Common Stock”).
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
DUET
ACQUISITION CORP.
CONDENSED
BALANCE SHEETS
| |
June
30,
2024 (unaudited) | | |
December
31,
2023 (audited) | |
ASSETS | |
| | | |
| | |
Current
Assets | |
| | | |
| | |
Cash | |
$ | 3,055 | | |
$ | 87,134 | |
Prepaid
expense | |
| 500 | | |
| - | |
Total
Current Assets | |
$ | 3,555 | | |
$ | 87,134 | |
| |
| | | |
| | |
Cash
and Marketable Securities held in trust account | |
| 14,588,710 | | |
| 13,979,449 | |
| |
| | | |
| | |
Total
Assets | |
$ | 14,592,265 | | |
$ | 14,066,583 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current
liabilities | |
| | | |
| | |
Accrued
expenses | |
$ | 2,010,264 | | |
$ | 1,914,504 | |
Account
payable | |
| 161,747 | | |
| 168,747 | |
Amount
due to related party | |
| - | | |
| 2,009 | |
Franchise
tax payable | |
| 16,463 | | |
| 19,713 | |
Income
tax payable | |
| 28,966 | | |
| 63,662 | |
Excise
tax liability | |
| 785,497 | | |
| 785,497 | |
Extension
loan | |
| 1,370,000 | | |
| 1,090,000 | |
Working
capital loan | |
| 1,303,842 | | |
| 1,242,500 | |
Total
Current Liabilities | |
| 5,676,779 | | |
| 5,286,632 | |
| |
| | | |
| | |
Deferred
underwriter commission | |
| 2,587,500 | | |
| 2,587,500 | |
| |
| | | |
| | |
Total
Liabilities | |
| 8,264,279 | | |
| 7,874,132 | |
| |
| | | |
| | |
Commitments
and Contingencies (Note 6) | |
| - | | |
| - | |
| |
| | | |
| | |
Class
A common stock subject to possible redemption; 1,283,336 shares (at $11.25 and $10.15 per share) | |
| 14,443,281 | | |
| 13,025,860 | |
| |
| | | |
| | |
Stockholders’
Deficit | |
| | | |
| | |
Preference
Shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
Class
A common stock, $0.0001
par value; 100,000,000
shares authorized; 476,250
shares issued and outstanding (excluding 1,283,336
shares
subject to possible redemption, respectively) | |
| 48 | | |
| 48 | |
Class
B common stock, $0.0001 par value; 10,000,000 shares authorized; 2,156,250 shares issued and outstanding | |
| 216 | | |
| 216 | |
Common
stock, value | |
| 216 | | |
| 216 | |
Additional
paid-in capital | |
| - | | |
| - | |
Accumulated
deficit | |
| (8,115,559 | ) | |
| (6,833,673 | ) |
Total
Stockholders’ Deficit | |
| (8,115,295 | ) | |
| (6,833,409 | ) |
Total
Liabilities and Stockholders’ Deficit | |
$ | 14,592,265 | | |
$ | 14,066,583 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
DUET
ACQUISITION CORP.
CONDENSED
STATEMENTS OF OPERATIONS
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(UNAUDITED)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months Ended June
30, | | |
For
the Six Months Ended June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Formation
and operating costs | |
$ | (65,085 | ) | |
$ | (1,017,814 | ) | |
$ | (348,422 | ) | |
$ | (1,452,332 | ) |
Franchise
tax | |
| (32,640 | ) | |
| (50,000 | ) | |
| (65,280 | ) | |
| (100,000 | ) |
Loss
from Operations | |
| (97,725 | ) | |
| (1,067,814 | ) | |
| (413,702 | ) | |
| (1,552,332 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
Income | |
| | | |
| | | |
| | | |
| | |
Interest
earned on marketable securities held in trust account | |
| 190,400 | | |
| 850,973 | | |
| 683,202 | | |
| 1,736,977 | |
Income
tax provision | |
| (89,978 | ) | |
| (168,204 | ) | |
| (133,966 | ) | |
| (343,765 | ) |
Net
Income (Loss) | |
$ | 2,697 | | |
$ | (385,045 | ) | |
$ | 135,534 | | |
$ | (159,121 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average
shares outstanding of Class A common stock | |
| 1,283,336 | | |
| 5,760,211 | | |
| 1,283,336 | | |
| 7,192,606 | |
Basic
and diluted net income (loss) per common stock | |
$ | (0.02 | ) | |
$ | 0.00 | | |
$ | 0.27 | | |
$ | 0.05 | |
Weighted average
shares outstanding of Class B common stock | |
| 2,632,500 | | |
| 2,632,500 | | |
| 2,632,500 | | |
| 2,632,500 | |
Basic
and diluted net loss per common stock | |
$ | (0.05 | ) | |
$ | (0.15 | ) | |
$ | (0.14 | ) | |
$ | (0.19 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
DUET
ACQUISITION CORP.
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(UNAUDITED)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Class
A | | |
Class
B | | |
Additional | | |
| | |
Total | |
| |
Common
Stock | | |
Common
Stock | | |
Paid
in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
– December 31, 2023 (audited) | |
| 476,250 | | |
| 48 | | |
| 2,156,250 | | |
$ | 216 | | |
$ | - | | |
$ | (6,833,673 | ) | |
$ | (6,833,409 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 132,838 | | |
| 132,838 | |
Remeasurement
of Class A common stock subject to possible redemption | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,229,640 | ) | |
| (1,229,640 | ) |
Balance
– March 31, 2024 (unaudited) | |
| 476,250 | | |
| 48 | | |
| 2,156,250 | | |
| 216 | | |
| - | | |
| (7,930,475 | ) | |
| (7,930,211 | ) |
Remeasurement
of Class A common stock subject to possible redemption | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (187,781 | ) | |
| (187,781 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,697 | | |
| 2,697 | |
Balance
– June 30, 2024 (unaudited) | |
| 476,250 | | |
$ | 48 | | |
| 2,156,250 | | |
$ | 216 | | |
| - | | |
$ | (8,115,559 | ) | |
$ | (8,115,295 | ) |
| |
Class
A | | |
Class
B | | |
Additional | | |
| | |
Total | |
| |
Common
Stock | | |
Common
Stock | | |
Paid
in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
– December 31, 2022 (audited) | |
| 476,250 | | |
| 48 | | |
| 2,156,250 | | |
$ | 216 | | |
$ | - | | |
$ | (2,239,115 | ) | |
$ | (2,238,851 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 225,923 | | |
| 225,923 | |
Balance
– March 31, 2023 (unaudited) | |
| 476,250 | | |
| 48 | | |
| 2,156,250 | | |
| 216 | | |
| - | | |
| (2,013,192 | ) | |
| (2,012,928 | ) |
Balance
| |
| 476,250 | | |
| 48 | | |
| 2,156,250 | | |
| 216 | | |
| - | | |
| (2,013,192 | ) | |
| (2,012,928 | ) |
Remeasurement
of Class A Common Stock Subject to Redemption | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (820,319 | ) | |
| (820,319 | ) |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (385,045 | ) | |
| (385,045 | ) |
Net
income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (385,045 | ) | |
| (385,045 | ) |
Balance
– June 30, 2023 (unaudited) | |
| 476,250 | | |
$ | 48 | | |
| 2,156,250 | | |
$ | 216 | | |
$ | - | | |
$ | (3,218,556 | ) | |
$ | (3,218,292 | ) |
Balance
| |
| 476,250 | | |
$ | 48 | | |
| 2,156,250 | | |
$ | 216 | | |
$ | - | | |
$ | (3,218,556 | ) | |
$ | (3,218,292 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
DUET
ACQUISITION CORP.
CONDENSED
STATEMENTS OF CASH FLOWS
FOR
THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(UNAUDITED)
| |
2024 | | |
2023 | |
| |
For
the Six Months Ended
June
30, | |
| |
2024 | | |
2023 | |
Cash
flows from operating activities: | |
| | | |
| | |
Net
income (loss) | |
$ | 135,534 | | |
$ | (159,121 | ) |
Adjustments
to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
| |
| | | |
| | |
Interest
earned on marketable securities held in Trust Account | |
| (683,202 | ) | |
| (1,736,977 | ) |
Interest
withdrawn from the Trust Account | |
| 273,942 | | |
| 620,245 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Prepaid
expense | |
| (500 | ) | |
| - | |
Accounts
payable | |
| (7,000 | ) | |
| (13,773 | ) |
Accrued
expenses | |
| 95,760 | | |
| 1,041,184 | |
Amount
due to related parties | |
| (2,009 | ) | |
| - | |
Franchise
tax payable | |
| (3,250 | ) | |
| (180,493 | ) |
Income
tax payable | |
| (34,696 | ) | |
| 58,765 | |
Net
cash used in operating activities | |
| (225,421 | ) | |
| (370,170 | ) |
| |
| | | |
| | |
Cash
flows from investing activities: | |
| | | |
| | |
Cash
withdrawn from Trust Account in connection with redemption | |
| - | | |
| 36,347,008 | |
Investment
of cash in Trust Account | |
| (200,000 | ) | |
| (525,000 | ) |
Net
cash provided by (used in ) investing activities | |
| (200,000 | ) | |
| 35,822,008 | |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Proceeds
from working capital loan | |
| 231,342 | | |
| 932,500 | |
Proceeds
from Extension Loan | |
| 120,000 | | |
| - | |
Redemption
of Class A common stock | |
| - | | |
| (36,347,008 | ) |
Repayment
of working capital loan | |
| (10,000 | ) | |
| - | |
Net
cash provided by (used in) financing activities | |
| 341,342 | | |
| (35,414,508 | ) |
| |
| | | |
| | |
Net
change in cash | |
| (84,079 | ) | |
| 37,330 | |
Cash
at the beginning of the period | |
| 87,134 | | |
| 27,066 | |
Cash
at the end of the period | |
$ | 3,055 | | |
$ | 64,396 | |
| |
| | | |
| | |
Supplemental
disclosure of non-cash investing and financing activities: | |
| | | |
| | |
Remeasurement
of Class A ordinary shares subject to redemption | |
$ | (1,417,421 | ) | |
$ | 820,319 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
DUET
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE
1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS
DUET
Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on September 20, 2021. The
Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). The Company is not limited to a particular industry or
sector for purposes of consummating a Business Combination.
As
of June 30, 2024, the Company had not commenced any operations. All activity for the period from September 20, 2021 (inception)
through June 30, 2024, relates to the Company’s formation, the initial public offering and preparation for a business
combination described below. The Company will not generate any operating revenues until after the completion of its initial Business
Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash
equivalents from the proceeds derived from the Public Offering (as defined below). The Company has selected December 31 as its
fiscal year end.
The
Company’s sponsor is DUET Partners LLC (the “Sponsor”). The registration statement for the Company’s Initial
Public Offering was declared effective on January 19, 2022.
On
January 24, 2022, the Company consummated its Initial Public Offering of 7,500,000 units (the “Units” and, with respect to
the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross
proceeds of $75,000,000, and incurring offering costs of $5,161,516, of which $2,250,500
was for deferred underwriting commissions.
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 356,250 units
(the “Private Placement Units”) to DUET Partners LLC, the sponsor of the Company (the “Sponsor”), at a price
of $10.00 per Private Placement Unit, generating total gross proceeds of $3,562,500 (the “Private Placement”).
Subsequently,
on January 24, 2022, the Company consummated the closing of the sale of 1,125,000 additional units at a price of $10 per unit (the “Units”)
upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”),
generating additional gross proceeds of $11,250,000 and incurred additional offering costs of $506,250, of which $337,500 are for deferred
underwriting commissions. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class
A Common Stock”), one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof
to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment, pursuant to the Company’s registration
statement on Form S-1 (File No. 333-261494).
Simultaneously
with the exercise of the overallotment option, the Company consummated the Private Placement of an additional 33,750
Private Placement Units to DUET Partners LLC, a Delaware limited liability company (the “Sponsor”), generating gross
proceeds of $337,500.
A
total of $87,543,750, comprised of the proceeds from the Offering and the proceeds of private placements that closed on January 20, 2022
and January 24, 2022, net of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust
Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment
Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended
investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as
determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust
Account to the Company’s stockholders, as described below.
Transaction
costs of the Initial Public Offering with the exercise of the overallotment option amounted to $4,374,016
consisting of $1,293,750 of
cash underwriting fees, $2,587,500 of
deferred underwriting fees and $492,766 of
other costs.
Following
the closing of the Initial Public Offering $818,211
of cash was held outside of the Trust Account available for
working capital purposes. As of June 30, 2024, we have available to us $3,055
of cash on our condensed balance sheet and a
working capital deficit of $5,673,224.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions
and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination.
The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect
a Business Combination.
The
Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem
all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting
called to approve the Business Combination or (ii) by means of a tender offer. In connection with a Business Combination, the Company
may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem
their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination
only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business
Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business
Combination.
The
Company will have until 24 months (subject to a three month extension of time, as set forth in the Company’s registration
statement) from the closing of the Public Offering to consummate a Business Combination (the “Combination Period”). If the
Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem 100% of
the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned (net of taxes payable and less interest to pay dissolution expenses), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to
receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence
a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims
of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights to the deferred underwriting commission
held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such
event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public
Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution
will be less than the Public Offering price per Unit of $10.00.
On
April 19, 2023, the Company held a virtual special meeting of its stockholders (the “Special Meeting”). At the Special Meeting,
the stockholders of the Company approved the proposal (the “Extension Amendment Proposal”) to amend the Company’s Amended
and Restated Certificate of Incorporation to extend the date by which the Company must (i) consummate a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses, which
we refer to as a “business combination,” (ii) cease its operations if it fails to complete such business combination, and
(iii) redeem or repurchase 100% of the Company’s Class A Common Stock included as part of the units sold in the Initial Public
Offering from April 24, 2023 to January 24, 2024, or such earlier date as determined by the board of directors, pursuant to nine one-month
extensions, provided that (i) the Sponsor or its affiliates or permitted designees will deposit into the Trust Account the lesser of
(x) $175,000 or (y) $0.055 per share for each Public Share that was not redeemed in connection with the Special Meeting for each such
one-month extension, unless the closing of the Company’s initial Business Combination shall have occurred, in exchange for a non-interest
bearing, unsecured promissory note payable upon consummation of a business combination and (ii) the procedures relating to any such extension,
as set forth in the Trust Agreement, shall have been complied with.
On
December 18, 2023, the Company held a virtual special meeting of its stockholders (the “Special Meeting”). At the Special
Meeting, the stockholders of the Company approved the proposal (the “Extension Amendment Proposal”) to amend the Company’s
Amended and Restated Certificate of Incorporation to extend the date by which the Company must (i) consummate a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses,
which we refer to as a “business combination,” (ii) cease its operations if it fails to complete such business combination,
and (iii) redeem or repurchase 100% of the Company’s Class A common stock (the “Class A Common Stock”) included as
part of the units sold in the Company’s initial public offering that was consummated on January 24, 2022, which we refer to as
the “IPO,” from January 24, 2024 (the “Termination Date”) to January 24, 2025 or such earlier date as determined
by the board of directors, pursuant to twelve one-month extensions, which we refer to as the “Extension,” and such later
date, the “Extended Date,” provided that (i) the Sponsor, or its affiliates or permitted designees will deposit into the
Trust Account the lesser of (x) $40,000 or (y) $0.04 per share for each public share that is not redeemed in connection with the Special
Meeting for each such one-month extension commencing December 24, 2023 until January 24, 2025 unless the closing of the Company’s
initial business combination shall have occurred (the “Extension Payment”) in exchange for a non-interest bearing, unsecured
promissory note payable upon consummation of a business combination (ii) the procedures relating to any such extension, as set forth
in the Trust Agreement, shall have been complied with.
In
connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the Special Meeting, holders of
3,760,678 shares of the Company’s Class A Common Stock exercised their right to redeem those shares for cash at an approximate
price of $10.95 per share, for an aggregate of approximately $41.2 million. Following the payment of the redemptions, the Trust Account
will have a balance of approximately $14.1 million before the Extension Payment.
On
December 19, 2023, the Company deposited two payments in an aggregate of $80,000 (the “Extension Payment”) into the Trust
Account, which enables the Company to extend the period of time it has to consummate its initial business combination by two months from
December 24, 2023 to February 24, 2024. On February 16, 2024, the Company caused to be deposited $40,000 into the Company’s Trust
Account, allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month from February
24, 2024 to March 24, 2024. On March 19, 2024, the Company caused to be deposited $40,000 into the Company’s Trust Account, allowing
the Company to extend the period of time it has to consummate its initial Business Combination by one month from March 24, 2024 to April
24, 2024. On April 24, 2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company
to extend the period of time it has to consummate its initial business combination by one month from April 24, 2024 to May 24, 2024.The
foregoing extensions are permitted under the Company’s governing documents. On May 24, 2024, the Company caused to be deposited
$40,000 into the Company’s trust account, allowing the Company to extend the period of time it has to consummate its initial business
combination by one month from May 24, 2024 to June 24, 2024.The foregoing extensions are permitted under the Company’s governing
documents. On June 24, 2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company
to extend the period of time it has to consummate its initial business combination by one month from June 24, 2024 to July 24, 2024.
On July 23, 2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company to extend the
period of time it has to consummate its initial business combination by one month from July 24, 2024, to August 24, 2024. On August 22,
2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company to extend the period of
time it has to consummate its initial business combination by one month from August 24, 2024 to September 24, 2024. The foregoing extensions
are permitted under the Company’s governing documents.
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amounts in the Trust Account to below $10.15 per share (whether or not the underwriters’ over-allotment option is exercised
in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and
except as to any claims under the Company’s indemnity of the underwriters of the Public Offering against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is
deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party
claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors
by endeavoring to have all vendors, service providers (except for the company’s independent registered accounting firm), prospective
target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title,
interest or claim of any kind in or to monies held in the Trust Account.
Termination
of the Merger Agreement
On
July 25, 2022, the Company entered into a definitive Business Combination Agreement and Plan of Merger (the “Merger Agreement”)
with Millymont Limited, a private limited company incorporated in Ireland (“Holdco”), Duet Merger Sub, Inc., a Delaware corporation
and wholly-owned subsidiary of Holdco, J. Streicher Technical Services, LLC, a Delaware limited liability company, Anteco Systems, S.L.,
trading as AnyTech365, a company incorporated in Spain and registered at the Commercial Registry of Malaga under reference MA-122108,
Miguel Ángel Casales Ruiz and Thomas Marco Balsloev, as the sellers’ representatives, and Lee Keat Hin, as the Company’s
representative.
On
April 6, 2023, the Company provided the other parties with written notice of the termination of the Merger Agreement pursuant to Section
11.1 thereof (the “Termination”). No party will be required to pay another party a termination fee as a result of the Termination.
The
termination of the Merger Agreement also terminates and makes void the Support Agreement, the Non-Competition and Non-Solicitation Agreement,
and the Lock-up Agreement (each as defined in the Merger Agreement), each of which were executed concurrently with the Merger Agreement.
Business
Combination Agreement
As
previously disclosed, the Company entered into a binding letter of intent with Fenix 360 Pte. Ltd., a Singapore private company limited
by shares (the “Target”), on July 6, 2023, pursuant to which DUET agreed to acquire all of the outstanding equity interests
of the Target. On November 28, 2023, DUET and the Target entered into a definitive Business Combination Agreement and Plan of Merger
(the “Business Combination Agreement”). DUET and the Target are sometimes referred to this Quarterly Report on Form 10-Q,
individually, as a “Party” and, collectively, as the “Parties.”
Our
Chairman of the Board of Directors, Larry Gan Nyap Liou, serves as a financial advisor to the Target pursuant to a pre-existing relationship
with the Target. Accordingly, Mr. Gan has recused himself, and will continue to recuse himself, from all Board decisions related to the
Business Combination.
Domestication
Pursuant
to and upon the closing (the “Closing”) of the transactions contemplated in the Business Combination Agreement (collectively,
the “Business Combination”), the Company will transfer by way of continuation from the State of Delaware to the Cayman Islands
and domesticate (the “Domestication”) as a Cayman Islands exempted company limited by shares in accordance with Section 390
of the Delaware General Corporation Law, as amended, and Part XII of the Cayman Islands Companies Act, as amended (the “Cayman
Companies Act”).
In
connection with the Domestication, (a) each share of DUET’s Class A common stock, par value $0.0001 per share (the “Class
A Common Stock”), that is issued and outstanding immediately prior to the Domestication shall become one ordinary share of DUET
(the “DUET Ordinary Shares”), (b) each share of DUET’s Class B common stock, par value $0.0001 per share (the “Class
B Common Stock”), that is issued and outstanding immediately prior to the Domestication shall become one DUET Ordinary Share, (c)
each warrant of DUET that is outstanding immediately prior to the Domestication shall, from and after the Domestication, represent the
right to purchase one DUET Ordinary Share at an exercise price of $11.50 per share on the terms and subject to the conditions set forth
in the Warrant Agreement, dated January 19, 2022 by and between DUET and Continental Stock Transfer & Trust Company, and (d) the
governing documents of DUET shall be amended and restated in the form of the amended and restated memorandum and articles of association
of DUET in a form to be mutually agreed between the Parties (the “DUET A&R Charter”), and, as so amended and restated,
the DUET A&R Charter will be the memorandum and articles of association of DUET until thereafter amended in accordance with the terms
thereof and the Cayman Companies Act.
