Thu, May 23, 8:20 PM (261 days ago)
DUET Acquisition Corp. reported its quarterly financials for the period ending March 31, 2024. The company, a blank check entity formed for business combinations, has not commenced operations and is focused on identifying a target for acquisition. For Q1 2024, DUET reported a net income of $132,838, a decrease from $225,923 in Q1 2023. This decline is attributed to lower interest income from marketable securities and higher formation and operating costs. Key financials include: - Cash decreased to $16,661 from $87,134 at year-end 2023. - Total assets increased to $14.47 million from $14.07 million. - Total liabilities rose to $8.14 million from $7.87 million. - Stockholders' deficit improved slightly to $6.70 million from $6.83 million. DUET has extended its business combination deadline to May 24, 2024, with potential monthly extensions through January 24, 2025. It continues to seek additional funds for operations and potential acquisitions. Notably, the company terminated a previous merger agreement and is pursuing a new business combination with Fenix 360 Pte. Ltd. DUET faces uncertainties, including compliance with Nasdaq listing standards and potential impacts from geopolitical events and new tax provisions.