UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
Amendment of Trust Agreement
On January 24, 2022, DUET Acquisition Corp., a Delaware corporation (the “Company”), consummated its initial public offering (the “Offering”). In connection therewith, the Company entered into an Investment Management Trust Agreement, dated January 19, 2022 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, as trustee (“Continental”), which Trust Agreement governs the trust account in which a portion of the proceeds of the Offering were placed (the “Trust Account”). The form of the Trust Agreement was initially filed as an exhibit to the Company’s Registration Statement on Form S-1 (File No. 333-261494) for the Offering.
On April 19, 2023, at 8:00 a.m. ET, the Company held a virtual special meeting of its stockholders at https://www.cstproxy.com/duetcorp/2023, pursuant to due notice (the “Special Meeting”). At the Special Meeting, the stockholders of the Company entitled to vote at the meeting cast their votes and approved a proposal to amend the Trust Agreement to allow the Company to extend the date on which Continental must liquidate the Trust Account if the Company has not completed its initial business combination by an additional nine months, pursuant to nine one-month extensions, from April 24, 2023 to January 24, 2024 (the “Trust Amendment”) by depositing into the Trust Account the lesser of (i) $175,000 or (ii) $0.055 per share for each public share that is 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. The procedures in the Trust Amendment conform to the procedures contained in an amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Charter Amendment”) that was also approved by the Company’s stockholders at the Special Meeting and is described under Item 5.03 below, which description is incorporated herein by reference. The Company and Continental entered into the Trust Amendment on April 20, 2023.
The foregoing summary of the Trust Amendment is qualified by the full text of Amendment No. 1 to the Investment Management Trust Agreement dated April 20, 2023 by and between the Company and Continental, included as Exhibit 10.1 hereto and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On April 21, 2023, the Company deposited an aggregate of $175,000 (the “Extension Payment”) into the Trust Account, representing approximately $0.03 per public share remaining outstanding after the redemptions described below, which enables the Company to extend the period of time it has to consummate its initial business combination by one month from April 24, 2023 to May 24, 2023 (the “First Extension”). The First Extension is the first of up to nine monthly extensions permitted under the Company’s Amended and Restated Certificate of Incorporation, as amended by the Charter Amendment, as discussed in Items 5.03 and 5.07 of this report.
Item 3.03. Material Modification to Rights of Security Holders.
Amendment to Certificate of Incorporation
As described in Item 5.03 below, which description is incorporated herein by reference, the stockholders of the Company approved the Charter Amendment at the Special Meeting, and the Company subsequently filed the Charter Amendment with the Secretary of State of the State of Delaware on April 20, 2023.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The stockholders of the Company approved the Charter Amendment at the Special Meeting, changing the structure and cost of the Company’s right to extend the date (the “Termination 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 (a “business combination”), (ii) cease its operations if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the shares of the Company’s Class A common stock, $0.0001 par value per share (the “Class A Common Stock”), included as part of the units sold in the Offering.
The Charter Amendment allows the Company to extend the Termination Date 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) DUET Partners, LLC, the Company’s sponsor (the “Sponsor”), or its affiliates or permitted designees 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 (each an “Extension”) by the applicable deadline, 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, as amended by the Trust Amendment, shall have been complied with. If following an Extension, the Termination Date, as extended, falls on a day that is not a business day, such extended Termination Date will be automatically extended to the next succeeding business day.