Business
Combination
Pursuant
to the Business Combination Agreement, as consideration for the Business Combination, the shareholders of the Target (each, a “Target
Shareholder” and, together, the “Target Shareholders”) are entitled to receive an aggregate of 61,000,000 DUET Ordinary
Shares, valued at $10.00 per share for an aggregate value equal to $610,000,000. Each Target Shareholder will be entitled to receive,
in accordance with terms of the Business Combination Agreement, one DUET Ordinary Share for each share of the Target (the “Target
Ordinary Shares”) held by such Target Shareholder (the “Exchange Consideration”). As of the Effective Time (as defined
in the Business Combination Agreement), each Target Shareholder, upon receiving the Exchange Consideration, shall cease to have any other
rights in and to the Target.
Upon
the terms and subject to the conditions of the Business Combination Agreement, at or prior to the Closing, each Target Shareholder will
deliver to Continental Stock Transfer & Trust Company (the “Exchange Agent”) a share exchange agreement in the form mutually
agreed to between the Parties (a “Share Exchange Agreement”) that has been duly executed by that Target Shareholder, surrender
any original certificates for the Target Ordinary Shares held by such Target Shareholder, and deliver such other documents reasonably
requested by DUET. In exchange, DUET will issue and cause the Exchange Agent to deliver to each Target Shareholder the amount of DUET
Ordinary Shares due to such Target Shareholder pursuant to the Business Combination Agreement.
Representations
and Warranties; Covenants
Pursuant
to the Business Combination Agreement, the Parties made customary representations and warranties for transactions of this type. The Business
Combination Agreement includes certain covenants that are customary for transactions of this type, including obligations of the Parties
to use reasonable best efforts to operate their respective businesses in the ordinary course and to refrain from taking certain specified
actions without the prior written consent of the applicable party, in each case, subject to certain exceptions and qualifications. The
Parties have agreed not to solicit, negotiate, or enter into a competing transaction. Additionally, the Target has agreed to certain
other covenants, including to (a) deliver the PCAOB Financials (as defined in the Business Combination Agreement) to DUET no later than
December 11, 2023, (b) conclude investigations, examinations and diligence with respect to certain agreed-upon items by December 12,
2023 (the “Due Diligence Period”), and (c) onboard certain employees of one of the Target’s primary software developers.
The covenants in the Business Combination Agreement generally will not survive the Closing, subject to certain exceptions, including
certain covenants and agreements that by their terms are to be performed in whole or in part after the Closing.
Reserve
Against Certain Liabilities
Certain
of the Target Shareholders (the “Legacy Shareholders”) are to deposit with the Escrow Agent at Closing their pro rata portion
of an aggregate of 4,500,000 DUET Ordinary Shares otherwise issuable to the Legacy Shareholders as Exchange Consideration (the “Escrow
Shares”). The Escrow Shares are subject to a quarterly release following the Closing and are reserved to cover losses arising out
of or in connection with the Target’s rescission plan for tokens that were issued by management of the Target, any pending or threatened
legal proceedings required to be disclosed by the Target, and any other matters mutually agreed upon by the Parties (collectively, the
“Covered Matters”). To the extent the Target incurs losses based on an action against the Target or its affiliates by any
third party with respect to the Covered Matters, the Legacy Shareholders consent to and agree to reasonably and promptly allow the post-Closing
company to redeem an aggregate number of Escrow Shares with a value equal to the amount of such loss incurred by the post-Closing company
therefrom, with the value of the Escrow Shares to be determined using the 5-Day VWAP of the DUET Ordinary Shares.
Conditions
to Obligations of Both Parties at Closing
The
obligations of the Parties to consummate the Business Combination are subject to the satisfaction of the following conditions, any one
or more of which may be waived by in writing by either or both of the Parties: (a) DUET stockholder approval of the Business Combination
has been obtained; (b) all of the Target Shareholders have submitted a Share Exchange Agreement and have exchanged all of the Target
Ordinary Shares for the DUET Ordinary Shares in accordance with the terms of the Business Combination Agreement no later than the date
of the DUET Stockholders’ Meeting (defined below); (c) the Proxy/Registration Statement (as defined below) shall have become effective
under the Securities Act of 1933, as amended (the “Securities Act”), and no stop order suspending the effectiveness of the
Proxy/Registration Statement shall have been issued and no proceedings for that purpose shall have been initiated or threatened by the
U.S. Securities and Exchange Commission (the “SEC”) and not withdrawn; (d) the Nasdaq Stock Market LLC (“Nasdaq”)
shall have completed its review of the “Listing of Additional Shares Notification Form” filed by DUET with Nasdaq with respect
to the DUET Ordinary Shares to be issued in connection with the Business Combination; (e) no Exchange Objection (as defined in the Business
Combination Agreement) shall have been raised, or any such Exchange Objection which has been raised shall have been addressed; (f) no
federal, state, provincial, municipal, local or foreign government, governmental authority, taxing, regulatory or administrative agency,
governmental commission, department, board, bureau, agency or instrumentality, court or tribunal (“Governmental Authority”)
shall have enacted, issued, promulgated, enforced or entered any statute, law, ordinance, rule, order, or regulation (“Law”)
that is then in effect and which has the effect of making the Business Combination illegal or which otherwise prevents or prohibits consummation
of the Business Combination, other than any such restraint that is immaterial, or for which the relevant Governmental Authority does
not have jurisdiction over either of the parties hereto with respect to the Business Combination; and (g) all Closing deliverables required
under the Business Combination Agreement have been provided.
Conditions
to Obligations of DUET at Closing
Pursuant
to the Business Combination Agreement, the obligations of DUET to consummate, or cause to be consummated, the Business Combination are
subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by DUET: (a)(i)
the representations and warranties of the Target regarding the capitalization of the Target are true and correct in all respects of the
date of the Closing except with respect to such representations and warranties speaking to an earlier date, which shall be true and correct
at and as of such date, subject to changes made to the Business Combination Agreement, (ii) the Target’s Fundamental Representations
(as defined in the Business Combination Agreement) other than those regarding the capitalization of the Target shall be true and correct
as of the date of the Closing, subject to certain qualifications and exceptions, and (iii) each of the representations and warranties
of the Target other than the Target’s Fundamental Representations shall be true and correct as of the date of the Closing, subject
to certain qualifications and exceptions; (b) each of the covenants of the Target to be performed as of or prior to the Closing shall
have been performed in all material respects; (c) there shall not have occurred a Company Material Adverse Effect (as defined in the
Business Combination Agreement); (d) each of the Restrictive Covenant Agreements (as defined in the Business Combination Agreement) with
each of the Key Executives (as defined in the Business Combination Agreement) shall be in full force and effect at Closing; (e) the Target’s
unaudited consolidated statement of financial positions and consolidated statements of comprehensive income, changes in equity and cash
flows of the Target and its Subsidiaries as of and for the nine-month period ended September 30, 2023, which comply with the applicable
accounting requirements and with the rules and regulations of the SEC, the Exchange Act and the Securities Act applicable to a registrant
shall have been provided; and (f) all closing deliveries required by the Business Combination Agreement shall have been delivered.
Conditions
to Obligations of the Target at Closing
The
obligation of the Target to consummate is subject to the satisfaction of the following additional conditions, any one or more of which
may be waived in writing by the Target: (a) subject to certain qualifications and exceptions in each: (i) the representations and warranties
of DUET regarding the capitalization of DUET shall be true and correct as of the Closing, (ii) DUET’s Fundamental Representations
(as defined in the Business Combination Agreement) other than those regarding the capitalization of DUET shall be materially true and
correct as of date of the Closing, subject to certain exceptions, and (iii) each of the representations and warranties of DUET contained
in the Business Combination Agreement other than those regarding organization, due authorization, absence of changes, capitalization,
and brokers’ fees shall be true and correct as of Closing; (b) the Class A Common Stock shall remain listed on the Nasdaq Global
Market; and (c) each of the covenants of DUET to be performed as of or prior to the Closing shall have materially been performed.
Termination
The
Business Combination Agreement may be terminated and the transactions therein may be abandoned: (a) by DUET pursuant to a failure of
the Target to deliver timely the PCAOB Financials, or comply with the requests of DUET during the Due Diligence Period; (b) by DUET if
the Proxy/Registration Statement is not declared effective or such effectiveness is materially delayed due to any action or omission
by the Target; (c) by the Target if DUET is delisted from the Nasdaq Global Market for any reason other than a breach by the Target or
Legacy Shareholders of obligations to the Business Combination Agreement; (d) by mutual written consent of all Parties; (e) by DUET or
the Target if any Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or order that is then in
effect and which has the effect of making the Business Combination illegal or which otherwise prevents or prohibits their consummation;
(f) by DUET if (i) there is a breach of any representation, warranty, covenant or agreement on the part of the Target, such that the
conditions obligating DUET to close would not be satisfied, subject to a 30 day cure period for the Target, or (ii) the Closing has not
occurred on or before the date on which the DUET charter expires and the Parties agree it shall not be extended (the “Agreement
End Date”), unless DUET is in material breach of the Business Combination Agreement; (g) by DUET if the original certificates for
the Target duly endorsed for transfer to DUET have not been submitted for exchange along with duly executed Share Exchange Agreements
from the Target Shareholders by the date of the DUET Stockholders’ Meeting; (h) by the Target by written notice to DUET if (i)
there is any breach of any representation, warranty, covenant or agreement on the part DUET set forth in the Business Combination Agreement,
such that the conditions obligating the Target to close would not be satisfied at Closing, subject to a 30 day cure period for DUET upon
notice, or (ii) the Closing has not occurred on or before the Agreement End Date, unless the Target is in material breach of the Business
Combination Agreement; or (i) if the resolution of outstanding accrued underwriting fees payable to EF Hutton, division of Benchmark
Investments LLC, are not resolved, in a manner satisfactory to both DUET and the Target before the Closing. In the event the Business
Combination Agreement is terminated pursuant to (a), (b) or (f) above, the Target shall pay DUET $3,500,000 within 10 days of such termination.
The
foregoing description of the Business Combination Agreement does not purport to be complete and is qualified in its entirety by the full
text of the Business Combination Agreement, which is filed as Exhibit 2.1 hereto and incorporated herein by reference.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Going
Concern, Liquidity and Capital Resources
As
of June 30, 2024, the Company had $3,055 of cash in its operating bank account.
The
Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000
from the Sponsor to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (as defined
in Note 5), and loan from the Sponsor of $190,478 under the Note (as defined in Note 5). Following the IPO of the Company on January
24, 2022 (as described in Note 1), a total of $193,535 under the promissory note was repaid on January 24, 2022. Subsequent to the consummation
of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the
Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs
in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and
directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). As of June 30, 2024, there
was $1,303,842 outstanding under any Working Capital Loan.
We
currently believe we will need to raise additional funds in order to meet the expenditures required for operating our business.
However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating our
initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate
our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our
initial business combination or because we become obligated to redeem a significant number of our public shares upon consummation of
our initial business combination, in which case we may issue additional securities or incur debt in connection with such business
combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the
completion of our initial business combination. If we are unable to complete our initial business combination because we do not have
sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Account. In addition, following our
initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our
obligations. The accompanying unaudited condensed financial statements have been prepared in conformity with U.S. GAAP, which
contemplates the continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in
the normal course of business. The unaudited condensed financial statements do not include any adjustments that might result from
the outcome of this uncertainty. Further, we have incurred and expect to continue to incur significant costs in pursuit of our
financing and acquisition plans. Management plans to address this uncertainty during the period leading up to the business
combination, however this cannot be guaranteed.
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed financial statements are presented in U.S. Dollars and conformity with accounting principles generally
accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information
or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant
to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes
necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the
accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary
for a fair presentation of the financial position, operating results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023 as filed with the SEC on April 1, 2024 (the “Annual Report”), which contains the audited
financial statements and notes thereto. The financial information as of December 31, 2023 is derived from the audited financial statements
presented in the Company’s Annual Report. The interim results for the six months ended June 30, 2024 are not necessarily indicative
of the results to be expected for the year ending December 31, 2024 or for any future interim periods.
Use
of Estimates
The
preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting
period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect
of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which
management considered in formulating its estimate, could change in the near term due to one or more future confirming events.
Accordingly, the actual results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of June 30, 2024 and December 31, 2023.
Marketable
Securities Held in Trust Account
At
June 30, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in mutual funds. At June 30,
2024 and December 31, 2023, the balance in the Trust Account was $14,588,710 and $13,979,449, respectively.
Deferred
offering costs
Deferred
offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly
related to the Offering and that were charged to stockholders’ equity upon the completion of the Offering. Should the Offering
have proved to be unsuccessful, these deferred costs, as well as additional expenses incurred, would have been charged to operations.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2024 and December 31, 2023 and no amounts accrued for interest and
penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
Our
effective tax rate was 97.09% and 77.57% for the three months ended June 30, 2024 and 2023, respectively. Our effective tax rate was
49.71% and 186.18% for the six months ended June 30, 2024 and 2023, respectively. The effective tax rate differs from the statutory tax
rate of 21% for the three and six months ended June 30, 2024 and 2023, due to transaction costs and the valuation allowance on the deferred
tax assets.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) are classified as a liability
instrument and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) are classified as temporary equity. At all other times, shares are classified as stockholders’
equity. The Company’s Class A Common Stock features certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events, and is therefore classified as temporary equity on the unaudited condensed
balance sheets.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
As
of June 30, 2024 and December 31,2023, the Class A Common Stock reflected on the condensed balance sheets are reconciled in the
following table:
SCHEDULE OF CLASS A COMMON STOCK REFLECTED ON BALANCE SHEET
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Redeemable Class A Common Stock – Opening Balance | |
$ | 13,025,860 | | |
$ | 87,543,750 | |
Less: | |
| | | |
| | |
Redemption
of Class A common stock, including interest | |
| - | | |
| (78,549,722 | ) |
Plus: | |
| | | |
| | |
Re-measurement
of carrying value to redemption value | |
| 1,417,421 | | |
| 4,031,832 | |
Redeemable Class A Common Stock - Ending Balance | |
$ | 14,443,281 | | |
$ | 13,025,860 | |
Net
income (loss) per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss) per
share is computed by dividing net loss by the weighted average number of common stock outstanding during the period, excluding common
stock subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 281,250 shares of Class B Common
Stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 6). At June 30, 2024
and June 30, 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into common stock and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income
(loss) per share for the periods presented.
The
net income (loss) per share presented in the unaudited condensed statements of operations is based on the following:
SCHEDULE
OF NET INCOME LOSS PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the three months ended
June
30, | | |
For
the six months ended
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net
income (loss) | |
$ | 2,697 | | |
$ | (385,045 | ) | |
$ | 135,534 | | |
$ | (159,121 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| (154,000 | ) | |
| - | |
Net
income (loss) including accretion of carrying value to redemption value | |
$ | (151,303 | ) | |
$ | (385,045 | ) | |
$ | (18,466 | ) | |
$ | (159,121 | ) |
SCHEDULE OF NET INCOME (LOSS) BASIC AND DILUTED PER SHARE
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
| |
For
three months ended
June
30, | |
| |
2024 | | |
2023 | |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
Basic
and diluted net income(loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation
of net income(loss) including carrying value to redemption value | |
$ | 128,884 | | |
$ | (126,187 | ) | |
$ | 2,651 | | |
$ | (387,696 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| - | | |
| - | |
Allocation
of net income | |
$ | (25,116 | ) | |
$ | (126,187 | ) | |
$ | 2,651 | | |
$ | (387,696 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 1,283,336 | | |
| 2,632,500 | | |
| 5,760,211 | | |
| 2,632,500 | |
Basic
and diluted net income(loss) per share | |
$ | (0.02 | ) | |
$ | (0.05 | ) | |
$ | 0.00 | | |
$ | (0.15 | ) |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
| |
For
six months ended
June
30, | |
| |
2024 | | |
2023 | |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
Basic
and diluted net income(loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation
of net income(loss) including carrying value to redemption value | |
$ | 503,715 | | |
$ | (368,181 | ) | |
$ | 348,912 | | |
$ | (508,033 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| - | | |
| - | |
Allocation
of net income | |
$ | 349,715 | | |
$ | (368,181 | ) | |
$ | 348,912 | | |
$ | (508,033 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 1,283,336 | | |
| 2,632,500 | | |
| 7,192,606 | | |
| 2,632,500 | |
Basic
and diluted net income(loss) per share | |
$ | 0.27 | | |
$ | (0.14 | ) | |
$ | 0.05 | | |
$ | (0.19 | ) |
Concentration
of Credit Risk
Financial
instruments that potentially subject to concentration of credit risk consist of cash and cash held in trust. Cash is comprised of
cash balances with banks and bank deposits, which are insured by the Federal Deposit Insurance Company (“FDIC”), up to
$250,000.
The Company did not have cash exceed FDIC limits at June 30, 2024 and December 31, 2023. Cash held in trust is comprised of
securities held by a financial institution, which are insured by the Securities Investor Protection Corporation
(“SIPC”), comprised of $250,000 coverage
for cash and $250,000 for
securities. The Company had approximately $14,338,710 and
$13,729,449 of
securities in excess of SIPC limits as of June 30, 2024 and December 31, 2023, respectively.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair
Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying condensed balance
sheets, primarily due to their short-term nature.
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of June 30, 2024 and December 31, 2023:
SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC
| |
Level | | |
June
30, 2024 | | |
December
31, 2023 | |
Assets: | |
| | | |
| | | |
| | |
Cash
and marketable securities held in trust account | |
| 1 | | |
$ | 14,588,710 | | |
$ | 13,979,449 | |
Derivative
Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” Derivative instruments are initially recorded at
fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed
statements of operations. Derivative assets and liabilities are classified in the unaudited condensed balance sheets as current or non-current
based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the unaudited condensed
balance sheets date. The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40. The Company has determined
that the Warrants qualify for equity treatment in the Company’s unaudited condensed financial statements.
Recent
Accounting Standards
The
Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently
adopted, would have a material effect on the accompanying unaudited condensed financial statement.
Risks
and Uncertainties
Sustained uncertainty about, or worsening of, geopolitical tensions, including further escalation of the war between Russia and Ukraine,
further escalation of the conflict between the State of Israel and Hamas, as well as further escalation of tensions between the State
of Israel and various countries in the Middle East and North Africa, could result in a global economic slowdown and long-term changes
to global trade. As a result, the Company’s ability to consummate a Business Combination, or the operations of a target business
with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. Further, the Company’s
ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these
events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable
on terms acceptable to the Company or at all. The impact of these events on the world economy and the specific impact on the Company’s
financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The unaudited
condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Inflation
Reduction Act of 2022
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic
(i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the
repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1%
of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax,
repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of
stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury
(the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or
avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.
Any
redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions
and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii)
the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued
not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content
of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the
redeeming holders, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction
in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.
At
this time, it has been determined that the IR Act tax provisions would have an impact to the Company’s fiscal 2023 tax provision
as there were redemptions by the public stockholders in April 2023 and December 2023; as a result, the Company recorded $785,497 excise
tax liability as of June 30, 2024 and December 31, 2023. The Company will continue to monitor for updates to the Company’s business
along with guidance issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision
in future periods.
NOTE
3. INITIAL PUBLIC OFFERING
Pursuant
to the Public Offering, the Company offered for sale up to 8,625,000 Units at a purchase price of $10.00 per Unit. Each Unit consists
of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant will entitle the
holder to purchase one share of Class A common stock at an exercise price of $11.50 per whole share (see Note 7).
NOTE
4. PRIVATE PLACEMENT
The
Sponsor purchased an aggregate of 390,000 placement units at a price of $10.00 per unit, for an aggregate purchase price of $3,900,000.
Each placement unit is identical to the units sold in this offering, except as described in this prospectus. The placement units were
sold in a private placement that closed simultaneously with the closing of this offering. If the Company does not complete a Business
Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the
Public Shares (subject to the requirements of applicable law) and the Placement Warrants will expire worthless.
NOTE
5. RELATED PARTY TRANSACTIONS
Founder
Shares
On
October 17, 2021, the Sponsor purchased 2,156,250 Founder Shares for an aggregate purchase price of $25,000. The number of Founder Shares
will equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding shares of common stocks after the
Initial Public Offering.
The
initial stockholders have agreed not to transfer, assign or sell any of the Class B common stock (except to certain permitted transferees
as disclosed herein) until, with respect to any of the Class B common stock, the earlier of (i) six months after the date of the consummation
of a Business Combination, or (ii) the date on which the closing price of the Company’s common stock equals or exceeds $12.00 per
share (as adjusted for share subdivisions, share dividends, reorganizations and recapitalizations) for any 20 trading days within any
30-trading day period commencing after a Business Combination, or earlier, if, subsequent to a Business Combination, the Company consummates
a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s stockholders
having the right to exchange their common stock for cash, securities or other property.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain
of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of
a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion
of a Business Combination into units at a price of $10.00 per unit. Such units would be identical to the Private Placement Units. In
the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay
the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.
On
July 6, 2023, the Company issued a promissory note (the “Promissory Note”) in the principal amount of $1,500,000 to the Sponsor.
