Thu, Sep 5, 10:27 AM (131 days ago)
For the quarter ending June 30, 2024, DUET Acquisition Corp. reported a net income of $2.7K, a significant recovery from a net loss of $385K in the same quarter of 2023. Total revenue for the six months was $135.5K, primarily from interest on marketable securities, while operating costs were reduced to $348.4K from $1.45M year-over-year. The Trust Account balance increased to $14.6M, reflecting a stable cash position for potential business combinations, despite a working capital deficit of $5.7M. The company has extended its business combination deadline to January 2025 and continues to face uncertainties regarding compliance with Nasdaq listing requirements. The management is actively exploring options to address liquidity needs and potential financing for future operations, emphasizing the importance of completing a business combination to sustain operations. Overall, while the quarterly performance shows improvement, challenges remain in maintaining compliance and securing future funding.