Following receipt of stockholder approval of the Charter Amendment, the Company filed the Charter Amendment with the Secretary of State of the State of Delaware on April 20, 2023. The foregoing summary is qualified by the full text of the Charter Amendment, which is included as Exhibit 3.1 hereto and is incorporated herein by reference.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On April 19, 2023, at 8:00 a.m. ET, the Company held a virtual special meeting of its stockholders at https://www.cstproxy.com/duetcorp/2023, pursuant to due notice. On the record date of March 16, 2023, there were 11,257,500 shares of common stock outstanding and entitled to vote at the Special Meeting. At the Special Meeting, the stockholders of the Company voted on two of the three proposals presented, the Extension Amendment Proposal and the Trust Amendment Proposal, each as described in the proxy statement dated March 24, 2023. The stockholders of the Company entitled to vote at the Special Meeting cast their votes as described below:
Proposal 1 - Extension Amendment Proposal
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 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. The following is a tabulation of the voting results:
Common Stock:
Votes For | Votes Against | Abstentions | Broker Non-Votes | |||
9,328,444 (82.9%) | 440,277 (3.9%) | — | — |
Proposal 2 - Trust Amendment Proposal
The stockholders of the Company approved the proposal (the “Trust Amendment Proposal”) to amend the Trust Agreement to allow the Company to extend the date on which Continental must liquidate the Trust Account if the Company has not completed its initial business combination for an additional nine months, pursuant to nine one-month extensions, from April 24, 2023 to January 24, 2024, by depositing 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. The following is a tabulation of the voting results:
Common Stock:
Votes For | Votes Against | Abstentions | Broker Non-Votes | |||
9,328,444 (82.9%) | 440,277 (3.9%) | — | — |
Proposal 3 – Adjournment Proposal
The third proposal to adjourn the Special Meeting (the “Adjournment Proposal”), was not presented at the Special Meeting because the Extension Amendment Proposal and the Trust Amendment Proposal received sufficient favorable votes to be adopted.
Item 7.01. Regulation FD Disclosure.
A press release describing the results of the Special Meeting and the Company’s intention to obtain the First Extension to the Termination Date is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The foregoing (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act.
Item 8.01. Other Events.
Redemption of Public Shares
In connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the Special Meeting, holders of 3,580,986 shares of the Company’s Class A Common Stock exercised their right to redeem those shares for cash at an approximate price of $10.38 per share, for an aggregate of approximately $37.2 million. Following the payment of the redemptions, the Trust Account will have a balance of approximately $52.4 million before the Extension Payment.
Item 9.01. Exhibits.
Exhibit Number |
Description of Exhibit | |
3.1 | Amendment to the Amended and Restated Certificate of Incorporation dated April 20, 2023. | |
10.1 | 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. | |
99.1 | Press Release dated April 24, 2023 | |
104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |
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: April 24, 2023 | By: | /s/ Yeoh Oon Lai |
Yeoh Oon Lai | ||
Co-Chief Executive Officer |
Exhibit 3.1
AMENDMENT
TO THE
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
DUET ACQUISITION CORP.
Pursuant to Section 242 of the
Delaware General Corporation Law
DUET ACQUISITION CORP. (the “Corporation”), a corporation organized and existing under the laws of the State of Delaware, does hereby certify as follows:
1. The name of the Corporation is DUET Acquisition Corp. The Corporation’s Certificate of Incorporation was filed in the office of the Secretary of State of the State of Delaware on September 20, 2021 (the “Original Certificate”). A Certificate of Amendment to Certificate of Incorporation was filed in the office of the Secretary of State of the State of Delaware on September 29, 2021. An Amended and Restated Certificate of Incorporation was filed in the office of the Secretary of State of the State of Delaware on January 19, 2022 (the “Amended and Restated Certificate of Incorporation”).
2. This Amendment to the Amended and Restated Certificate of Incorporation amends the Amended and Restated Certificate of Incorporation of the Corporation.
3. This Amendment to the Amended and Restated Certificate of Incorporation was duly adopted by the affirmative vote of the holders of 65% of the stock entitled to vote at a meeting of stockholders in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware (the “DGCL”).
4. Section 9.1(c) is hereby added to Article IX as follows:
(c) In the event that the Corporation has not consummated an initial Business Combination within 15 months from the date of the closing of the Offering, upon the Sponsor’s request, the Corporation may extend the period of time to consummate a Business Combination by an additional nine months 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 is not redeemed in connection with the Special Meeting for each such one-month extension until January 24, 2024 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 and (ii) the procedures relating to any such extension, as set forth in the Trust Agreement, shall have been complied with. The gross proceeds from the issuance of such promissory note(s) shall be held in the Trust Account and used to fund the redemption of the Offering Shares in accordance with Section 9.2.
1 |
IN WITNESS WHEREOF, DUET Acquisition Corp. has caused this Amendment to the Amended and Restated Certificate to be duly executed in its name and on its behalf by an authorized officer as of this 20th day of April, 2023.