The Promissory Note was issued to provide the Company with additional working capital, and the funds provided in accordance therewith
will not be deposited into the Company’s Trust Account. The Company issued the Promissory Note in consideration for a loan from
the Sponsor to fund the Company’s extension costs and working capital requirements. The Promissory Note bears no interest and is
due and payable upon the earlier to occur of (i) the date on which the Company’s initial business combination is consummated and
(ii) the liquidation of the Company on or before July 23, 2023 (subject to the extension of the period in which the Company must complete
its initial business combination pursuant to the Company’s governing documents, or such later liquidation date as may be approved
by the Company’s stockholders). At the election of the Sponsor, the unpaid principal amount of the Promissory Note may be converted
into units of the Company (the “Conversion Units”) and the total Conversion Units so issued shall be equal to: (x) the portion
of the principal amount of the Promissory Note being converted divided by (y) the conversion price of ten dollars ($10.00), rounded up
to the nearest whole number of Conversion Units. As of June 30, 2024 and December 31, 2023, there was $1,303,842 and $1,242,500 outstanding
under the Working Capital Loans, respectively.
As
described in Note 1, on December 18, 2023, the Company approved the Extension Amendment and the
Trust Amendment to allow the Company to extend the deadline from January 24, 2024 to January 24, 2025 or such earlier date as
determined by the board of directors, pursuant to twelve one-month extensions, which we refer to as the “Extension,” and
such later date, the “Extended Date,” provided that (i) the Sponsor, or its affiliates or permitted designees will deposit
into the Trust Account the lesser of (x) $40,000 or (y) $0.04 per share for each public share that is not redeemed in connection with
the Special Meeting for each such one-month extension commencing December 24, 2023 until January 24, 2025 unless the closing of the Company’s
initial business combination shall have occurred (the “Extension Payment”) in exchange for a non-interest bearing, unsecured
promissory note payable upon consummation of a business combination (ii) the procedures relating to any such extension, as set forth
in the Trust Agreement, shall have been complied with. As of June 30, 2024 and December
31, 2023, there was $1,370,000 and $1,090,000 outstanding under the Extension Loans, respectively.
Convertible
Note Purchase Agreement
On
July 6, 2023, DUET Partners LLC (the “Sponsor”) and Fenix entered into a convertible note purchase agreement (the “Note
Purchase Agreement”), pursuant to which Fenix agreed to loan $200,000 to the Sponsor at the signing of the Letter of Intent and
an additional $800,000 at the signing of the Definitive Agreement. In addition, in order to finance any further extensions in connection
with the Proposed Business Combination, Fenix shall at its discretion, loan funds as may be required up to another $500,000. The Sponsor
will sell and issue to Fenix one or more unsecured, non-interest-bearing notes in connection with the aforementioned loans, with an aggregate
principal amount of up to $1,500,000 (the “Fenix Notes”).
The
Note Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations by each party thereto.
The representations and warranties contained therein were made only for the purposes of the Note Purchase Agreement, and as of specific
dates, were solely for the benefit of the parties to such agreement and are subject to certain limitations set forth therein.
The
Fenix Notes are due and payable by the Sponsor upon the closing of the Proposed Business Combination between the Company and Fenix (the
“Maturity Date”). The Fenix Notes are convertible into common stocks of the Company pursuant to terms that will be set forth
in the Definitive Agreement. The Fenix Notes will be cancelled and the principal amount of the loans disbursed by the Sponsor to the
Company (as described below in the section titled “Promissory Note”) shall be forgiven, and the balance of the principal
amount of the Fenix Notes not disbursed by the Sponsor to the Company will be returned to Fenix (i) in the event that a Definitive Agreement
is not signed by July 31, 2023 or such later date that may be mutually agreed between the parties), (ii) if a Definitive Agreement is
entered into and then subsequently terminated by the Company, or (iii) if the PCAOB audited financial statements of Fenix have not been
delivered by the date mutually agreed between the parties and stipulated in the Business Combination Agreement.
The
issuance of the Fenix Notes will be made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act
of 1933, as amended.
Administrative
Services Arrangement
The
Company’s Sponsor has agreed, commencing from the date that the Company’s securities are first listed on Nasdaq through the
earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general
and administrative services, including office space, utilities and administrative services, as the Company may require from time to time.
The Company has agreed to pay to the Sponsor $10,000 per month for these services during the 15-month period to complete a business combination.
For the three months ended June 30, 2024 and 2023, the Company had paid nil and $30,000 for administrative services, respectively. For
the three months ended June 30, 2024 and 2023, the Company had accrued $30,000 and nil for administrative services, respectively. For
the six months ended June 30, 2024 and 2023, the Company had paid $2,330 and $60,000 for administrative services, respectively. For the
six months ended June 30, 2024 and 2023, the Company had accrued $60,000 and nil for administrative services, respectively.
NOTE
6. COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the Founder Shares, Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans (and
any shares of common stocks issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working
Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement
to be signed prior to or on the effective date of Initial Public Offering requiring the Company to register such securities for resale
(in the case of the Founder Shares, only after conversion to shares of Class A common stocks). The holders of these securities will be
entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition,
the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion
of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities
Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or
cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions.
The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriters a 45-day option to purchase up to an additional 15% of the total number of Units in the Initial Public
Offering to cover over-allotments. The aforementioned option was exercised in full on January 24, 2022.
The
underwriters were entitled to a cash underwriting discount of one and one-half percent (1.5%) of the gross proceeds of the Initial Public
Offering, or $1,293,750. In addition, the underwriters are entitled to a deferred fee of three percent (3.0%) of the gross proceeds of
the Initial Public Offering, or $2,587,500 upon closing of the Business Combination. The deferred fee will be paid in cash upon the closing
of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.
Additionally,
86,250 shares of our Class A common stock were issued to the underwriter upon the closing of the Initial Public Offering.
NOTE
7. STOCKHOLDERS’ DEFICIT
Class
A Common Stock — Our amended and restated memorandum and articles of association authorize the Company to issue 100,000,000
shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock is entitled
to one vote for each share. On June 30, 2024 and December 31, 2023, there were 476,250 shares of Class A Common Stock issued and outstanding,
excluding 1,283,336 shares of Class A Common Stock subject to possible redemption.
Class
B Common Stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001
per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. As of June 30, 2024 and December
31, 2023, there were 2,156,250 shares of Class B common stock issued and outstanding, such that the Initial Stockholders will maintain
ownership of at least 20% of the issued and outstanding shares after the Initial Public Offering.
Preferred
Shares — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such
designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At June 30, 2024
and December 31, 2023, there were no preferred shares issued or outstanding.
Warrants
— Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation
of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion
of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years
after the completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any shares of Class A common stocks pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A common stocks issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A
common stocks is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from
registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue
any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified
under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
The
Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination,
the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have
declared effective, a registration statement covering the issuance of the shares of Class A common stocks issuable upon exercise of the
warrants and to maintain a current prospectus relating to those shares of Class A common stocks until the warrants expire or are redeemed.
Notwithstanding the above, if the Class A common stocks is at the time of any exercise of a warrant not listed on a national securities
exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the
Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to
file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.
Redemption
of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 — Once the warrants become exercisable, the
Company may redeem the outstanding Public Warrants:
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in
whole and not in part; |
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at
a price of $0.01 per Public Warrant; |
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upon
a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
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if,
and only if, the last reported sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on
the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that
wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise
price and number of common stocks issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in
the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as
described below, the Public Warrants will not be adjusted for issuances of common stocks at a price below its exercise price. Additionally,
in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination
within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive
any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held
outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering.
NOTE
8. SUBSEQUENT EVENTS
In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or
transactions that occurred after the balance sheet date. Based upon this review, the Company did not identify any subsequent events that
would have required adjustment or disclosure in the financial statements other than what is listed below:
On
August 1, 2024, the Company received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”)
of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2)
(the “Minimum Public Holders Rule”), which requires the Company to have at least 400 total holders for continued listing
on the Nasdaq Global Market. An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com
and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact
the listing of the Company’s securities on the Nasdaq Global Market at this time.
The
Notice states that the Company has 45 calendar days, or September 15, 2024, to submit a plan (the “Company’s Plan”)
to regain compliance with the Minimum Public Holders Rule. If the Company is unable to regain compliance by that date, the Company intends
to submit a plan to regain compliance with the Minimum Public Holders Rule within the required timeframe. If Nasdaq accepts Company’s
Plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the
Minimum Public Holders Rule. If Nasdaq does not accept the Company’s Plan, the Company will have the opportunity to appeal the
decision in front of a Nasdaq Hearings Panel. However, there can be no assurance that such an appeal would be successful. The Company,
by filing this Form 10-Q, discloses its receipt of the Notice in accordance with Nasdaq Listing Rule 5810(b).
The
Company intends to monitor its total holders between now and September 15, 2024, and may, if appropriate, evaluate available options
to resolve the deficiency under the Minimum Public Holders Rule and regain compliance with the Minimum Public Holders Rule. Additionally,
the Company may consider applying to transfer the listing of its securities to the Nasdaq Capital Market (provided that it then satisfies
the requirements for continued listing on that market). However, there can be no assurance that the Company will be able to regain or
maintain compliance with Nasdaq listing criteria.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
to the “Company,” “us,” “our” or “we” refer to DUET Acquisition Corp. The following
discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited
condensed financial statements and related notes included herein.
Cautionary
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business
strategy and the plans and objectives of management for future operations, are forward- looking statements. When used in this Form 10-Q,
words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and
similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s
management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors,
including, but not limited to:
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our
ability to complete our initial business combination; |
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our
success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business
combination; |
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our
officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or
in approving our initial business combination, as a result of which they would then receive expense reimbursements; |
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our
ability to implement business plans, forecasts, and other expectations regarding the target business after the completion of our
initial business combination; |
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the
ability of our officers and directors to generate a number of potential acquisition opportunities; |
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our
pool of prospective target businesses; |
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our
public securities’ potential liquidity and trading; |
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the
lack of a market for our securities; |
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our
continued liquidity and our ability to continue as a going concern; |
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the
use of proceeds not held in the trust account or available to us from interest income on the trust account balance; or |
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our
financial performance. |
All
subsequent written or oral forward-looking statements attributable to us or persons acting on the Company’s behalf are qualified
in their entirety by this paragraph.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the notes thereto contained elsewhere in this Form 10-Q. Certain information contained in the discussion and analysis
set forth below includes forward-looking statements that involve risks and uncertainties.
Overview
The
Company is a blank check company formed under the laws of the State of Delaware on September 20, 2021 for the purpose of effecting a
merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
The Company intends to effectuate its initial business combination using cash from the proceeds of its initial public offering (the “Initial
Public Offering”) and the private placement consummated in connection therewith (the “Private Placement”), the proceeds
of the sale of our securities in connection with our initial business combination, our shares, debt or a combination of cash, stock and
debt.
The
issuance of additional shares in connection with an initial business combination to the owners of the target or other investors:
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may
significantly dilute the equity interest of investors, which dilution would increase if the anti-dilution provisions in the Class
B Common Stock resulted in the issuance of Class A Common Stock on a greater than one-to-one basis upon conversion of the Class B
Common Stock; |
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may
subordinate the rights of holders of our common stock if preferred stock is issued with rights senior to those afforded our common
stock; |
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could
cause a change in control if a substantial number of shares of our common stock is issued, which may affect, among other things,
our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers
and directors; |
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may
have the effect of delaying or preventing a change of control of us by diluting the stock ownership or voting rights of a person
seeking to obtain control of us; and |
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may
adversely affect prevailing market prices for our Class A Common Stock and/or warrants. |
Similarly,
if we issue debt securities or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:
| ● | default
and foreclosure on our assets if our operating revenues after an initial business combination
are insufficient to repay our debt obligations; |
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| ● | acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments
when due if we breach certain covenants that require the maintenance of certain financial
ratios or reserves without a waiver or renegotiation of that covenant; |
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| ● | our
immediate payment of all principal and accrued interest, if any, if the debt security is
payable on demand; |
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| ● | our
inability to obtain necessary additional financing if the debt security contains covenants
restricting our ability to obtain such financing while the debt security is outstanding; |
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| ● | our
inability to pay dividends on our common stock; |
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| ● | using
a substantial portion of our cash flow to pay principal and interest on our debt, which will
reduce the funds available for dividends on our common stock if declared, our ability to
pay expenses, make capital expenditures and acquisitions, and fund other general corporate
purposes; |
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| ● | limitations
on our flexibility in planning for and reacting to changes in our business and in the industry
in which we operate; |
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| ● | increased
vulnerability to adverse changes in general economic, industry and competitive conditions
and adverse changes in government regulation; |
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limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution
of our strategy; and |
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other
purposes and other disadvantages compared to our competitors who have less debt. |
We
expect to continue to incur significant costs in the pursuit of our initial business combination plans. We cannot assure you that our
plans to raise capital or to complete our initial business combination will be successful.
Termination
of the Merger Agreement
As
previously disclosed, on July 25, 2022, the Company entered into a definitive Business Combination Agreement and Plan of Merger (the
“Merger Agreement”) with Millymont Limited, a private limited company incorporated in Ireland (“Holdco”), Duet
Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Holdco, J. Streicher Technical Services, LLC, a Delaware limited
liability company, Anteco Systems, S.L., trading as AnyTech365, a company incorporated in Spain and registered at the Commercial Registry
of Malaga under reference MA-122108, Miguel Ángel Casales Ruiz and Thomas Marco Balsloev, as the sellers’ representatives,
and Lee Keat Hin, as the Company’s representative.
On
April 6, 2023, the Company provided the other parties with written notice of the termination of the Merger Agreement pursuant to Section
11.1 thereof (the “Termination”). No party will be required to pay another party a termination fee as a result of the Termination.
The
termination of the Merger Agreement also terminates and makes void the Support Agreement, the Non-Competition and Non-Solicitation Agreement,
and the Lock-up Agreement (each as defined in the Merger Agreement), each of which were executed concurrently with the Merger Agreement.
Business
Combination Period
At
a special meeting of the Company’s stockholders held on April 19, 2023, the stockholders of the Company approved the First Amendment
to the Amended and Restated Certificate of Incorporation of the Company, giving the Company the right to extend the date by which the
Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination
involving the Company and one or more businesses, (ii) cease its operations if it fails to complete such business combination, and (iii)
redeem or repurchase 100% of the Company’s Class A Common Stock included as part of the units sold in the Initial Public Offering
(the “Business Combination Period”) from April 24, 2023 up to nine (9) one-month extensions to January 24, 2024. In connection
with approval of the First Amendment to the Amended and Restated Certificate of Incorporation of the Company, DUET Partners LLC (the
“Sponsor”) caused $175,000 to be deposited in the Trust Account. On October 13, 2023, DUET Acquisition Corp., a Delaware
corporation (the “Company”), caused to be deposited $175,000 into the Company’s trust account, representing approximately
$0.03 per public share, allowing the Company to extend the period of time it has to consummate its initial business combination by one
month from October 24, 2023 to November 24, 2023 (the “Monthly Extension”). The Monthly Extension is the seventh of up to
nine monthly extensions permitted under the Company’s Amended and Restated Certificate of Incorporation, as amended.
On
December 18, 2023, the Company held a virtual special meeting of its stockholders (the “Special Meeting”). At the Special
Meeting, The Stockholders approved the Charter Amendment
at the Special Meeting, changing (A) the structure and cost of the Company’s right to extend the Deadline Date (the “Extension
Amendment Proposal”), and (B) the right of the holders of the Company’s Class B common stock, par value $0.0001 per share
(the “Class B Common Stock” or “Founder Shares”) to convert such shares of Class B Common Stock into shares of
Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”) on a one-to-one basis at the election of such
holders (the “Founder Share Amendment Proposal”); and (C) the right of the directors of the Company to take any action required
to be taken at a meeting of the board of directors (the “Board”) or at a meeting of a committee thereof without holding such
a meeting if a consent in writing, setting forth the actions to be taken, is signed by a majority of the Board or a majority of the members
of any committee, as the case may be (the “Action by Written Consent Amendment Proposal” and, together with the Founder Share
Amendment Proposal, the “Additional Charter Amendment Proposals”).
In
connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the Special Meeting, holders of
3,760,678 shares of the Company’s Class A Common Stock exercised their right to redeem those shares for cash at an approximate
price of $10.95 per share, for an aggregate of approximately $41.2 million. Following the payment of the redemptions, the Trust Account
will have a balance of approximately $14.1 million before the Extension Payment.
The
Charter Amendment allows the Company to extend through January 24, 2025 (or until the business combination is consummated, if earlier)
the Deadline Date, provided that (i) by the 24th calendar day of each of such thirteen months unless the Company’s initial business
combination has been consummated earlier and in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
of the business combination, DUET Partners, LLC, the Company’s sponsor, or its affiliates or permitted designees deposits into
the Trust Account the lesser of (x) $40,000 or (y) $0.04 per share for each public share that was not redeemed in connection with the
Special Meeting, and (ii) the procedures relating to any such Extension, as set forth in the Trust Agreement, as amended by the Trust
Amendment, shall have been complied with.
On
December 19, 2023, the Company deposited two payments in an aggregate of $80,000 (the “Extension Payment”) into the Trust
Account, which enables the Company to extend the period of time it has to consummate its initial business combination by two months from
December 24, 2023 to February 24, 2024. On February 16, 2024, the Company caused to be deposited $40,000 into the Company’s trust
account, allowing the Company to extend the period of time it has to consummate its initial business combination by one month from February
24, 2024 to March 24, 2024. On March 19, 2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing
the Company to extend the period of time it has to consummate its initial business combination by one month from March 24, 2024 to April
24, 2024. On April 24, 2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company
to extend the period of time it has to consummate its initial business combination by one month from April 24, 2024 to May 24, 2024.
The foregoing extensions are permitted under the Company’s governing documents. On May 7, 2024, DUET
Acquisition Corp., a Delaware corporation (the “Company”) caused to be deposited $40,000 into the Company’s trust account,
allowing the Company to extend the period of time it has to consummate its initial business combination by one month from May 24, 2024
to June 24, 2024. The foregoing extensions are permitted under the Company’s governing documents.
On June 24, 2024, DUET Acquisition Corp., a Delaware corporation (the “Company”) caused to be deposited $40,000 into
the Company’s trust account, allowing the Company to extend the period of time it has to consummate its initial business combination
by one month from June 24, 2024 to July 24, 2024. On July 23, 2024, the Company caused to be deposited $40,000 into the Company’s
trust account, allowing the Company to extend the period of time it has to consummate its initial business combination by one month from
July 24, 2024, to August 24, 2024. On August 22, 2024, the Company caused to be deposited $40,000 into the Company’s trust account,
allowing the Company to extend the period of time it has to consummate its initial business combination by one month from August 24,
2024 to September 24, 2024. The foregoing extensions are permitted under the Company’s governing
documents.
Business
Combination Agreement
As
previously disclosed, the Company entered into a binding letter of intent with Fenix 360 Pte. Ltd., a Singapore private company limited
by shares (the “Target”), on July 6, 2023, pursuant to which DUET agreed to acquire all of the outstanding equity interests
of the Target. On November 28, 2023, DUET and the Target entered into a definitive Business Combination Agreement and Plan of Merger
(the “Business Combination Agreement”). DUET and the Target are sometimes referred to this Quarterly Report on Form 10-Q,
individually, as a “Party” and, collectively, as the “Parties.”
Domestication
Pursuant
to and upon the closing (the “Closing”) of the transactions contemplated in the Business Combination Agreement (collectively,
the “Business Combination”), the Company will transfer by way of continuation from the State of Delaware to the Cayman Islands
and domesticate (the “Domestication”) as a Cayman Islands exempted company limited by shares in accordance with Section 390
of the Delaware General Corporation Law, as amended, and Part XII of the Cayman Islands Companies Act, as amended (the “Cayman
Companies Act”).
In
connection with the Domestication, (a) each share of DUET’s Class A common stock, par value $0.0001 per share (the “Class
A Common Stock”), that is issued and outstanding immediately prior to the Domestication shall become one ordinary share of DUET
(the “DUET Ordinary Shares”), (b) each share of DUET’s Class B common stock, par value $0.0001 per share (the “Class
B Common Stock”), that is issued and outstanding immediately prior to the Domestication shall become one DUET Ordinary Share, (c)
each warrant of DUET that is outstanding immediately prior to the Domestication shall, from and after the Domestication, represent the
right to purchase one DUET Ordinary Share at an exercise price of $11.50 per share on the terms and subject to the conditions set forth
in the Warrant Agreement, dated January 19, 2022 by and between DUET and Continental Stock Transfer & Trust Company, and (d) the
governing documents of DUET shall be amended and restated in the form of the amended and restated memorandum and articles of association
of DUET in a form to be mutually agreed between the Parties (the “DUET A&R Charter”), and, as so amended and restated,
the DUET A&R Charter will be the memorandum and articles of association of DUET until thereafter amended in accordance with the terms
thereof and the Cayman Companies Act.
Business
Combination
Pursuant
to the Business Combination Agreement, as consideration for the Business Combination, the shareholders of the Target (each, a “Target
Shareholder” and, together, the “Target Shareholders”) are entitled to receive an aggregate of 61,000,000 DUET Ordinary
Shares, valued at $10.00 per share for an aggregate value equal to $610,000,000. Each Target Shareholder will be entitled to receive,
in accordance with terms of the Business Combination Agreement, one DUET Ordinary Share for each share of the Target (the “Target
Ordinary Shares”) held by such Target Shareholder (the “Exchange Consideration”). As of the Effective Time (as defined
in the Business Combination Agreement), each Target Shareholder, upon receiving the Exchange Consideration, shall cease to have any other
rights in and to the Target.
Upon
the terms and subject to the conditions of the Business Combination Agreement, at or prior to the Closing, each Target Shareholder will
deliver to Continental Stock Transfer & Trust Company (the “Exchange Agent”) a share exchange agreement in the form mutually
agreed to between the Parties (a “Share Exchange Agreement”) that has been duly executed by that Target Shareholder, surrender
any original certificates for the Target Ordinary Shares held by such Target Shareholder, and deliver such other documents reasonably
requested by DUET. In exchange, DUET will issue and cause the Exchange Agent to deliver to each Target Shareholder the amount of DUET
Ordinary Shares due to such Target Shareholder pursuant to the Business Combination Agreement.
Representations
and Warranties; Covenants
Pursuant
to the Business Combination Agreement, the Parties made customary representations and warranties for transactions of this type. The Business
Combination Agreement includes certain covenants that are customary for transactions of this type, including obligations of the Parties
to use reasonable best efforts to operate their respective businesses in the ordinary course and to refrain from taking certain specified
actions without the prior written consent of the applicable party, in each case, subject to certain exceptions and qualifications. The
Parties have agreed not to solicit, negotiate, or enter into a competing transaction. Additionally, the Target has agreed to certain
other covenants, including to (a) deliver the PCAOB Financials (as defined in the Business Combination Agreement) to DUET no later than
December 11, 2023, or such other date as may be agreed upon by the parties, (b) conclude investigations, examinations and diligence with
respect to certain agreed-upon items by December 12, 2023 (the “Due Diligence Period”), and (c) onboard certain employees
of one of the Target’s primary software developers. The covenants in the Business Combination Agreement generally will not survive
the Closing, subject to certain exceptions, including certain covenants and agreements that by their terms are to be performed in whole
or in part after the Closing.
Reserve
Against Certain Liabilities
Certain
of the Target Shareholders (the “Legacy Shareholders”) are to deposit with the Escrow Agent at Closing their pro rata portion
of an aggregate of 4,500,000 DUET Ordinary Shares otherwise issuable to the Legacy Shareholders as Exchange Consideration (the “Escrow
Shares”). The Escrow Shares are subject to a quarterly release following the Closing and are reserved to cover losses arising out
of or in connection with the Target’s rescission plan for tokens that were issued by management of the Target, any pending or threatened
legal proceedings required to be disclosed by the Target, and any other matters mutually agreed upon by the Parties (collectively, the
“Covered Matters”). To the extent the Target incurs losses based on an action against the Target or its affiliates by any
third party with respect to the Covered Matters, the Legacy Shareholders consent to and agree to reasonably and promptly allow the post-Closing
company to redeem an aggregate number of Escrow Shares with a value equal to the amount of such loss incurred by the post-Closing company
therefrom, with the value of the Escrow Shares to be determined using the 5-Day VWAP of the DUET Ordinary Shares.
Conditions
to Obligations of Both Parties at Closing
The
obligations of the Parties to consummate the Business Combination are subject to the satisfaction of the following conditions, any one
or more of which may be waived by in writing by either or both of the Parties: (a) DUET stockholder approval of the Business Combination
has been obtained; (b) all of the Target Shareholders have submitted a Share Exchange Agreement and have exchanged all of the Target
Ordinary Shares for the DUET Ordinary Shares in accordance with the terms of the Business Combination Agreement no later than the date
of the DUET Stockholders’ Meeting (defined below); (c) the Proxy/Registration Statement (as defined below) shall have become effective
under the Securities Act of 1933, as amended (the “Securities Act”), and no stop order suspending the effectiveness of the
Proxy/Registration Statement shall have been issued and no proceedings for that purpose shall have been initiated or threatened by the
U.S. Securities and Exchange Commission (the “SEC”) and not withdrawn; (d) the Nasdaq Stock Market LLC (“Nasdaq”)
shall have completed its review of the “Listing of Additional Shares Notification Form” filed by DUET with Nasdaq with respect
to the DUET Ordinary Shares to be issued in connection with the Business Combination; (e) no Exchange Objection (as defined in the Business
Combination Agreement) shall have been raised, or any such Exchange Objection which has been raised shall have been addressed; (f) no
federal, state, provincial, municipal, local or foreign government, governmental authority, taxing, regulatory or administrative agency,
governmental commission, department, board, bureau, agency or instrumentality, court or tribunal (“Governmental Authority”)
shall have enacted, issued, promulgated, enforced or entered any statute, law, ordinance, rule, order, or regulation (“Law”)
that is then in effect and which has the effect of making the Business Combination illegal or which otherwise prevents or prohibits consummation
of the Business Combination, other than any such restraint that is immaterial, or for which the relevant Governmental Authority does
not have jurisdiction over either of the parties hereto with respect to the Business Combination; and (g) all Closing deliverables required
under the Business Combination Agreement have been provided.
Conditions
to Obligations of DUET at Closing
Pursuant
to the Business Combination Agreement, the obligations of DUET to consummate, or cause to be consummated, the Business Combination are
subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by DUET: (a)(i)
the representations and warranties of the Target regarding the capitalization of the Target are true and correct in all respects of the
date of the Closing except with respect to such representations and warranties speaking to an earlier date, which shall be true and correct
at and as of such date, subject to changes made to the Business Combination Agreement, (ii) the Target’s Fundamental Representations
(as defined in the Business Combination Agreement) other than those regarding the capitalization of the Target shall be true and correct
as of the date of the Closing, subject to certain qualifications and exceptions, and (iii) each of the representations and warranties
of the Target other than the Target’s Fundamental Representations shall be true and correct as of the date of the Closing, subject
to certain qualifications and exceptions; (b) each of the covenants of the Target to be performed as of or prior to the Closing shall
have been performed in all material respects; (c) there shall not have occurred a Company Material Adverse Effect (as defined in the
Business Combination Agreement); (d) each of the Restrictive Covenant Agreements (as defined in the Business Combination Agreement) with
each of the Key Executives (as defined in the Business Combination Agreement) shall be in full force and effect at Closing; (e) the Target’s
unaudited consolidated statement of financial positions and consolidated statements of comprehensive income, changes in equity and cash
flows of the Target and its Subsidiaries as of and for the nine-month period ended September 30, 2023, which comply with the applicable
accounting requirements and with the rules and regulations of the SEC, the Exchange Act and the Securities Act applicable to a registrant
shall have been provided; and (f) all closing deliveries required by the Business Combination Agreement shall have been delivered.
Conditions
to Obligations of the Target at Closing
The
obligation of the Target to consummate is subject to the satisfaction of the following additional conditions, any one or more of which
may be waived in writing by the Target: (a) subject to certain qualifications and exceptions in each: (i) the representations and warranties
of DUET regarding the capitalization of DUET shall be true and correct as of the Closing, (ii) DUET’s Fundamental Representations
(as defined in the Business Combination Agreement) other than those regarding the capitalization of DUET shall be materially true and
correct as of date of the Closing, subject to certain exceptions, and (iii) each of the representations and warranties of DUET contained
in the Business Combination Agreement other than those regarding organization, due authorization, absence of changes, capitalization,
and brokers’ fees shall be true and correct as of Closing; (b) the Class A Common Stock shall remain listed on the Nasdaq Global
Market; and (c) each of the covenants of DUET to be performed as of or prior to the Closing shall have materially been performed.
Termination
The
Business Combination Agreement may be terminated and the transactions therein may be abandoned: (a) by DUET pursuant to a failure of
the Target to deliver timely the PCAOB Financials, or comply with the requests of DUET during the Due Diligence Period; (b) by DUET if
the Proxy/Registration Statement is not declared effective or such effectiveness is materially delayed due to any action or omission
by the Target; (c) by the Target if DUET is de-listed from the Nasdaq Global Market for any reason other than a breach by the Target
or Legacy Shareholders of obligations to the Business Combination Agreement; (d) by mutual written consent of all Parties; (e) by DUET
or the Target if any Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or order that is then
in effect and which has the effect of making the Business Combination illegal or which otherwise prevents or prohibits their consummation;
(f) by DUET if (i) there is a breach of any representation, warranty, covenant or agreement on the part of the Target, such that the
conditions obligating DUET to close would not be satisfied, subject to a 30 day cure period for the Target, or (ii) the Closing has not
occurred on or before the date on which the DUET charter expires and the Parties agree it shall not be extended (the “Agreement
End Date”), unless DUET is in material breach of the Business Combination Agreement; (g) by DUET if the original certificates for
the Target duly endorsed for transfer to DUET have not been submitted for exchange along with duly executed Share Exchange Agreements
from the Target Shareholders by the date of the DUET Stockholders’ Meeting; (h) by the Target by written notice to DUET if (i)
there is any breach of any representation, warranty, covenant or agreement on the part DUET set forth in the Business Combination Agreement,
such that the conditions obligating the Target to close would not be satisfied at Closing, subject to a 30 day cure period for DUET upon
notice, or (ii) the Closing has not occurred on or before the Agreement End Date, unless the Target is in material breach of the Business
Combination Agreement; or (i) if the resolution of outstanding accrued underwriting fees payable to EF Hutton, division of Benchmark
Investments LLC, are not resolved, in a manner satisfactory to both DUET and the Target before the Closing. In the event the Business
Combination Agreement is terminated pursuant to (a), (b) or (f) above, the Target shall pay DUET $3,500,000 within 10 days of such termination.
The
foregoing description of the Business Combination Agreement does not purport to be complete and is qualified in its entirety by the full
text of the Business Combination Agreement, which is filed as Exhibit 2.1 hereto and incorporated herein by reference.
Convertible
Note Purchase Agreement
On
July 6, 2023, DUET Partners LLC (the “Sponsor”) and Fenix entered into a convertible note purchase agreement (the “Note
Purchase Agreement”), pursuant to which Fenix agreed to loan $200,000 to the Sponsor at the signing of the Letter of Intent and
an additional $800,000 at the signing of the Definitive Agreement. In addition, in order to finance any further extensions in connection
with the Proposed Business Combination, Fenix shall at its discretion, loan funds as may be required up to another $500,000. The Sponsor
will sell and issue to Fenix one or more unsecured, non-interest-bearing notes in connection with the aforementioned loans, with an aggregate
principal amount of up to $1,500,000 (the “Fenix Notes”).
The
Note Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations by each party thereto.
The representations and warranties contained therein were made only for the purposes of the Note Purchase Agreement, and as of specific
dates, were solely for the benefit of the parties to such agreement and are subject to certain limitations set forth therein.
The
Fenix Notes are due and payable by the Sponsor upon the closing of the Proposed Business Combination between the Company and Fenix (the
“Maturity Date”). The Fenix Notes are convertible into common stocks of the Company pursuant to terms that will be set forth
in the Definitive Agreement. The Fenix Notes will be cancelled and the principal amount of the loans disbursed by the Sponsor to the
Company (as described below in the section titled “Promissory Note”) shall be forgiven, and the balance of the principal
amount of the Fenix Notes not disbursed by the Sponsor to the Company will be returned to Fenix (i) in the event that a Definitive Agreement
is not signed by July 31, 2023 (or such later date that may be mutually agreed between the parties), (ii) if a Definitive Agreement is
entered into and then subsequently terminated by the Company, or (iii) if the PCAOB audited financial statements of Fenix have not been
delivered by the date mutually agreed between the parties and stipulated in the Business Combination Agreement.
The
issuance of the Fenix Notes will be made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act
of 1933, as amended.
The
foregoing descriptions of the Note Purchase Agreement and the Fenix Notes are summaries only and are qualified in their entirety by the
full text of the Note Purchase Agreement and the form of the Fenix Notes which is attached to the Note Purchase Agreement, a copy of
which is attached as Exhibit 10.2 hereto and is incorporated herein by reference.
Promissory
Note
On
July 6, 2023, the Company issued a promissory note (the “Promissory Note”) in the principal amount of $1,500,000 to the Sponsor.
The Promissory Note was issued to provide the Company with additional working capital, and the funds provided in accordance therewith
will not be deposited into the Company’s trust account. The Company issued the Promissory Note in consideration for a loan from
the Sponsor to fund the Company’s extension costs and working capital requirements. The Promissory Note bears no interest and is
due and payable upon the earlier to occur of (i) the date on which the Company’s initial business combination is consummated and
(ii) the liquidation of the Company on or before July 23, 2023 (subject to the extension of the period in which the Company must complete
its initial business combination pursuant to the Company’s governing documents, or such later liquidation date as may be approved
by the Company’s stockholders). At the election of the Sponsor, the unpaid principal amount of the Promissory Note may be converted
into units of the Company (the “Conversion Units”) and the total Conversion Units so issued shall be equal to: (x) the portion
of the principal amount of the Promissory Note being converted divided by (y) the conversion price of ten dollars ($10.00), rounded up
to the nearest whole number of Conversion Units.
The
issuance of the Promissory Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act
of 1933, as amended.
The
foregoing description is a summary only and is qualified in its entirety by the full text of the Promissory Note, a copy of which is
attached as Exhibit 10.3 hereto and is incorporated herein by reference.
NASDAQ
Notice
On
May 6, 2024, as previously disclosed, the Company received a written notice (the “Notice”) from the Listing Qualifications
Department (the “Staff”) of Nasdaq notifying the Company that, for the last 30 consecutive business days, the Company’s
Market Value of Listed Securities (“MVLS”) was below the minimum of $50 million required for continued listing on The Nasdaq
Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the “Market Value Standard”). The Staff also noted that the
Company does not meet the requirements under Nasdaq Listing Rule 5450(b)(3)(A) (the “Total Assets/Total Revenue Standard”).
An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com and NASDAQTrader.com
and may be displayed by other third-party providers of market data information, however, the Notice does not impact the listing of the
Company’s securities on The Nasdaq Global Market at this time.
The
Notice provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(C) (the “Compliance Period Rule”), the Company has
a period of 180 calendar days from the date of the Notice, or until November 5, 2024 (the “Compliance Date”), to regain compliance
with the Market Value Standard. During this period, the Company’s securities will continue to trade on The Nasdaq Global Market.
If at any time before the Compliance Date the Company’s MVLS closes at or above $50 million for a minimum of 10 consecutive business
days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it has regained compliance
with the Market Value Standard and will close the matter.
If
the Company does not regain compliance with the Market Value Standard by the Compliance Date, the Staff will provide a written notification
to the Company that its securities are subject to delisting. At that time, the Company may appeal the Staff’s delisting determination
to a Hearings Panel (the “Panel”). However, there can be no assurance that, if the Company receives a delisting notice and
appeals the delisting determination by the Staff to the Panel, such appeal would be successful.
The
Company intends to monitor its MVLS between now and the Compliance Date, and may, if appropriate, evaluate available options to resolve
the deficiency under the Market Value Standard and regain compliance with the Market Value Standard. Additionally, the Company may consider
applying to transfer the listing of its securities to The Nasdaq Capital Market (provided that it then satisfies the requirements for
continued listing on that market). However, there can be no assurance that the Company will be able to regain or maintain compliance
with Nasdaq listing criteria.
On
August 1, 2024, the Company received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”)
of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2)
(the “Minimum Public Holders Rule”), which requires the Company to have at least 400 total holders for continued listing
on the Nasdaq Global Market. An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com
and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact
the listing of the Company’s securities on the Nasdaq Global Market at this time.
The
Notice states that the Company has 45 calendar days, or September 15, 2024, to submit a plan (the “Company’s Plan”)
to regain compliance with the Minimum Public Holders Rule. If the Company is unable to regain compliance by that date, the Company intends
to submit a plan to regain compliance with the Minimum Public Holders Rule within the required timeframe. If Nasdaq accepts Company’s
Plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the
Minimum Public Holders Rule. If Nasdaq does not accept the Company’s Plan, the Company will have the opportunity to appeal the
decision in front of a Nasdaq Hearings Panel. However, there can be no assurance that such an appeal would be successful. The Company,
by filing this Form 10-Q, discloses its receipt of the Notice in accordance with Nasdaq Listing Rule 5810(b).
The
Company intends to monitor its total holders between now and September 15, 2024, and may, if appropriate, evaluate available options
to resolve the deficiency under the Minimum Public Holders Rule and regain compliance with the Minimum Public Holders Rule. Additionally,
the Company may consider applying to transfer the listing of its securities to the Nasdaq Capital Market (provided that it then satisfies
the requirements for continued listing on that market). However, there can be no assurance that the Company will be able to regain or
maintain compliance with Nasdaq listing criteria.
Results
of Operations
We
have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to June 30, 2024, were
organizational activities, those necessary to prepare for the Initial Public Offering, identifying a target company for a business combination,
and activities related to the Merger Agreement and the Termination. We do not expect to generate any operating revenues until after the
completion of our business combination. We expect to generate non-operating income in the form of interest income on cash and marketable
securities held after the Initial Public Offering. We expect that we will incur increased expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing
a business combination.
For
the three-month period ended June 30, 2024, we had a net income of $2,697, which consisted of formation and operating costs of $65,085,
franchise tax cost of $32,640, income tax provision of $89,978 and interest earned on investments held of $190,400.
For
the six-month period ended June 30, 2024, we had a net income of $135,534, which consisted of formation and operating costs of $348,422,
franchise tax cost of $65,280, income tax provision of $133,966 and interest earned on investments held of $683,202.
For
the three-month period ended June 30, 2023, we had a net loss of $385,045, which consisted of formation and operating costs of $1,017,814,
franchise tax cost of $50,000, income tax provision of $168,204 and interest earned on investments held of $850,973.
For
the six-month period ended June 30, 2023, we had a net loss of $159,121, which consisted of formation and operating costs of $1,452,332,
franchise tax cost of $100,000, income tax provision of $343,765 and interest earned on investments held of $1,736,976.
Going
Concern, Liquidity and Capital Resources
On
February 18, 2022, we consummated our Initial Public Offering of 8,625,000 Units at a price of $10.00 per Unit, generating gross proceeds
of $86,250,000. Simultaneously with the consummation of the Initial Public Offering, we completed the private placement of an aggregate
of 390,000 units to our sponsor at a purchase price of $10.00 per private placement unit, generating total gross proceeds of $3,900,000.
For
the six months ended June 30, 2024, cash used in operating activities was $225,421. For the six months ended June 30, 2023, cash used
in operating activities was $370,170.
As
of June 30, 2024 and December 31, 2023, we had investments of around $14,588,710 and $13,979,449 held in the Trust Account, respectively.
We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the
Trust Account (less taxes paid and deferred underwriting commissions) to complete our initial business combination. We may withdraw interest
to pay taxes. For the six months ended June 30, 2024 and 2023, we withdrew $273,942 and nil, respectively, from interest earned on the
Trust Account to pay income tax and franchise tax. To the extent that our capital stock or debt is used, in whole or in part, as consideration
to complete our initial business combination, the remaining proceeds held in the Trust Account will be used as working capital to finance
the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
As
of June 30, 2024 and December 31, 2023, we had cash of $3,055 and $87,134 held outside of the Trust Account, respectively. We intend
to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence
on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their
representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate
and complete our initial business combination.
In
order to fund working capital deficiencies or finance transaction costs in connection with our initial business combination, our Sponsor
or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required.
If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial business combination
does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds
from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units identical to the
units issued in the Private Placement, at a price of $10.00 per unit at the option of the lender.
We
currently believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However,
if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating our initial business
combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior
to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination
or because we become obligated to redeem a significant number of our public shares upon consummation of our initial business combination,
in which case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with
applicable securities laws, we would only complete such financing simultaneously with the completion of our initial business combination.
If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced
to cease operations and liquidate the Trust Account. In addition, following our initial business combination, if cash on hand is insufficient,
we may need to obtain additional financing in order to meet our obligations. The accompanying unaudited condensed financial statements
have been prepared in conformity with U.S. GAAP, which contemplates the continuation of the Company as a going concern and the realization
of assets and the satisfaction of liabilities in the normal course of business. The unaudited condensed financial statements do not include
any adjustments that might result from the outcome of this uncertainty. Further, we have incurred and expect to continue to incur significant
costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty during the period leading up to
the business combination, however this cannot be guaranteed.
Off-Balance
Sheet Financing Arrangements
We
have no obligations, assets or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements.
We
have not entered any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments
of other entities, or entered any non-financial assets.
Critical
Accounting Policies
We
have established accounting policies which conform to generally accepted accounting principles (“GAAP”) in the U.S.
Preparing financial statements in conformity with GAAP requires management to use judgment in the application of accounting
policies, including making estimates and assumptions. Following is a discussion of the estimates and assumptions used in setting
accounting policies that we consider critical in the presentation of our unaudited condensed financial statements. Many estimates
and assumptions involved in the application of GAAP may have a material impact on our financial condition or operating performance,
or on the comparability of such information to amounts reported for other periods, because of the subjectivity and judgment required
to account for highly uncertain items or the susceptibility of such items to change. These estimates and assumptions affect the
reported amounts covered by this report. If management’s judgment or interpretation of the facts and circumstances relating to
various transactions had been different, it is possible that different accounting policies would have been applied or different
amounts would have been recorded, thus resulting in a materially different presentation of the financial statements or materially
different amounts being reported in the financial statements. Additionally, other companies may use different estimates and
assumptions that may impact the comparability of our financial condition and results of operations to those companies.
Use of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) are classified as a liability
instrument and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) are classified as temporary equity. At all other times, shares are classified as stockholders’
equity. The Company’s Class A Common Stock features certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events, and is therefore classified as temporary equity on the unaudited condensed
balance sheets.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
Net
income (loss) per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss) per
share is computed by dividing net income (loss) by the weighted average number of common stock outstanding during the period, excluding
common stock subject to forfeiture. Weighted average shares are reduced for the effect of the Class B Common Stock that are subject to
forfeiture if the over-allotment option is not exercised by the underwriters. Diluted income (loss) per share is calculated by taking
into account any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then
share in the earnings of the Company. If none, diluted income (loss) per share is the same as basic income (loss) per share for the periods
presented. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption
value approximates fair value as of the period presented.
Fair Value of Financial
Instruments
The fair
value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements
and Disclosures,” approximates the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their
short-term nature.
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
● |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
● |
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
|
● |
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Derivative Financial Instruments
The Company
evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives
in accordance with ASC Topic 815, “Derivatives and Hedging.” Derivative instruments are initially recorded at fair value on
the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed statements of
operations. Derivative assets and liabilities are classified in the unaudited condensed balance sheets as current or non-current based
on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the unaudited condensed balance
sheets date. The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40. The Company has determined
that the Warrants qualify for equity treatment in the Company’s unaudited condensed financial statements.
Contractual
Obligations
We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement
to pay the Sponsor a monthly fee up to $10,000 for office space, utilities and secretarial and administrative support services. We began
incurring these fees on January 25, 2022, and will continue to incur these fees monthly until the earlier of the completion of our initial
business combination and our liquidation.
The
underwriters are entitled to a deferred fee of $2,587,500 in the aggregate. The deferred fee will become payable to the underwriters
from the amounts held in the Trust Account solely in the event that we complete a business combination, subject to the terms of the underwriting
agreement.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Following
the consummation of the Initial Public Offering, the net proceeds of the Initial Public Offering, including amounts in the Trust Account,
have been invested in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in certain money market funds
that invest solely in U.S. treasuries. Due to the short-term nature of these investments, we do not believe that there will be an associated
material exposure to interest rate risk.
Item
4. Controls and Procedures
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated
to our management, including our Co-Chief Executive Officers and our Chief Financial Officer, to allow timely decisions regarding required
disclosure.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our principal executive officers and principal financial and
accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal
quarter ended June 30, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation,
our principal executive officers and principal financial and accounting officer have concluded that during the period covered by this
report, our disclosure controls and procedures were effective at a reasonable assurance level and, accordingly, provided reasonable assurance
that the information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SEC’s rules and forms.
Changes
in Internal Controls over Financial Reporting
During
the most recently completed fiscal quarter ended June 30, 2024, there was no changes in our internal controls over financial reporting
that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
Factors
that could cause our actual results to differ materially from those in this Quarterly Report include the risk factors described in our
final prospectus for the Initial Public Offering filed with the SEC on January 24, 2022 and our Annual Report on Form 10-K for the year
ended December 31, 2023. There have been no material changes to the risk factors disclosed in our final prospectus for the Initial Public
Offering or our Annual Report on Form 10-K for the year ended December 31, 2023.
Item
2. Unregistered Sale of Equity Securities and Use of Proceeds.
(a)
Unregistered Sales of Equity Securities
None.
(b)
Use of Proceeds from the Public Offering
The
securities sold in our initial public offering were registered under the Securities Act on a registration statement on Form S-1 (No.
333-261494), as amended. The SEC declared the registration statement effective on January 19, 2022. There have been no material changes
to the planned use of proceeds from our initial public offering as described in our final prospectus dated January 19, 2022, filed with
the SEC on January 21, 2022, and our other periodic reports previously filed with the SEC.
(c)
Purchase of Equity Securities by the Issuer and Affiliated Purchasers
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
Applicable
Item
5. Other Information
None.
Item
6. Exhibits
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
EXHIBIT
INDEX
Exhibit
No. |
|
Description |
2.1 |
|
Business
Combination Agreement (3)*** |
3.1 |
|
Amended
and Restated Certificate of Incorporation dated January 19, 2022. (2) |
3.2 |
|
Amendment
to the Amended and Restated Certificate of Incorporation dated April 20, 2023.(4) |
3.3 |
|
Amendment
to the Amended and Restated Certificate of Incorporation dated December 19, 2023.(5) |
3.4 |
|
By
Laws. (1) |
4.1 |
|
Specimen
Unit Certificate. (1) |
4.2 |
|
Specimen
Class A Common Stock Certificate. (1) |
4.3 |
|
Specimen
Warrant Certificate. (1) |
10.1 |
|
Letter
Agreement, dated January 19, 2022, among the Company, its officers and directors and the Company’s sponsor, DUET Partners LLC.
(2) |
10.2 |
|
Promissory
Note, dated October 1, 2021, issued to the Company (1) |
10.3 |
|
Investment
Management Trust Agreement, dated January 19, 2022 between the Company and Continental Stock Transfer & Trust Company. (2) |
10.4 |
|
Amendment
No. 1 to the Investment Management Trust Agreement dated April 20, 2023 by and between the Company and Continental Stock Transfer
and Trust Company.(4) |
10.5 |
|
Amendment
No. 2 to the Investment Management Trust Agreement dated December 19, 2023 by and between the Company and Continental Stock Transfer
and Trust Company.(5) |
10.6 |
|
Registration
Rights Agreement, dated January 19, 2022, by and among the Company and certain securityholders. (2) |
10.7 |
|
Administrative
Support Agreement, dated January 20, 2022, by and between the Company and DUET Partners LLC (2) |
10.8 |
|
Placement
Unit Purchase Agreement, dated January 19, 2022, by and between the Company and the Sponsor. (2) |
10.9 |
|
Form
of Indemnity Agreement. (2) |
10.10 |
|
Securities
Subscription Agreement, dated October 18, 2021, by and between the Registrant and DUET Partners LLC.(1) |
10.11 |
|
Promissory
Note, dated July 6, 2023, issued by the Company to the Sponsor.(6) |
31.1 |
|
Certification
of the Principal Executive Officers required by Rule 13a-14(a) or Rule 15d-14(a).* |
31.2 |
|
Certification
of the Principal Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).* |
32.1 |
|
Certification
of the Principal Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.** |
32.2 |
|
Certification
of the Principal Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.** |
101.INS |
|
Inline
XBRL Instance Document* |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema* |
101.CAL |
|
Inline
XBRL Taxonomy Calculation Linkbase* |
101.LAB |
|
Inline
XBRL Taxonomy Label Linkbase* |
101.PRE |
|
Inline
XBRL Definition Linkbase Document* |
101.DEF |
|
Inline
XBRL Definition Linkbase Document* |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document)* |
* |
Filed
herewith. |
|
|
** |
Furnished
herewith. |
|
|
*** |
Certain
of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Company agrees
to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
|
|
(1) |
Incorporated
by reference to the Company’s Form S-1, filed with the SEC on December 3, 2021. |
|
|
(2) |
Incorporated
by reference to the Company’s Form 8-K, filed with the SEC on January 24, 2022. |
|
|
(3) |
Incorporated
by reference to the Company’s Form 8-K, filed with the SEC on November 30, 2023. |
|
|
(4) |
Incorporated
by reference to the Company’s Form 8-K, filed with the SEC on April 24, 2023. |
|
|
(5) |
Incorporated
by reference to the Company’s Form 8-K, filed with the SEC on December 20, 2023. |
|
|
(6) |
Incorporated
by reference to the Company’s Form 8-K, filed with the SEC on July 6, 2023. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
DUET
ACQUISITION CORP. |
|
|
Date:
September 4, 2024 |
By: |
/s/
Dharmendra Magasvaran |
|
|
Dharmendra
Magasvaran |
|
|
Co-Chief
Executive Officer |
|
|
|
Date:
September 4, 2024 |
By: |
/s/
Lee Keat Hin |
|
|
Lee
Keat Hin |
|
|
Chief
Financial Officer |
Exhibit
31.1
CERTIFICATIONS
I,
Dharmendra Magasvaran, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of DUET Acquisition Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
(b) |
Any
fraud, whether material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting. |
Date:
September 4, 2024 |
/s/
Dharmendra Magasvaran |
|
Dharmendra
Magasvaran |
|
Co-Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
Lee Keat Hin, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of DUET Acquisition Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
(b) |
Any
fraud, whether material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting. |
Date:
September 4, 2024 |
By: |
/s/
Lee Keat Hin |
|
|
Lee
Keat Hin |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADDED BY
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of DUET Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended
June 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Dharmendra Magasvaran, Co-Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the Report. |
Date:
September 4, 2024 |
/s/
Dharmendra Magasvaran |
|
Dharmendra
Magasvaran |
|
Co-Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADDED BY
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of DUET Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended
June 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Lee Keat Hin, Chief Financial Officer
of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the Report. |
Date:
September 4, 2024 |
By: |
/s/
Lee Keat Hin |
|
|
Lee
Keat Hin |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
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Entity File Number |
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v3.24.2.u1
Condensed Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash |
$ 3,055
|
$ 87,134
|
Prepaid expense |
500
|
|
Total Current Assets |
3,555
|
87,134
|
Cash and Marketable Securities held in trust account |
14,588,710
|
13,979,449
|
Total Assets |
14,592,265
|
14,066,583
|
Current liabilities |
|
|
Accrued expenses |
2,010,264
|
1,914,504
|
Account payable |
161,747
|
168,747
|
Amount due to related party |
|
2,009
|
Franchise tax payable |
16,463
|
19,713
|
Income tax payable |
28,966
|
63,662
|
Excise tax liability |
785,497
|
785,497
|
Extension loan |
1,370,000
|
1,090,000
|
Working capital loan |
1,303,842
|
1,242,500
|
Total Current Liabilities |
5,676,779
|
5,286,632
|
Deferred underwriter commission |
2,587,500
|
2,587,500
|
Total Liabilities |
8,264,279
|
7,874,132
|
Commitments and Contingencies (Note 6) |
|
|
Class A common stock subject to possible redemption; 1,283,336 shares (at $11.25 and $10.15 per share) |
14,443,281
|
13,025,860
|
Stockholders’ Deficit |
|
|
Preference Shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
(8,115,559)
|
(6,833,673)
|
Total Stockholders’ Deficit |
(8,115,295)
|
(6,833,409)
|
Total Liabilities and Stockholders’ Deficit |
14,592,265
|
14,066,583
|
Common Class A [Member] |
|
|
Stockholders’ Deficit |
|
|
Common stock, value |
48
|
48
|
Common Class B [Member] |
|
|
Stockholders’ Deficit |
|
|
Common stock, value |
$ 216
|
$ 216
|
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v3.24.2.u1
Condensed Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Temporary equity, shares issued |
1,283,336
|
1,283,336
|
Temporary equity, shares outstanding |
1,283,336
|
1,283,336
|
Temporary equity, redemption price per share |
$ 11.25
|
$ 10.15
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares outstanding |
476,250
|
476,250
|
Common stock, shares redemption |
1,283,336
|
1,283,336
|
Common stock, shares issued |
476,250
|
476,250
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, shares outstanding |
2,156,250
|
2,156,250
|
Common stock, shares issued |
2,156,250
|
2,156,250
|
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v3.24.2.u1
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Formation and operating costs |
$ (65,085)
|
$ (1,017,814)
|
$ (348,422)
|
$ (1,452,332)
|
Franchise tax |
(32,640)
|
(50,000)
|
(65,280)
|
(100,000)
|
Loss from Operations |
(97,725)
|
(1,067,814)
|
(413,702)
|
(1,552,332)
|
Other Income |
|
|
|
|
Interest earned on marketable securities held in trust account |
190,400
|
850,973
|
683,202
|
1,736,977
|
Net Income (Loss) before income tax provision |
92,675
|
(216,841)
|
269,500
|
184,644
|
Income tax provision |
(89,978)
|
(168,204)
|
(133,966)
|
(343,765)
|
Net Income (Loss) |
$ 2,697
|
$ (385,045)
|
$ 135,534
|
$ (159,121)
|
Redeemable Common Stock [Member] |
|
|
|
|
Other Income |
|
|
|
|
Weighted average shares outstanding, basic |
1,283,336
|
5,760,211
|
1,283,336
|
7,192,606
|
Weighted average shares outstanding, diluted |
1,283,336
|
5,760,211
|
1,283,336
|
7,192,606
|
Basic net income (loss) per common stock |
$ (0.02)
|
$ 0.00
|
$ 0.27
|
$ 0.05
|
Diluted net income (loss) per common stock |
$ (0.02)
|
$ 0.00
|
$ 0.27
|
$ 0.05
|
Non Redeemable Common Stock [Member] |
|
|
|
|
Other Income |
|
|
|
|
Weighted average shares outstanding, basic |
2,632,500
|
2,632,500
|
2,632,500
|
2,632,500
|
Weighted average shares outstanding, diluted |
2,632,500
|
2,632,500
|
2,632,500
|
2,632,500
|
Basic net income (loss) per common stock |
$ (0.05)
|
$ (0.15)
|
$ (0.14)
|
$ (0.19)
|
Diluted net income (loss) per common stock |
$ (0.05)
|
$ (0.15)
|
$ (0.14)
|
$ (0.19)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.2.u1
Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 48
|
$ 216
|
|
$ (2,239,115)
|
$ (2,238,851)
|
Balance, shares at Dec. 31, 2022 |
476,250
|
2,156,250
|
|
|
|
Net income (loss) |
|
|
|
225,923
|
225,923
|
Balance at Mar. 31, 2023 |
$ 48
|
$ 216
|
|
(2,013,192)
|
(2,012,928)
|
Balance, shares at Mar. 31, 2023 |
476,250
|
2,156,250
|
|
|
|
Balance at Dec. 31, 2022 |
$ 48
|
$ 216
|
|
(2,239,115)
|
(2,238,851)
|
Balance, shares at Dec. 31, 2022 |
476,250
|
2,156,250
|
|
|
|
Net income (loss) |
|
|
|
|
(159,121)
|
Balance at Jun. 30, 2023 |
$ 48
|
$ 216
|
|
(3,218,556)
|
(3,218,292)
|
Balance, shares at Jun. 30, 2023 |
476,250
|
2,156,250
|
|
|
|
Balance at Mar. 31, 2023 |
$ 48
|
$ 216
|
|
(2,013,192)
|
(2,012,928)
|
Balance, shares at Mar. 31, 2023 |
476,250
|
2,156,250
|
|
|
|
Net income (loss) |
|
|
|
(385,045)
|
(385,045)
|
Remeasurement of Class A Common Stock Subject to Redemption |
|
|
|
(820,319)
|
(820,319)
|
Balance at Jun. 30, 2023 |
$ 48
|
$ 216
|
|
(3,218,556)
|
(3,218,292)
|
Balance, shares at Jun. 30, 2023 |
476,250
|
2,156,250
|
|
|
|
Balance at Dec. 31, 2023 |
$ 48
|
$ 216
|
|
(6,833,673)
|
(6,833,409)
|
Balance, shares at Dec. 31, 2023 |
476,250
|
2,156,250
|
|
|
|
Net income (loss) |
|
|
|
132,838
|
132,838
|
Remeasurement of Class A Common Stock Subject to Redemption |
|
|
|
(1,229,640)
|
(1,229,640)
|
Balance at Mar. 31, 2024 |
$ 48
|
$ 216
|
|
(7,930,475)
|
(7,930,211)
|
Balance, shares at Mar. 31, 2024 |
476,250
|
2,156,250
|
|
|
|
Balance at Dec. 31, 2023 |
$ 48
|
$ 216
|
|
(6,833,673)
|
(6,833,409)
|
Balance, shares at Dec. 31, 2023 |
476,250
|
2,156,250
|
|
|
|
Net income (loss) |
|
|
|
|
135,534
|
Balance at Jun. 30, 2024 |
$ 48
|
$ 216
|
|
(8,115,559)
|
(8,115,295)
|
Balance, shares at Jun. 30, 2024 |
476,250
|
2,156,250
|
|
|
|
Balance at Mar. 31, 2024 |
$ 48
|
$ 216
|
|
(7,930,475)
|
(7,930,211)
|
Balance, shares at Mar. 31, 2024 |
476,250
|
2,156,250
|
|
|
|
Net income (loss) |
|
|
|
2,697
|
2,697
|
Remeasurement of Class A Common Stock Subject to Redemption |
|
|
|
(187,781)
|
(187,781)
|
Balance at Jun. 30, 2024 |
$ 48
|
$ 216
|
|
$ (8,115,559)
|
$ (8,115,295)
|
Balance, shares at Jun. 30, 2024 |
476,250
|
2,156,250
|
|
|
|
X |
- DefinitionRemeasurement of Class A Common Stock Subject to Redemption.
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v3.24.2.u1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ 135,534
|
$ (159,121)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Interest earned on marketable securities held in Trust Account |
(683,202)
|
(1,736,977)
|
Interest withdrawn from the Trust Account |
273,942
|
620,245
|
Changes in operating assets and liabilities: |
|
|
Prepaid expense |
(500)
|
|
Accounts payable |
(7,000)
|
(13,773)
|
Accrued expenses |
95,760
|
1,041,184
|
Amount due to related parties |
(2,009)
|
|
Franchise tax payable |
(3,250)
|
(180,493)
|
Income tax payable |
(34,696)
|
58,765
|
Net cash used in operating activities |
(225,421)
|
(370,170)
|
Cash flows from investing activities: |
|
|
Cash withdrawn from Trust Account in connection with redemption |
|
36,347,008
|
Investment of cash in Trust Account |
(200,000)
|
(525,000)
|
Net cash provided by (used in ) investing activities |
(200,000)
|
35,822,008
|
Cash flows from financing activities: |
|
|
Proceeds from working capital loan |
231,342
|
932,500
|
Proceeds from Extension Loan |
120,000
|
|
Redemption of Class A common stock |
|
(36,347,008)
|
Repayment of working capital loan |
(10,000)
|
|
Net cash provided by (used in) financing activities |
341,342
|
(35,414,508)
|
Net change in cash |
(84,079)
|
37,330
|
Cash at the beginning of the period |
87,134
|
27,066
|
Cash at the end of the period |
3,055
|
64,396
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Remeasurement of Class A ordinary shares subject to redemption |
$ (1,417,421)
|
$ 820,319
|
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v3.24.2.u1
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS |
NOTE
1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS
DUET
Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on September 20, 2021. The
Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). The Company is not limited to a particular industry or
sector for purposes of consummating a Business Combination.
As
of June 30, 2024, the Company had not commenced any operations. All activity for the period from September 20, 2021 (inception)
through June 30, 2024, relates to the Company’s formation, the initial public offering and preparation for a business
combination described below. The Company will not generate any operating revenues until after the completion of its initial Business
Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash
equivalents from the proceeds derived from the Public Offering (as defined below). The Company has selected December 31 as its
fiscal year end.
The
Company’s sponsor is DUET Partners LLC (the “Sponsor”). The registration statement for the Company’s Initial
Public Offering was declared effective on January 19, 2022.
On
January 24, 2022, the Company consummated its Initial Public Offering of 7,500,000 units (the “Units” and, with respect to
the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross
proceeds of $75,000,000, and incurring offering costs of $5,161,516, of which $2,250,500
was for deferred underwriting commissions.
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 356,250 units
(the “Private Placement Units”) to DUET Partners LLC, the sponsor of the Company (the “Sponsor”), at a price
of $10.00 per Private Placement Unit, generating total gross proceeds of $3,562,500 (the “Private Placement”).
Subsequently,
on January 24, 2022, the Company consummated the closing of the sale of 1,125,000 additional units at a price of $10 per unit (the “Units”)
upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”),
generating additional gross proceeds of $11,250,000 and incurred additional offering costs of $506,250, of which $337,500 are for deferred
underwriting commissions. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class
A Common Stock”), one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof
to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment, pursuant to the Company’s registration
statement on Form S-1 (File No. 333-261494).
Simultaneously
with the exercise of the overallotment option, the Company consummated the Private Placement of an additional 33,750
Private Placement Units to DUET Partners LLC, a Delaware limited liability company (the “Sponsor”), generating gross
proceeds of $337,500.
A
total of $87,543,750, comprised of the proceeds from the Offering and the proceeds of private placements that closed on January 20, 2022
and January 24, 2022, net of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust
Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment
Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended
investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as
determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust
Account to the Company’s stockholders, as described below.
Transaction
costs of the Initial Public Offering with the exercise of the overallotment option amounted to $4,374,016
consisting of $1,293,750 of
cash underwriting fees, $2,587,500 of
deferred underwriting fees and $492,766 of
other costs.
Following
the closing of the Initial Public Offering $818,211
of cash was held outside of the Trust Account available for
working capital purposes. As of June 30, 2024, we have available to us $3,055
of cash on our condensed balance sheet and a
working capital deficit of $5,673,224.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions
and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination.
The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect
a Business Combination.
The
Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem
all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting
called to approve the Business Combination or (ii) by means of a tender offer. In connection with a Business Combination, the Company
may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem
their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination
only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business
Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business
Combination.
The
Company will have until 24 months (subject to a three month extension of time, as set forth in the Company’s registration
statement) from the closing of the Public Offering to consummate a Business Combination (the “Combination Period”). If the
Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem 100% of
the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned (net of taxes payable and less interest to pay dissolution expenses), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to
receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence
a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims
of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights to the deferred underwriting commission
held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such
event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public
Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution
will be less than the Public Offering price per Unit of $10.00.
On
April 19, 2023, the Company held a virtual special meeting of its stockholders (the “Special Meeting”). At the Special Meeting,
the stockholders of the Company approved the proposal (the “Extension Amendment Proposal”) to amend the Company’s Amended
and Restated Certificate of Incorporation to extend the date by which the Company must (i) consummate a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses, which
we refer to as a “business combination,” (ii) cease its operations if it fails to complete such business combination, and
(iii) redeem or repurchase 100% of the Company’s Class A Common Stock included as part of the units sold in the Initial Public
Offering from April 24, 2023 to January 24, 2024, or such earlier date as determined by the board of directors, pursuant to nine one-month
extensions, provided that (i) the Sponsor or its affiliates or permitted designees will deposit into the Trust Account the lesser of
(x) $175,000 or (y) $0.055 per share for each Public Share that was not redeemed in connection with the Special Meeting for each such
one-month extension, unless the closing of the Company’s initial Business Combination shall have occurred, in exchange for a non-interest
bearing, unsecured promissory note payable upon consummation of a business combination and (ii) the procedures relating to any such extension,
as set forth in the Trust Agreement, shall have been complied with.
On
December 18, 2023, the Company held a virtual special meeting of its stockholders (the “Special Meeting”). At the Special
Meeting, the stockholders of the Company approved the proposal (the “Extension Amendment Proposal”) to amend the Company’s
Amended and Restated Certificate of Incorporation to extend the date by which the Company must (i) consummate a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses,
which we refer to as a “business combination,” (ii) cease its operations if it fails to complete such business combination,
and (iii) redeem or repurchase 100% of the Company’s Class A common stock (the “Class A Common Stock”) included as
part of the units sold in the Company’s initial public offering that was consummated on January 24, 2022, which we refer to as
the “IPO,” from January 24, 2024 (the “Termination Date”) to January 24, 2025 or such earlier date as determined
by the board of directors, pursuant to twelve one-month extensions, which we refer to as the “Extension,” and such later
date, the “Extended Date,” provided that (i) the Sponsor, or its affiliates or permitted designees will deposit into the
Trust Account the lesser of (x) $40,000 or (y) $0.04 per share for each public share that is not redeemed in connection with the Special
Meeting for each such one-month extension commencing December 24, 2023 until January 24, 2025 unless the closing of the Company’s
initial business combination shall have occurred (the “Extension Payment”) in exchange for a non-interest bearing, unsecured
promissory note payable upon consummation of a business combination (ii) the procedures relating to any such extension, as set forth
in the Trust Agreement, shall have been complied with.
In
connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the Special Meeting, holders of
3,760,678 shares of the Company’s Class A Common Stock exercised their right to redeem those shares for cash at an approximate
price of $10.95 per share, for an aggregate of approximately $41.2 million. Following the payment of the redemptions, the Trust Account
will have a balance of approximately $14.1 million before the Extension Payment.
On
December 19, 2023, the Company deposited two payments in an aggregate of $80,000 (the “Extension Payment”) into the Trust
Account, which enables the Company to extend the period of time it has to consummate its initial business combination by two months from
December 24, 2023 to February 24, 2024. On February 16, 2024, the Company caused to be deposited $40,000 into the Company’s Trust
Account, allowing the Company to extend the period of time it has to consummate its initial Business Combination by one month from February
24, 2024 to March 24, 2024. On March 19, 2024, the Company caused to be deposited $40,000 into the Company’s Trust Account, allowing
the Company to extend the period of time it has to consummate its initial Business Combination by one month from March 24, 2024 to April
24, 2024. On April 24, 2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company
to extend the period of time it has to consummate its initial business combination by one month from April 24, 2024 to May 24, 2024.The
foregoing extensions are permitted under the Company’s governing documents. On May 24, 2024, the Company caused to be deposited
$40,000 into the Company’s trust account, allowing the Company to extend the period of time it has to consummate its initial business
combination by one month from May 24, 2024 to June 24, 2024.The foregoing extensions are permitted under the Company’s governing
documents. On June 24, 2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company
to extend the period of time it has to consummate its initial business combination by one month from June 24, 2024 to July 24, 2024.
On July 23, 2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company to extend the
period of time it has to consummate its initial business combination by one month from July 24, 2024, to August 24, 2024. On August 22,
2024, the Company caused to be deposited $40,000 into the Company’s trust account, allowing the Company to extend the period of
time it has to consummate its initial business combination by one month from August 24, 2024 to September 24, 2024. The foregoing extensions
are permitted under the Company’s governing documents.
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amounts in the Trust Account to below $10.15 per share (whether or not the underwriters’ over-allotment option is exercised
in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and
except as to any claims under the Company’s indemnity of the underwriters of the Public Offering against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is
deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party
claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors
by endeavoring to have all vendors, service providers (except for the company’s independent registered accounting firm), prospective
target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title,
interest or claim of any kind in or to monies held in the Trust Account.
Termination
of the Merger Agreement
On
July 25, 2022, the Company entered into a definitive Business Combination Agreement and Plan of Merger (the “Merger Agreement”)
with Millymont Limited, a private limited company incorporated in Ireland (“Holdco”), Duet Merger Sub, Inc., a Delaware corporation
and wholly-owned subsidiary of Holdco, J. Streicher Technical Services, LLC, a Delaware limited liability company, Anteco Systems, S.L.,
trading as AnyTech365, a company incorporated in Spain and registered at the Commercial Registry of Malaga under reference MA-122108,
Miguel Ángel Casales Ruiz and Thomas Marco Balsloev, as the sellers’ representatives, and Lee Keat Hin, as the Company’s
representative.
On
April 6, 2023, the Company provided the other parties with written notice of the termination of the Merger Agreement pursuant to Section
11.1 thereof (the “Termination”). No party will be required to pay another party a termination fee as a result of the Termination.
The
termination of the Merger Agreement also terminates and makes void the Support Agreement, the Non-Competition and Non-Solicitation Agreement,
and the Lock-up Agreement (each as defined in the Merger Agreement), each of which were executed concurrently with the Merger Agreement.
Business
Combination Agreement
As
previously disclosed, the Company entered into a binding letter of intent with Fenix 360 Pte. Ltd., a Singapore private company limited
by shares (the “Target”), on July 6, 2023, pursuant to which DUET agreed to acquire all of the outstanding equity interests
of the Target. On November 28, 2023, DUET and the Target entered into a definitive Business Combination Agreement and Plan of Merger
(the “Business Combination Agreement”). DUET and the Target are sometimes referred to this Quarterly Report on Form 10-Q,
individually, as a “Party” and, collectively, as the “Parties.”
Our
Chairman of the Board of Directors, Larry Gan Nyap Liou, serves as a financial advisor to the Target pursuant to a pre-existing relationship
with the Target. Accordingly, Mr. Gan has recused himself, and will continue to recuse himself, from all Board decisions related to the
Business Combination.
Domestication
Pursuant
to and upon the closing (the “Closing”) of the transactions contemplated in the Business Combination Agreement (collectively,
the “Business Combination”), the Company will transfer by way of continuation from the State of Delaware to the Cayman Islands
and domesticate (the “Domestication”) as a Cayman Islands exempted company limited by shares in accordance with Section 390
of the Delaware General Corporation Law, as amended, and Part XII of the Cayman Islands Companies Act, as amended (the “Cayman
Companies Act”).
In
connection with the Domestication, (a) each share of DUET’s Class A common stock, par value $0.0001 per share (the “Class
A Common Stock”), that is issued and outstanding immediately prior to the Domestication shall become one ordinary share of DUET
(the “DUET Ordinary Shares”), (b) each share of DUET’s Class B common stock, par value $0.0001 per share (the “Class
B Common Stock”), that is issued and outstanding immediately prior to the Domestication shall become one DUET Ordinary Share, (c)
each warrant of DUET that is outstanding immediately prior to the Domestication shall, from and after the Domestication, represent the
right to purchase one DUET Ordinary Share at an exercise price of $11.50 per share on the terms and subject to the conditions set forth
in the Warrant Agreement, dated January 19, 2022 by and between DUET and Continental Stock Transfer & Trust Company, and (d) the
governing documents of DUET shall be amended and restated in the form of the amended and restated memorandum and articles of association
of DUET in a form to be mutually agreed between the Parties (the “DUET A&R Charter”), and, as so amended and restated,
the DUET A&R Charter will be the memorandum and articles of association of DUET until thereafter amended in accordance with the terms
thereof and the Cayman Companies Act.
Business
Combination
Pursuant
to the Business Combination Agreement, as consideration for the Business Combination, the shareholders of the Target (each, a “Target
Shareholder” and, together, the “Target Shareholders”) are entitled to receive an aggregate of 61,000,000 DUET Ordinary
Shares, valued at $10.00 per share for an aggregate value equal to $610,000,000. Each Target Shareholder will be entitled to receive,
in accordance with terms of the Business Combination Agreement, one DUET Ordinary Share for each share of the Target (the “Target
Ordinary Shares”) held by such Target Shareholder (the “Exchange Consideration”). As of the Effective Time (as defined
in the Business Combination Agreement), each Target Shareholder, upon receiving the Exchange Consideration, shall cease to have any other
rights in and to the Target.
Upon
the terms and subject to the conditions of the Business Combination Agreement, at or prior to the Closing, each Target Shareholder will
deliver to Continental Stock Transfer & Trust Company (the “Exchange Agent”) a share exchange agreement in the form mutually
agreed to between the Parties (a “Share Exchange Agreement”) that has been duly executed by that Target Shareholder, surrender
any original certificates for the Target Ordinary Shares held by such Target Shareholder, and deliver such other documents reasonably
requested by DUET. In exchange, DUET will issue and cause the Exchange Agent to deliver to each Target Shareholder the amount of DUET
Ordinary Shares due to such Target Shareholder pursuant to the Business Combination Agreement.
Representations
and Warranties; Covenants
Pursuant
to the Business Combination Agreement, the Parties made customary representations and warranties for transactions of this type. The Business
Combination Agreement includes certain covenants that are customary for transactions of this type, including obligations of the Parties
to use reasonable best efforts to operate their respective businesses in the ordinary course and to refrain from taking certain specified
actions without the prior written consent of the applicable party, in each case, subject to certain exceptions and qualifications. The
Parties have agreed not to solicit, negotiate, or enter into a competing transaction. Additionally, the Target has agreed to certain
other covenants, including to (a) deliver the PCAOB Financials (as defined in the Business Combination Agreement) to DUET no later than
December 11, 2023, (b) conclude investigations, examinations and diligence with respect to certain agreed-upon items by December 12,
2023 (the “Due Diligence Period”), and (c) onboard certain employees of one of the Target’s primary software developers.
The covenants in the Business Combination Agreement generally will not survive the Closing, subject to certain exceptions, including
certain covenants and agreements that by their terms are to be performed in whole or in part after the Closing.
Reserve
Against Certain Liabilities
Certain
of the Target Shareholders (the “Legacy Shareholders”) are to deposit with the Escrow Agent at Closing their pro rata portion
of an aggregate of 4,500,000 DUET Ordinary Shares otherwise issuable to the Legacy Shareholders as Exchange Consideration (the “Escrow
Shares”). The Escrow Shares are subject to a quarterly release following the Closing and are reserved to cover losses arising out
of or in connection with the Target’s rescission plan for tokens that were issued by management of the Target, any pending or threatened
legal proceedings required to be disclosed by the Target, and any other matters mutually agreed upon by the Parties (collectively, the
“Covered Matters”). To the extent the Target incurs losses based on an action against the Target or its affiliates by any
third party with respect to the Covered Matters, the Legacy Shareholders consent to and agree to reasonably and promptly allow the post-Closing
company to redeem an aggregate number of Escrow Shares with a value equal to the amount of such loss incurred by the post-Closing company
therefrom, with the value of the Escrow Shares to be determined using the 5-Day VWAP of the DUET Ordinary Shares.
Conditions
to Obligations of Both Parties at Closing
The
obligations of the Parties to consummate the Business Combination are subject to the satisfaction of the following conditions, any one
or more of which may be waived by in writing by either or both of the Parties: (a) DUET stockholder approval of the Business Combination
has been obtained; (b) all of the Target Shareholders have submitted a Share Exchange Agreement and have exchanged all of the Target
Ordinary Shares for the DUET Ordinary Shares in accordance with the terms of the Business Combination Agreement no later than the date
of the DUET Stockholders’ Meeting (defined below); (c) the Proxy/Registration Statement (as defined below) shall have become effective
under the Securities Act of 1933, as amended (the “Securities Act”), and no stop order suspending the effectiveness of the
Proxy/Registration Statement shall have been issued and no proceedings for that purpose shall have been initiated or threatened by the
U.S. Securities and Exchange Commission (the “SEC”) and not withdrawn; (d) the Nasdaq Stock Market LLC (“Nasdaq”)
shall have completed its review of the “Listing of Additional Shares Notification Form” filed by DUET with Nasdaq with respect
to the DUET Ordinary Shares to be issued in connection with the Business Combination; (e) no Exchange Objection (as defined in the Business
Combination Agreement) shall have been raised, or any such Exchange Objection which has been raised shall have been addressed; (f) no
federal, state, provincial, municipal, local or foreign government, governmental authority, taxing, regulatory or administrative agency,
governmental commission, department, board, bureau, agency or instrumentality, court or tribunal (“Governmental Authority”)
shall have enacted, issued, promulgated, enforced or entered any statute, law, ordinance, rule, order, or regulation (“Law”)
that is then in effect and which has the effect of making the Business Combination illegal or which otherwise prevents or prohibits consummation
of the Business Combination, other than any such restraint that is immaterial, or for which the relevant Governmental Authority does
not have jurisdiction over either of the parties hereto with respect to the Business Combination; and (g) all Closing deliverables required
under the Business Combination Agreement have been provided.
Conditions
to Obligations of DUET at Closing
Pursuant
to the Business Combination Agreement, the obligations of DUET to consummate, or cause to be consummated, the Business Combination are
subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by DUET: (a)(i)
the representations and warranties of the Target regarding the capitalization of the Target are true and correct in all respects of the
date of the Closing except with respect to such representations and warranties speaking to an earlier date, which shall be true and correct
at and as of such date, subject to changes made to the Business Combination Agreement, (ii) the Target’s Fundamental Representations
(as defined in the Business Combination Agreement) other than those regarding the capitalization of the Target shall be true and correct
as of the date of the Closing, subject to certain qualifications and exceptions, and (iii) each of the representations and warranties
of the Target other than the Target’s Fundamental Representations shall be true and correct as of the date of the Closing, subject
to certain qualifications and exceptions; (b) each of the covenants of the Target to be performed as of or prior to the Closing shall
have been performed in all material respects; (c) there shall not have occurred a Company Material Adverse Effect (as defined in the
Business Combination Agreement); (d) each of the Restrictive Covenant Agreements (as defined in the Business Combination Agreement) with
each of the Key Executives (as defined in the Business Combination Agreement) shall be in full force and effect at Closing; (e) the Target’s
unaudited consolidated statement of financial positions and consolidated statements of comprehensive income, changes in equity and cash
flows of the Target and its Subsidiaries as of and for the nine-month period ended September 30, 2023, which comply with the applicable
accounting requirements and with the rules and regulations of the SEC, the Exchange Act and the Securities Act applicable to a registrant
shall have been provided; and (f) all closing deliveries required by the Business Combination Agreement shall have been delivered.
Conditions
to Obligations of the Target at Closing
The
obligation of the Target to consummate is subject to the satisfaction of the following additional conditions, any one or more of which
may be waived in writing by the Target: (a) subject to certain qualifications and exceptions in each: (i) the representations and warranties
of DUET regarding the capitalization of DUET shall be true and correct as of the Closing, (ii) DUET’s Fundamental Representations
(as defined in the Business Combination Agreement) other than those regarding the capitalization of DUET shall be materially true and
correct as of date of the Closing, subject to certain exceptions, and (iii) each of the representations and warranties of DUET contained
in the Business Combination Agreement other than those regarding organization, due authorization, absence of changes, capitalization,
and brokers’ fees shall be true and correct as of Closing; (b) the Class A Common Stock shall remain listed on the Nasdaq Global
Market; and (c) each of the covenants of DUET to be performed as of or prior to the Closing shall have materially been performed.
Termination
The
Business Combination Agreement may be terminated and the transactions therein may be abandoned: (a) by DUET pursuant to a failure of
the Target to deliver timely the PCAOB Financials, or comply with the requests of DUET during the Due Diligence Period; (b) by DUET if
the Proxy/Registration Statement is not declared effective or such effectiveness is materially delayed due to any action or omission
by the Target; (c) by the Target if DUET is delisted from the Nasdaq Global Market for any reason other than a breach by the Target or
Legacy Shareholders of obligations to the Business Combination Agreement; (d) by mutual written consent of all Parties; (e) by DUET or
the Target if any Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or order that is then in
effect and which has the effect of making the Business Combination illegal or which otherwise prevents or prohibits their consummation;
(f) by DUET if (i) there is a breach of any representation, warranty, covenant or agreement on the part of the Target, such that the
conditions obligating DUET to close would not be satisfied, subject to a 30 day cure period for the Target, or (ii) the Closing has not
occurred on or before the date on which the DUET charter expires and the Parties agree it shall not be extended (the “Agreement
End Date”), unless DUET is in material breach of the Business Combination Agreement; (g) by DUET if the original certificates for
the Target duly endorsed for transfer to DUET have not been submitted for exchange along with duly executed Share Exchange Agreements
from the Target Shareholders by the date of the DUET Stockholders’ Meeting; (h) by the Target by written notice to DUET if (i)
there is any breach of any representation, warranty, covenant or agreement on the part DUET set forth in the Business Combination Agreement,
such that the conditions obligating the Target to close would not be satisfied at Closing, subject to a 30 day cure period for DUET upon
notice, or (ii) the Closing has not occurred on or before the Agreement End Date, unless the Target is in material breach of the Business
Combination Agreement; or (i) if the resolution of outstanding accrued underwriting fees payable to EF Hutton, division of Benchmark
Investments LLC, are not resolved, in a manner satisfactory to both DUET and the Target before the Closing. In the event the Business
Combination Agreement is terminated pursuant to (a), (b) or (f) above, the Target shall pay DUET $3,500,000 within 10 days of such termination.
The
foregoing description of the Business Combination Agreement does not purport to be complete and is qualified in its entirety by the full
text of the Business Combination Agreement, which is filed as Exhibit 2.1 hereto and incorporated herein by reference.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Going
Concern, Liquidity and Capital Resources
As
of June 30, 2024, the Company had $3,055 of cash in its operating bank account.
The
Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000
from the Sponsor to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (as defined
in Note 5), and loan from the Sponsor of $190,478 under the Note (as defined in Note 5). Following the IPO of the Company on January
24, 2022 (as described in Note 1), a total of $193,535 under the promissory note was repaid on January 24, 2022. Subsequent to the consummation
of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the
Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs
in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and
directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). As of June 30, 2024, there
was $1,303,842 outstanding under any Working Capital Loan.
We
currently believe we will need to raise additional funds in order to meet the expenditures required for operating our business.
However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating our
initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate
our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our
initial business combination or because we become obligated to redeem a significant number of our public shares upon consummation of
our initial business combination, in which case we may issue additional securities or incur debt in connection with such business
combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the
completion of our initial business combination. If we are unable to complete our initial business combination because we do not have
sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Account. In addition, following our
initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our
obligations. The accompanying unaudited condensed financial statements have been prepared in conformity with U.S. GAAP, which
contemplates the continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in
the normal course of business. The unaudited condensed financial statements do not include any adjustments that might result from
the outcome of this uncertainty. Further, we have incurred and expect to continue to incur significant costs in pursuit of our
financing and acquisition plans. Management plans to address this uncertainty during the period leading up to the business
combination, however this cannot be guaranteed.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed financial statements are presented in U.S. Dollars and conformity with accounting principles generally
accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information
or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant
to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes
necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the
accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary
for a fair presentation of the financial position, operating results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023 as filed with the SEC on April 1, 2024 (the “Annual Report”), which contains the audited
financial statements and notes thereto. The financial information as of December 31, 2023 is derived from the audited financial statements
presented in the Company’s Annual Report. The interim results for the six months ended June 30, 2024 are not necessarily indicative
of the results to be expected for the year ending December 31, 2024 or for any future interim periods.
Use
of Estimates
The
preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting
period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect
of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which
management considered in formulating its estimate, could change in the near term due to one or more future confirming events.
Accordingly, the actual results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of June 30, 2024 and December 31, 2023.
Marketable
Securities Held in Trust Account
At
June 30, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in mutual funds. At June 30,
2024 and December 31, 2023, the balance in the Trust Account was $14,588,710 and $13,979,449, respectively.
Deferred
offering costs
Deferred
offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly
related to the Offering and that were charged to stockholders’ equity upon the completion of the Offering. Should the Offering
have proved to be unsuccessful, these deferred costs, as well as additional expenses incurred, would have been charged to operations.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2024 and December 31, 2023 and no amounts accrued for interest and
penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
Our
effective tax rate was 97.09% and 77.57% for the three months ended June 30, 2024 and 2023, respectively. Our effective tax rate was
49.71% and 186.18% for the six months ended June 30, 2024 and 2023, respectively. The effective tax rate differs from the statutory tax
rate of 21% for the three and six months ended June 30, 2024 and 2023, due to transaction costs and the valuation allowance on the deferred
tax assets.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) are classified as a liability
instrument and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) are classified as temporary equity. At all other times, shares are classified as stockholders’
equity. The Company’s Class A Common Stock features certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events, and is therefore classified as temporary equity on the unaudited condensed
balance sheets.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
As
of June 30, 2024 and December 31,2023, the Class A Common Stock reflected on the condensed balance sheets are reconciled in the
following table:
SCHEDULE OF CLASS A COMMON STOCK REFLECTED ON BALANCE SHEET
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Redeemable Class A Common Stock – Opening Balance | |
$ | 13,025,860 | | |
$ | 87,543,750 | |
Less: | |
| | | |
| | |
Redemption
of Class A common stock, including interest | |
| - | | |
| (78,549,722 | ) |
Plus: | |
| | | |
| | |
Re-measurement
of carrying value to redemption value | |
| 1,417,421 | | |
| 4,031,832 | |
Redeemable Class A Common Stock - Ending Balance | |
$ | 14,443,281 | | |
$ | 13,025,860 | |
Net
income (loss) per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss) per
share is computed by dividing net loss by the weighted average number of common stock outstanding during the period, excluding common
stock subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 281,250 shares of Class B Common
Stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 6). At June 30, 2024
and June 30, 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into common stock and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income
(loss) per share for the periods presented.
The
net income (loss) per share presented in the unaudited condensed statements of operations is based on the following:
SCHEDULE
OF NET INCOME LOSS PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the three months ended
June
30, | | |
For
the six months ended
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net
income (loss) | |
$ | 2,697 | | |
$ | (385,045 | ) | |
$ | 135,534 | | |
$ | (159,121 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| (154,000 | ) | |
| - | |
Net
income (loss) including accretion of carrying value to redemption value | |
$ | (151,303 | ) | |
$ | (385,045 | ) | |
$ | (18,466 | ) | |
$ | (159,121 | ) |
SCHEDULE OF NET INCOME (LOSS) BASIC AND DILUTED PER SHARE
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
| |
For
three months ended
June
30, | |
| |
2024 | | |
2023 | |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
Basic
and diluted net income(loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation
of net income(loss) including carrying value to redemption value | |
$ | 128,884 | | |
$ | (126,187 | ) | |
$ | 2,651 | | |
$ | (387,696 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| - | | |
| - | |
Allocation
of net income | |
$ | (25,116 | ) | |
$ | (126,187 | ) | |
$ | 2,651 | | |
$ | (387,696 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 1,283,336 | | |
| 2,632,500 | | |
| 5,760,211 | | |
| 2,632,500 | |
Basic
and diluted net income(loss) per share | |
$ | (0.02 | ) | |
$ | (0.05 | ) | |
$ | 0.00 | | |
$ | (0.15 | ) |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
| |
For
six months ended
June
30, | |
| |
2024 | | |
2023 | |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
Basic
and diluted net income(loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation
of net income(loss) including carrying value to redemption value | |
$ | 503,715 | | |
$ | (368,181 | ) | |
$ | 348,912 | | |
$ | (508,033 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| - | | |
| - | |
Allocation
of net income | |
$ | 349,715 | | |
$ | (368,181 | ) | |
$ | 348,912 | | |
$ | (508,033 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 1,283,336 | | |
| 2,632,500 | | |
| 7,192,606 | | |
| 2,632,500 | |
Basic
and diluted net income(loss) per share | |
$ | 0.27 | | |
$ | (0.14 | ) | |
$ | 0.05 | | |
$ | (0.19 | ) |
Concentration
of Credit Risk
Financial
instruments that potentially subject to concentration of credit risk consist of cash and cash held in trust. Cash is comprised of
cash balances with banks and bank deposits, which are insured by the Federal Deposit Insurance Company (“FDIC”), up to
$250,000.
The Company did not have cash exceed FDIC limits at June 30, 2024 and December 31, 2023. Cash held in trust is comprised of
securities held by a financial institution, which are insured by the Securities Investor Protection Corporation
(“SIPC”), comprised of $250,000 coverage
for cash and $250,000 for
securities. The Company had approximately $14,338,710 and
$13,729,449 of
securities in excess of SIPC limits as of June 30, 2024 and December 31, 2023, respectively.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair
Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying condensed balance
sheets, primarily due to their short-term nature.
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of June 30, 2024 and December 31, 2023:
SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC
| |
Level | | |
June
30, 2024 | | |
December
31, 2023 | |
Assets: | |
| | | |
| | | |
| | |
Cash
and marketable securities held in trust account | |
| 1 | | |
$ | 14,588,710 | | |
$ | 13,979,449 | |
Derivative
Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” Derivative instruments are initially recorded at
fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed
statements of operations. Derivative assets and liabilities are classified in the unaudited condensed balance sheets as current or non-current
based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the unaudited condensed
balance sheets date. The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40. The Company has determined
that the Warrants qualify for equity treatment in the Company’s unaudited condensed financial statements.
Recent
Accounting Standards
The
Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently
adopted, would have a material effect on the accompanying unaudited condensed financial statement.
Risks
and Uncertainties
Sustained uncertainty about, or worsening of, geopolitical tensions, including further escalation of the war between Russia and Ukraine,
further escalation of the conflict between the State of Israel and Hamas, as well as further escalation of tensions between the State
of Israel and various countries in the Middle East and North Africa, could result in a global economic slowdown and long-term changes
to global trade. As a result, the Company’s ability to consummate a Business Combination, or the operations of a target business
with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. Further, the Company’s
ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these
events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable
on terms acceptable to the Company or at all. The impact of these events on the world economy and the specific impact on the Company’s
financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The unaudited
condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Inflation
Reduction Act of 2022
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic
(i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the
repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1%
of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax,
repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of
stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury
(the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or
avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.
Any
redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions
and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii)
the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued
not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content
of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the
redeeming holders, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction
in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.
At
this time, it has been determined that the IR Act tax provisions would have an impact to the Company’s fiscal 2023 tax provision
as there were redemptions by the public stockholders in April 2023 and December 2023; as a result, the Company recorded $785,497 excise
tax liability as of June 30, 2024 and December 31, 2023. The Company will continue to monitor for updates to the Company’s business
along with guidance issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision
in future periods.
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v3.24.2.u1
INITIAL PUBLIC OFFERING
|
6 Months Ended |
Jun. 30, 2024 |
Regulated Operations [Abstract] |
|
INITIAL PUBLIC OFFERING |
NOTE
3. INITIAL PUBLIC OFFERING
Pursuant
to the Public Offering, the Company offered for sale up to 8,625,000 Units at a purchase price of $10.00 per Unit. Each Unit consists
of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant will entitle the
holder to purchase one share of Class A common stock at an exercise price of $11.50 per whole share (see Note 7).
|
X |
- DefinitionThe entire disclosure for public utilities.
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v3.24.2.u1
PRIVATE PLACEMENT
|
6 Months Ended |
Jun. 30, 2024 |
Private Placement |
|
PRIVATE PLACEMENT |
NOTE
4. PRIVATE PLACEMENT
The
Sponsor purchased an aggregate of 390,000 placement units at a price of $10.00 per unit, for an aggregate purchase price of $3,900,000.
Each placement unit is identical to the units sold in this offering, except as described in this prospectus. The placement units were
sold in a private placement that closed simultaneously with the closing of this offering. If the Company does not complete a Business
Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the
Public Shares (subject to the requirements of applicable law) and the Placement Warrants will expire worthless.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
5. RELATED PARTY TRANSACTIONS
Founder
Shares
On
October 17, 2021, the Sponsor purchased 2,156,250 Founder Shares for an aggregate purchase price of $25,000. The number of Founder Shares
will equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding shares of common stocks after the
Initial Public Offering.
The
initial stockholders have agreed not to transfer, assign or sell any of the Class B common stock (except to certain permitted transferees
as disclosed herein) until, with respect to any of the Class B common stock, the earlier of (i) six months after the date of the consummation
of a Business Combination, or (ii) the date on which the closing price of the Company’s common stock equals or exceeds $12.00 per
share (as adjusted for share subdivisions, share dividends, reorganizations and recapitalizations) for any 20 trading days within any
30-trading day period commencing after a Business Combination, or earlier, if, subsequent to a Business Combination, the Company consummates
a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s stockholders
having the right to exchange their common stock for cash, securities or other property.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain
of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of
a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion
of a Business Combination into units at a price of $10.00 per unit. Such units would be identical to the Private Placement Units. In
the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay
the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.
On
July 6, 2023, the Company issued a promissory note (the “Promissory Note”) in the principal amount of $1,500,000 to the Sponsor.
The Promissory Note was issued to provide the Company with additional working capital, and the funds provided in accordance therewith
will not be deposited into the Company’s Trust Account. The Company issued the Promissory Note in consideration for a loan from
the Sponsor to fund the Company’s extension costs and working capital requirements. The Promissory Note bears no interest and is
due and payable upon the earlier to occur of (i) the date on which the Company’s initial business combination is consummated and
(ii) the liquidation of the Company on or before July 23, 2023 (subject to the extension of the period in which the Company must complete
its initial business combination pursuant to the Company’s governing documents, or such later liquidation date as may be approved
by the Company’s stockholders). At the election of the Sponsor, the unpaid principal amount of the Promissory Note may be converted
into units of the Company (the “Conversion Units”) and the total Conversion Units so issued shall be equal to: (x) the portion
of the principal amount of the Promissory Note being converted divided by (y) the conversion price of ten dollars ($10.00), rounded up
to the nearest whole number of Conversion Units. As of June 30, 2024 and December 31, 2023, there was $1,303,842 and $1,242,500 outstanding
under the Working Capital Loans, respectively.
As
described in Note 1, on December 18, 2023, the Company approved the Extension Amendment and the
Trust Amendment to allow the Company to extend the deadline from January 24, 2024 to January 24, 2025 or such earlier date as
determined by the board of directors, pursuant to twelve one-month extensions, which we refer to as the “Extension,” and
such later date, the “Extended Date,” provided that (i) the Sponsor, or its affiliates or permitted designees will deposit
into the Trust Account the lesser of (x) $40,000 or (y) $0.04 per share for each public share that is not redeemed in connection with
the Special Meeting for each such one-month extension commencing December 24, 2023 until January 24, 2025 unless the closing of the Company’s
initial business combination shall have occurred (the “Extension Payment”) in exchange for a non-interest bearing, unsecured
promissory note payable upon consummation of a business combination (ii) the procedures relating to any such extension, as set forth
in the Trust Agreement, shall have been complied with. As of June 30, 2024 and December
31, 2023, there was $1,370,000 and $1,090,000 outstanding under the Extension Loans, respectively.
Convertible
Note Purchase Agreement
On
July 6, 2023, DUET Partners LLC (the “Sponsor”) and Fenix entered into a convertible note purchase agreement (the “Note
Purchase Agreement”), pursuant to which Fenix agreed to loan $200,000 to the Sponsor at the signing of the Letter of Intent and
an additional $800,000 at the signing of the Definitive Agreement. In addition, in order to finance any further extensions in connection
with the Proposed Business Combination, Fenix shall at its discretion, loan funds as may be required up to another $500,000. The Sponsor
will sell and issue to Fenix one or more unsecured, non-interest-bearing notes in connection with the aforementioned loans, with an aggregate
principal amount of up to $1,500,000 (the “Fenix Notes”).
The
Note Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations by each party thereto.
The representations and warranties contained therein were made only for the purposes of the Note Purchase Agreement, and as of specific
dates, were solely for the benefit of the parties to such agreement and are subject to certain limitations set forth therein.
The
Fenix Notes are due and payable by the Sponsor upon the closing of the Proposed Business Combination between the Company and Fenix (the
“Maturity Date”). The Fenix Notes are convertible into common stocks of the Company pursuant to terms that will be set forth
in the Definitive Agreement. The Fenix Notes will be cancelled and the principal amount of the loans disbursed by the Sponsor to the
Company (as described below in the section titled “Promissory Note”) shall be forgiven, and the balance of the principal
amount of the Fenix Notes not disbursed by the Sponsor to the Company will be returned to Fenix (i) in the event that a Definitive Agreement
is not signed by July 31, 2023 or such later date that may be mutually agreed between the parties), (ii) if a Definitive Agreement is
entered into and then subsequently terminated by the Company, or (iii) if the PCAOB audited financial statements of Fenix have not been
delivered by the date mutually agreed between the parties and stipulated in the Business Combination Agreement.
The
issuance of the Fenix Notes will be made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act
of 1933, as amended.
Administrative
Services Arrangement
The
Company’s Sponsor has agreed, commencing from the date that the Company’s securities are first listed on Nasdaq through the
earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general
and administrative services, including office space, utilities and administrative services, as the Company may require from time to time.
The Company has agreed to pay to the Sponsor $10,000 per month for these services during the 15-month period to complete a business combination.
For the three months ended June 30, 2024 and 2023, the Company had paid nil and $30,000 for administrative services, respectively. For
the three months ended June 30, 2024 and 2023, the Company had accrued $30,000 and nil for administrative services, respectively. For
the six months ended June 30, 2024 and 2023, the Company had paid $2,330 and $60,000 for administrative services, respectively. For the
six months ended June 30, 2024 and 2023, the Company had accrued $60,000 and nil for administrative services, respectively.
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
6. COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the Founder Shares, Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans (and
any shares of common stocks issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working
Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement
to be signed prior to or on the effective date of Initial Public Offering requiring the Company to register such securities for resale
(in the case of the Founder Shares, only after conversion to shares of Class A common stocks). The holders of these securities will be
entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition,
the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion
of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities
Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or
cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions.
The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriters a 45-day option to purchase up to an additional 15% of the total number of Units in the Initial Public
Offering to cover over-allotments. The aforementioned option was exercised in full on January 24, 2022.
The
underwriters were entitled to a cash underwriting discount of one and one-half percent (1.5%) of the gross proceeds of the Initial Public
Offering, or $1,293,750. In addition, the underwriters are entitled to a deferred fee of three percent (3.0%) of the gross proceeds of
the Initial Public Offering, or $2,587,500 upon closing of the Business Combination. The deferred fee will be paid in cash upon the closing
of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.
Additionally,
86,250 shares of our Class A common stock were issued to the underwriter upon the closing of the Initial Public Offering.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
STOCKHOLDERS’ DEFICIT
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE
7. STOCKHOLDERS’ DEFICIT
Class
A Common Stock — Our amended and restated memorandum and articles of association authorize the Company to issue 100,000,000
shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock is entitled
to one vote for each share. On June 30, 2024 and December 31, 2023, there were 476,250 shares of Class A Common Stock issued and outstanding,
excluding 1,283,336 shares of Class A Common Stock subject to possible redemption.
Class
B Common Stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001
per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. As of June 30, 2024 and December
31, 2023, there were 2,156,250 shares of Class B common stock issued and outstanding, such that the Initial Stockholders will maintain
ownership of at least 20% of the issued and outstanding shares after the Initial Public Offering.
Preferred
Shares — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such
designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At June 30, 2024
and December 31, 2023, there were no preferred shares issued or outstanding.
Warrants
— Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation
of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion
of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years
after the completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any shares of Class A common stocks pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A common stocks issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A
common stocks is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from
registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue
any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified
under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
The
Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination,
the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have
declared effective, a registration statement covering the issuance of the shares of Class A common stocks issuable upon exercise of the
warrants and to maintain a current prospectus relating to those shares of Class A common stocks until the warrants expire or are redeemed.
Notwithstanding the above, if the Class A common stocks is at the time of any exercise of a warrant not listed on a national securities
exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the
Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to
file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.
Redemption
of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 — Once the warrants become exercisable, the
Company may redeem the outstanding Public Warrants:
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
a price of $0.01 per Public Warrant; |
|
|
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
|
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|
|
● |
if,
and only if, the last reported sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on
the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that
wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise
price and number of common stocks issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in
the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as
described below, the Public Warrants will not be adjusted for issuances of common stocks at a price below its exercise price. Additionally,
in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination
within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive
any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held
outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
8. SUBSEQUENT EVENTS
In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or
transactions that occurred after the balance sheet date. Based upon this review, the Company did not identify any subsequent events that
would have required adjustment or disclosure in the financial statements other than what is listed below:
On
August 1, 2024, the Company received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”)
of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2)
(the “Minimum Public Holders Rule”), which requires the Company to have at least 400 total holders for continued listing
on the Nasdaq Global Market. An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com
and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact
the listing of the Company’s securities on the Nasdaq Global Market at this time.
The
Notice states that the Company has 45 calendar days, or September 15, 2024, to submit a plan (the “Company’s Plan”)
to regain compliance with the Minimum Public Holders Rule. If the Company is unable to regain compliance by that date, the Company intends
to submit a plan to regain compliance with the Minimum Public Holders Rule within the required timeframe. If Nasdaq accepts Company’s
Plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the
Minimum Public Holders Rule. If Nasdaq does not accept the Company’s Plan, the Company will have the opportunity to appeal the
decision in front of a Nasdaq Hearings Panel. However, there can be no assurance that such an appeal would be successful. The Company,
by filing this Form 10-Q, discloses its receipt of the Notice in accordance with Nasdaq Listing Rule 5810(b).
The
Company intends to monitor its total holders between now and September 15, 2024, and may, if appropriate, evaluate available options
to resolve the deficiency under the Minimum Public Holders Rule and regain compliance with the Minimum Public Holders Rule. Additionally,
the Company may consider applying to transfer the listing of its securities to the Nasdaq Capital Market (provided that it then satisfies
the requirements for continued listing on that market). However, there can be no assurance that the Company will be able to regain or
maintain compliance with Nasdaq listing criteria.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed financial statements are presented in U.S. Dollars and conformity with accounting principles generally
accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information
or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant
to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes
necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the
accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary
for a fair presentation of the financial position, operating results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023 as filed with the SEC on April 1, 2024 (the “Annual Report”), which contains the audited
financial statements and notes thereto. The financial information as of December 31, 2023 is derived from the audited financial statements
presented in the Company’s Annual Report. The interim results for the six months ended June 30, 2024 are not necessarily indicative
of the results to be expected for the year ending December 31, 2024 or for any future interim periods.
|
Use of Estimates |
Use
of Estimates
The
preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting
period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect
of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which
management considered in formulating its estimate, could change in the near term due to one or more future confirming events.
Accordingly, the actual results could differ significantly from those estimates.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had no cash equivalents as of June 30, 2024 and December 31, 2023.
|
Marketable Securities Held in Trust Account |
Marketable
Securities Held in Trust Account
At
June 30, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in mutual funds. At June 30,
2024 and December 31, 2023, the balance in the Trust Account was $14,588,710 and $13,979,449, respectively.
|
Deferred offering costs |
Deferred
offering costs
Deferred
offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly
related to the Offering and that were charged to stockholders’ equity upon the completion of the Offering. Should the Offering
have proved to be unsuccessful, these deferred costs, as well as additional expenses incurred, would have been charged to operations.
|
Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2024 and December 31, 2023 and no amounts accrued for interest and
penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
Our
effective tax rate was 97.09% and 77.57% for the three months ended June 30, 2024 and 2023, respectively. Our effective tax rate was
49.71% and 186.18% for the six months ended June 30, 2024 and 2023, respectively. The effective tax rate differs from the statutory tax
rate of 21% for the three and six months ended June 30, 2024 and 2023, due to transaction costs and the valuation allowance on the deferred
tax assets.
|
Class A Common Stock Subject to Possible Redemption |
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) are classified as a liability
instrument and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) are classified as temporary equity. At all other times, shares are classified as stockholders’
equity. The Company’s Class A Common Stock features certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events, and is therefore classified as temporary equity on the unaudited condensed
balance sheets.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
As
of June 30, 2024 and December 31,2023, the Class A Common Stock reflected on the condensed balance sheets are reconciled in the
following table:
SCHEDULE OF CLASS A COMMON STOCK REFLECTED ON BALANCE SHEET
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Redeemable Class A Common Stock – Opening Balance | |
$ | 13,025,860 | | |
$ | 87,543,750 | |
Less: | |
| | | |
| | |
Redemption
of Class A common stock, including interest | |
| - | | |
| (78,549,722 | ) |
Plus: | |
| | | |
| | |
Re-measurement
of carrying value to redemption value | |
| 1,417,421 | | |
| 4,031,832 | |
Redeemable Class A Common Stock - Ending Balance | |
$ | 14,443,281 | | |
$ | 13,025,860 | |
|
Net income (loss) per share |
Net
income (loss) per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss) per
share is computed by dividing net loss by the weighted average number of common stock outstanding during the period, excluding common
stock subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 281,250 shares of Class B Common
Stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 6). At June 30, 2024
and June 30, 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into common stock and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income
(loss) per share for the periods presented.
The
net income (loss) per share presented in the unaudited condensed statements of operations is based on the following:
SCHEDULE
OF NET INCOME LOSS PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the three months ended
June
30, | | |
For
the six months ended
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net
income (loss) | |
$ | 2,697 | | |
$ | (385,045 | ) | |
$ | 135,534 | | |
$ | (159,121 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| (154,000 | ) | |
| - | |
Net
income (loss) including accretion of carrying value to redemption value | |
$ | (151,303 | ) | |
$ | (385,045 | ) | |
$ | (18,466 | ) | |
$ | (159,121 | ) |
SCHEDULE OF NET INCOME (LOSS) BASIC AND DILUTED PER SHARE
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
| |
For
three months ended
June
30, | |
| |
2024 | | |
2023 | |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
Basic
and diluted net income(loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation
of net income(loss) including carrying value to redemption value | |
$ | 128,884 | | |
$ | (126,187 | ) | |
$ | 2,651 | | |
$ | (387,696 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| - | | |
| - | |
Allocation
of net income | |
$ | (25,116 | ) | |
$ | (126,187 | ) | |
$ | 2,651 | | |
$ | (387,696 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 1,283,336 | | |
| 2,632,500 | | |
| 5,760,211 | | |
| 2,632,500 | |
Basic
and diluted net income(loss) per share | |
$ | (0.02 | ) | |
$ | (0.05 | ) | |
$ | 0.00 | | |
$ | (0.15 | ) |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
| |
For
six months ended
June
30, | |
| |
2024 | | |
2023 | |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
Basic
and diluted net income(loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation
of net income(loss) including carrying value to redemption value | |
$ | 503,715 | | |
$ | (368,181 | ) | |
$ | 348,912 | | |
$ | (508,033 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| - | | |
| - | |
Allocation
of net income | |
$ | 349,715 | | |
$ | (368,181 | ) | |
$ | 348,912 | | |
$ | (508,033 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 1,283,336 | | |
| 2,632,500 | | |
| 7,192,606 | | |
| 2,632,500 | |
Basic
and diluted net income(loss) per share | |
$ | 0.27 | | |
$ | (0.14 | ) | |
$ | 0.05 | | |
$ | (0.19 | ) |
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject to concentration of credit risk consist of cash and cash held in trust. Cash is comprised of
cash balances with banks and bank deposits, which are insured by the Federal Deposit Insurance Company (“FDIC”), up to
$250,000.
The Company did not have cash exceed FDIC limits at June 30, 2024 and December 31, 2023. Cash held in trust is comprised of
securities held by a financial institution, which are insured by the Securities Investor Protection Corporation
(“SIPC”), comprised of $250,000 coverage
for cash and $250,000 for
securities. The Company had approximately $14,338,710 and
$13,729,449 of
securities in excess of SIPC limits as of June 30, 2024 and December 31, 2023, respectively.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair
Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying condensed balance
sheets, primarily due to their short-term nature.
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of June 30, 2024 and December 31, 2023:
SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC
| |
Level | | |
June
30, 2024 | | |
December
31, 2023 | |
Assets: | |
| | | |
| | | |
| | |
Cash
and marketable securities held in trust account | |
| 1 | | |
$ | 14,588,710 | | |
$ | 13,979,449 | |
|
Derivative Financial Instruments |
Derivative
Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” Derivative instruments are initially recorded at
fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed
statements of operations. Derivative assets and liabilities are classified in the unaudited condensed balance sheets as current or non-current
based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the unaudited condensed
balance sheets date. The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40. The Company has determined
that the Warrants qualify for equity treatment in the Company’s unaudited condensed financial statements.
|
Recent Accounting Standards |
Recent
Accounting Standards
The
Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently
adopted, would have a material effect on the accompanying unaudited condensed financial statement.
|
Risks and Uncertainties |
Risks
and Uncertainties
Sustained uncertainty about, or worsening of, geopolitical tensions, including further escalation of the war between Russia and Ukraine,
further escalation of the conflict between the State of Israel and Hamas, as well as further escalation of tensions between the State
of Israel and various countries in the Middle East and North Africa, could result in a global economic slowdown and long-term changes
to global trade. As a result, the Company’s ability to consummate a Business Combination, or the operations of a target business
with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. Further, the Company’s
ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these
events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable
on terms acceptable to the Company or at all. The impact of these events on the world economy and the specific impact on the Company’s
financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The unaudited
condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
|
Inflation Reduction Act of 2022 |
Inflation
Reduction Act of 2022
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic
(i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the
repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1%
of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax,
repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of
stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury
(the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or
avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.
Any
redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions
and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii)
the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued
not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content
of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the
redeeming holders, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction
in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.
At
this time, it has been determined that the IR Act tax provisions would have an impact to the Company’s fiscal 2023 tax provision
as there were redemptions by the public stockholders in April 2023 and December 2023; as a result, the Company recorded $785,497 excise
tax liability as of June 30, 2024 and December 31, 2023. The Company will continue to monitor for updates to the Company’s business
along with guidance issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision
in future periods.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF CLASS A COMMON STOCK REFLECTED ON BALANCE SHEET |
As
of June 30, 2024 and December 31,2023, the Class A Common Stock reflected on the condensed balance sheets are reconciled in the
following table:
SCHEDULE OF CLASS A COMMON STOCK REFLECTED ON BALANCE SHEET
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Redeemable Class A Common Stock – Opening Balance | |
$ | 13,025,860 | | |
$ | 87,543,750 | |
Less: | |
| | | |
| | |
Redemption
of Class A common stock, including interest | |
| - | | |
| (78,549,722 | ) |
Plus: | |
| | | |
| | |
Re-measurement
of carrying value to redemption value | |
| 1,417,421 | | |
| 4,031,832 | |
Redeemable Class A Common Stock - Ending Balance | |
$ | 14,443,281 | | |
$ | 13,025,860 | |
|
SCHEDULE OF NET INCOME LOSS PER SHARE |
The
net income (loss) per share presented in the unaudited condensed statements of operations is based on the following:
SCHEDULE
OF NET INCOME LOSS PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the three months ended
June
30, | | |
For
the six months ended
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net
income (loss) | |
$ | 2,697 | | |
$ | (385,045 | ) | |
$ | 135,534 | | |
$ | (159,121 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| (154,000 | ) | |
| - | |
Net
income (loss) including accretion of carrying value to redemption value | |
$ | (151,303 | ) | |
$ | (385,045 | ) | |
$ | (18,466 | ) | |
$ | (159,121 | ) |
|
SCHEDULE OF NET INCOME (LOSS) BASIC AND DILUTED PER SHARE |
SCHEDULE OF NET INCOME (LOSS) BASIC AND DILUTED PER SHARE
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
| |
For
three months ended
June
30, | |
| |
2024 | | |
2023 | |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
Basic
and diluted net income(loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation
of net income(loss) including carrying value to redemption value | |
$ | 128,884 | | |
$ | (126,187 | ) | |
$ | 2,651 | | |
$ | (387,696 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| - | | |
| - | |
Allocation
of net income | |
$ | (25,116 | ) | |
$ | (126,187 | ) | |
$ | 2,651 | | |
$ | (387,696 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 1,283,336 | | |
| 2,632,500 | | |
| 5,760,211 | | |
| 2,632,500 | |
Basic
and diluted net income(loss) per share | |
$ | (0.02 | ) | |
$ | (0.05 | ) | |
$ | 0.00 | | |
$ | (0.15 | ) |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
| |
For
six months ended
June
30, | |
| |
2024 | | |
2023 | |
| |
Redeemable
Common
Stock | | |
Non-
Redeemable
Common
Stock | | |
Redeemable
Common
Stock | | |
Non-Redeemable
Common
Stock | |
Basic
and diluted net income(loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation
of net income(loss) including carrying value to redemption value | |
$ | 503,715 | | |
$ | (368,181 | ) | |
$ | 348,912 | | |
$ | (508,033 | ) |
Accretion
of carrying value to redemption value | |
| (154,000 | ) | |
| - | | |
| - | | |
| - | |
Allocation
of net income | |
$ | 349,715 | | |
$ | (368,181 | ) | |
$ | 348,912 | | |
$ | (508,033 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 1,283,336 | | |
| 2,632,500 | | |
| 7,192,606 | | |
| 2,632,500 | |
Basic
and diluted net income(loss) per share | |
$ | 0.27 | | |
$ | (0.14 | ) | |
$ | 0.05 | | |
$ | (0.19 | ) |
|
SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC |
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of June 30, 2024 and December 31, 2023:
SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC
| |
Level | | |
June
30, 2024 | | |
December
31, 2023 | |
Assets: | |
| | | |
| | | |
| | |
Cash
and marketable securities held in trust account | |
| 1 | | |
$ | 14,588,710 | | |
$ | 13,979,449 | |
|
X |
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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v3.24.2.u1
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
6 Months Ended |
|
Aug. 22, 2024 |
Jul. 23, 2024 |
Jun. 24, 2024 |
May 24, 2024 |
Apr. 24, 2024 |
Mar. 19, 2024 |
Feb. 16, 2024 |
Dec. 19, 2023 |
Dec. 18, 2023 |
Apr. 19, 2023 |
Jan. 24, 2022 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred underwriting commissions |
|
|
|
|
|
|
|
|
|
|
|
$ 2,587,500
|
$ 2,587,500
|
Proceeds from offering and private placements |
|
|
|
|
|
|
|
|
|
|
$ 87,543,750
|
|
|
Cash in trust account |
|
|
|
|
|
|
|
|
|
|
818,211
|
14,100,000
|
|
Cash in operating bank |
|
|
|
|
|
|
|
|
|
|
|
3,055
|
$ 87,134
|
Working capital |
|
|
|
|
|
|
|
|
|
|
|
$ 5,673,224
|
|
Redemption percentage |
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
Share price available for distribution for public offering price per unit |
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
Temporary equity, redemption price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 11.25
|
$ 10.15
|
Domestication, shares conversion description |
|
|
|
|
|
|
|
|
|
|
|
(a) each share of DUET’s Class A common stock, par value $0.0001 per share (the “Class
A Common Stock”), that is issued and outstanding immediately prior to the Domestication shall become one ordinary share of DUET
(the “DUET Ordinary Shares”), (b) each share of DUET’s Class B common stock, par value $0.0001 per share (the “Class
B Common Stock”), that is issued and outstanding immediately prior to the Domestication shall become one DUET Ordinary Share, (c)
each warrant of DUET that is outstanding immediately prior to the Domestication shall, from and after the Domestication, represent the
right to purchase one DUET Ordinary Share at an exercise price of $11.50 per share on the terms
|
|
Deposit of ordinary shares into escrow |
|
|
|
|
|
|
|
|
|
|
|
4,500,000
|
|
Business combination termination fee |
|
|
|
|
|
|
|
|
|
|
|
$ 3,500,000
|
|
Working capital loan |
|
|
|
|
|
|
|
|
|
|
|
$ 1,303,842
|
|
Promissory note repaid |
|
|
|
|
|
|
|
|
|
|
193,535
|
|
|
Duet Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 10.15
|
|
Proceeds from issuance of shares |
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
Working capital loan |
|
|
|
|
|
|
|
|
|
|
|
$ 190,478
|
|
Extension Amendment and Trust Amendment [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of repurchase of equity |
|
|
|
|
|
|
|
|
100.00%
|
100.00%
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
$ 40,000
|
$ 175,000
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
$ 0.04
|
$ 0.055
|
|
|
|
Payments for deposits |
|
|
$ 40,000
|
$ 40,000
|
$ 40,000
|
$ 40,000
|
$ 40,000
|
$ 80,000
|
|
|
|
|
|
Business combination, extension date |
|
|
Jul. 24, 2024
|
Jun. 24, 2024
|
May 24, 2024
|
Apr. 24, 2024
|
Mar. 24, 2024
|
Feb. 24, 2024
|
|
|
|
|
|
Extension Amendment and Trust Amendment [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for deposits |
$ 40,000
|
$ 40,000
|
|
|
|
|
|
|
|
|
|
|
|
Business combination, extension date |
Sep. 24, 2024
|
Aug. 24, 2024
|
|
|
|
|
|
|
|
|
|
|
|
Business Combination Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
Number of shares issued for acquisitions |
|
|
|
|
|
|
|
|
|
|
|
61,000,000
|
|
Number of shares issued acquisitions, value |
|
|
|
|
|
|
|
|
|
|
|
$ 610,000,000
|
|
Duet Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Business acquistion, ownership interest percentage |
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
Duet Partners LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Business acquistion, ownership interest percentage |
|
|
|
|
|
|
|
|
|
|
|
80.00%
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Common Class A [Member] | Extension Amendment and Trust Amendment [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of shares |
|
|
|
|
|
|
|
|
3,760,678
|
|
|
|
|
Temporary equity, redemption price per share |
|
|
|
|
|
|
|
|
$ 10.95
|
|
|
|
|
Shares redeemed value |
|
|
|
|
|
|
|
|
$ 41,200,000
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of units |
|
|
|
|
|
|
|
|
|
|
|
$ 1,293,750
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
Payment of Financing and Stock Issuance Costs |
|
|
|
|
|
|
|
|
|
|
4,374,016
|
|
|
Expense Related to Distribution or Servicing and Underwriting Fees |
|
|
|
|
|
|
|
|
|
|
1,293,750
|
|
|
Deferred underwriting fees |
|
|
|
|
|
|
|
|
|
|
2,587,500
|
|
|
Other Expenses |
|
|
|
|
|
|
|
|
|
|
$ 492,766
|
|
|
Intangible assets net |
|
|
|
|
|
|
|
|
|
|
|
$ 5,000,001
|
|
IPO [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock units issued |
|
|
|
|
|
|
|
|
|
|
7,500,000
|
|
|
Number of units issued, at par value |
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
Proceeds from sale of units |
|
|
|
|
|
|
|
|
|
|
$ 75,000,000
|
|
|
Offering costs |
|
|
|
|
|
|
|
|
|
|
5,161,516
|
|
|
Deferred underwriting commissions |
|
|
|
|
|
|
|
|
|
|
$ 2,250,500
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock units issued |
|
|
|
|
|
|
|
|
|
|
|
390,000
|
|
Offering costs |
|
|
|
|
|
|
|
|
|
|
|
$ 3,900,000
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
Private Placement [Member] | Duet Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock units issued |
|
|
|
|
|
|
|
|
|
|
356,250
|
|
|
Number of units issued, at par value |
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
Proceeds from sale of private placement units |
|
|
|
|
|
|
|
|
|
|
$ 3,562,500
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock units issued |
|
|
|
|
|
|
|
|
|
|
1,125,000
|
|
|
Number of units issued, at par value |
|
|
|
|
|
|
|
|
|
|
$ 10
|
|
|
Proceeds from sale of units |
|
|
|
|
|
|
|
|
|
|
$ 11,250,000
|
|
|
Offering costs |
|
|
|
|
|
|
|
|
|
|
506,250
|
|
|
Deferred underwriting commissions |
|
|
|
|
|
|
|
|
|
|
$ 337,500
|
|
|
Units description |
|
|
|
|
|
|
|
|
|
|
Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class
A Common Stock”), one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof
to purchase one share of Class A Common Stock for $11.50 per share
|
|
|
Over-Allotment Option [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
|
|
|
$ 11.50
|
|
|
Private Placement One [Member] | Duet Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock units issued |
|
|
|
|
|
|
|
|
|
|
33,750
|
|
|
Proceeds from sale of private placement units |
|
|
|
|
|
|
|
|
|
|
$ 337,500
|
|
|
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SCHEDULE OF CLASS A COMMON STOCK REFLECTED ON BALANCE SHEET (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Redeemable Class A Common Stock – Opening Balance |
$ 13,025,860
|
$ 87,543,750
|
Redemption of Class A common stock, including interest |
|
(78,549,722)
|
Re-measurement of carrying value to redemption value |
1,417,421
|
4,031,832
|
Redeemable Class A Common Stock - Ending Balance |
$ 14,443,281
|
$ 13,025,860
|
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v3.24.2.u1
SCHEDULE OF NET INCOME LOSS PER SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
|
Net income (loss) |
$ 2,697
|
$ 132,838
|
$ (385,045)
|
$ 225,923
|
$ 135,534
|
$ (159,121)
|
Accretion of carrying value to redemption value |
(154,000)
|
|
|
|
(154,000)
|
|
Net income (loss) including accretion of carrying value to redemption value |
$ (151,303)
|
|
$ (385,045)
|
|
$ (18,466)
|
$ (159,121)
|
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v3.24.2.u1
SCHEDULE OF NET INCOME (LOSS) BASIC AND DILUTED PER SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accretion of carrying value to redemption value |
$ (154,000)
|
|
$ (154,000)
|
|
Redeemable Common Stock [Member] |
|
|
|
|
Allocation of net income(loss) including carrying value to redemption value |
128,884
|
2,651
|
503,715
|
348,912
|
Accretion of carrying value to redemption value |
(154,000)
|
|
(154,000)
|
|
Allocation of net income |
$ (25,116)
|
$ 2,651
|
$ 349,715
|
$ 348,912
|
Weighted-average shares outstanding, basic |
1,283,336
|
5,760,211
|
1,283,336
|
7,192,606
|
Weighted-average shares outstanding, diluted |
1,283,336
|
5,760,211
|
1,283,336
|
7,192,606
|
Basic net income (loss) per share |
$ (0.02)
|
$ 0.00
|
$ 0.27
|
$ 0.05
|
Diluted net income (loss) per share |
$ (0.02)
|
$ 0.00
|
$ 0.27
|
$ 0.05
|
Non Redeemable Common Stock [Member] |
|
|
|
|
Allocation of net income(loss) including carrying value to redemption value |
$ (126,187)
|
$ (387,696)
|
$ (368,181)
|
$ (508,033)
|
Accretion of carrying value to redemption value |
|
|
|
|
Allocation of net income |
$ (126,187)
|
$ (387,696)
|
$ (368,181)
|
$ (508,033)
|
Weighted-average shares outstanding, basic |
2,632,500
|
2,632,500
|
2,632,500
|
2,632,500
|
Weighted-average shares outstanding, diluted |
2,632,500
|
2,632,500
|
2,632,500
|
2,632,500
|
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$ (0.05)
|
$ (0.15)
|
$ (0.14)
|
$ (0.19)
|
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$ (0.05)
|
$ (0.15)
|
$ (0.14)
|
$ (0.19)
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Cash equivalents |
$ 0
|
|
$ 0
|
|
$ 0
|
Marketable securities |
$ 14,588,710
|
|
$ 14,588,710
|
|
13,979,449
|
Effective tax rate |
97.09%
|
77.57%
|
49.71%
|
186.18%
|
|
Statutory tax rate |
21.00%
|
21.00%
|
21.00%
|
21.00%
|
|
Cash, FDIC Insured Amount |
$ 250,000
|
|
$ 250,000
|
|
|
Cash SIPC insured amount |
250,000
|
|
250,000
|
|
|
Cash Collateral for Borrowed Securities |
250,000
|
|
250,000
|
|
|
Securities Received as Collateral, Amount Foreclosed |
|
|
14,338,710
|
|
13,729,449
|
Excise tax liability |
$ 785,497
|
|
$ 785,497
|
|
$ 785,497
|
Common Class B [Member] |
|
|
|
|
|
Common stock subject to forfeiture of shares |
|
|
281,250
|
|
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v3.24.2.u1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Jul. 06, 2023 |
Oct. 17, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 18, 2023 |
Apr. 19, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion price per share |
|
|
$ 10.00
|
|
$ 10.00
|
|
|
|
|
Working capital loan |
|
|
$ 1,303,842
|
|
$ 1,303,842
|
|
|
|
|
Long term debt |
|
|
1,370,000
|
|
1,370,000
|
|
$ 1,090,000
|
|
|
Administrative services amount |
|
|
|
$ 30,000
|
2,330
|
$ 60,000
|
|
|
|
Accrued administrative expense |
|
|
30,000
|
|
60,000
|
|
|
|
|
Extension Amendment and Trust Amendment [Member] |
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
$ 40,000
|
$ 175,000
|
Share issued price per share |
|
|
|
|
|
|
|
$ 0.04
|
$ 0.055
|
Convertible Note Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
$ 1,500,000
|
|
|
|
|
|
|
|
|
Cash received from convertible loan |
200,000
|
|
|
|
|
|
|
|
|
Additional issuance of loan |
800,000
|
|
|
|
|
|
|
|
|
Loan funds |
$ 500,000
|
|
|
|
|
|
|
|
|
Administrative Service Agreement [Member] |
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
Payment to sponsor |
|
|
|
|
$ 10,000
|
|
|
|
|
Payment period |
|
|
|
|
15-month period
|
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion price per share |
$ 10.00
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
$ 1,500,000
|
|
|
|
|
|
|
|
|
Working capital loan |
|
|
$ 1,303,842
|
|
$ 1,303,842
|
|
$ 1,242,500
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
Notes amount available for conversion |
|
|
|
|
$ 1,500,000
|
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
$ 12.00
|
|
|
|
|
|
|
|
Duet Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
Number of aggregate purchased shares |
|
2,156,250
|
|
|
|
|
|
|
|
Value of aggregate purchased shares |
|
$ 25,000
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
$ 10.15
|
|
$ 10.15
|
|
|
|
|
Working capital loan |
|
|
$ 190,478
|
|
$ 190,478
|
|
|
|
|
X |
- DefinitionAmount of expense for administrative fee from service provided, including, but not limited to, salary, rent, or overhead cost.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
6 Months Ended |
Jan. 24, 2022 |
Jun. 30, 2024 |
IPO [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Proceeds from public offering |
|
$ 1,293,750
|
Number of common stock issued |
|
8,625,000
|
IPO [Member] | Common Class A [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Proceeds from public offering |
$ 75,000,000
|
|
Underwriting Agreement [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Purchase of additional offers percentage |
|
15.00%
|
Underwriting discount percentage |
|
1.50%
|
Proceeds from public offering |
|
$ 2,587,500
|
Deferred underwriting fee percentage |
|
3.00%
|
Underwriting Agreement [Member] | Common Class A [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Number of common stock issued |
|
86,250
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v3.24.2.u1
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Oct. 17, 2021 |
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
|
Preferred stock, shares issued |
0
|
0
|
|
Preferred stock, shares outstanding |
0
|
0
|
|
Warrant [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Shares issued, price per share |
$ 0.01
|
|
|
Common Class A [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
|
Common stock, shares issued |
476,250
|
476,250
|
|
Common stock, shares outstanding |
476,250
|
476,250
|
|
Common stock, shares redemption |
1,283,336
|
1,283,336
|
|
Warrant exercise price |
$ 18.00
|
|
|
Common Class B [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
|
Common stock, shares issued |
2,156,250
|
2,156,250
|
|
Common stock, shares outstanding |
2,156,250
|
2,156,250
|
|
Shares issued, price per share |
|
|
$ 12.00
|
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DUET Acquisition (NASDAQ:DUETW)
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