DUET ACQUISITION CORP. | ||
By: | /s/ Yeoh Oon Lai | |
Name: | Yeoh Oon Lai | |
Title: | Co-Chief Executive Officer |
[Signature Page to the Amendment to the Amended and Restated Certificate of Incorporation]
Exhibit 10.1
AMENDMENT NO. 1
TO THE
INVESTMENT MANAGEMENT TRUST AGREEMENT
This Amendment No. 1 (this “Amendment”), dated as of April 20, 2023, to the Investment Management Trust Agreement (as defined below) is made by and between DUET Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company, as trustee (“Trustee”). All terms used but not defined herein shall have the meanings assigned to them in the Investment Management Trust Agreement.
WHEREAS, the Company and the Trustee entered into an Investment Management Trust Agreement dated as of January 19, 2022 (the “Investment Management Trust Agreement”);
WHEREAS, Section 1(i) of the Investment Management Trust Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances described therein;
WHEREAS, at a special meeting of the Company held on April 19, 2023, the Company’s stockholders approved (i) a proposal to amend the Company’s amended and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”) extending the date by which the Company has to consummate a business combination from April 24, 2023 to January 24, 2024 pursuant to nine one-month extensions; and (ii) a proposal to amend the Investment Management Trust Agreement requiring the Company to, deposit into the Trust Account the lesser of (x) $175,000 or (y) $0.055 per share for each public share that is not redeemed in connection with the Special Meeting for each such one-month extension until January 24, 2024 subject to the terms and conditions of the Amended and Restated Certificate of Incorporation, and the Investment Management Trust Agreement, and updating related defined terms; and
NOW THEREFORE, IT IS AGREED:
1. Section 1(i) of the Investment Management Trust Agreement is hereby amended and restated in its entirety as follows:
“(i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by at least two of its Co-Chief Executive Officers, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the case of a Termination Letter in a form substantially similar to the attached hereto as Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) the date which is the later of (1) 15 months after the closing of the Offering or up to 24 months after the closing of the Offering if the Company exercises the nine one-month extensions described in the Company’s Amended and Restated Certificate of Incorporation, as it may be further amended, and (2) such later date as may be approved by the Company’s stockholders in accordance with the Company’s Amended and Restated Certificate of Incorporation if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders;”
2. A new Section 1(m) shall be added to the Investment Management Trust Agreement as follows:
“(m) Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E hereto at least five business days prior to the application termination date (as may be extended in accordance with Section 1(i), signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified in the Extension Letter on or prior to such termination date (if and as applicable), to follow the instructions set forth in the Extension Letter.”
3. The following defined term in the Investment Management Trust Agreement shall be amended and restated in its entirety:
“Trust Agreement” shall mean that certain Investment Management Trust Agreement dated January 19, 2022, between DUET Acquisition Corp. and Continental Stock Transfer & Trust Company, as amended by the Amendment to Investment Management Trust Agreement dated April 20, 2023.”
4. The term “Property” shall be deemed to include any Extension Fee paid to the Trust Account in accordance with the terms of the Amended and Restated Certificate of Incorporation and the Investment Management Trust Agreement, as amended.
5. A new Exhibit E of the Investment Management Trust Agreement is hereby added as follows:
[Letterhead of Company]
[Insert date]
Continental Stock Transfer & Trust Company
1 State Street, 30th Floor
New York, N.Y. 10004
Attn: Mr. Fran Wolf
Re: Trust Account — Extension Letter
Gentlemen:
Pursuant to paragraphs 1(i) and 1(m) of the Investment Management Trust Agreement between DUET Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of January 19, 2022, as amended by the First Amendment dated April 20, 2023 (“Trust Agreement”), this is to advise you that the Company is extending the time available in order to consummate a Business Combination with the Target Businesses for an additional nine one-month period, from April 24, 2023 to January 24, 2024 (the “Extension”). Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.
This Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline.
-2- |
In accordance with the terms of the Trust Agreement, we hereby authorize you to deposit the Extension Fee, in the amount which is the lesser of (x) $175,000 or (y) $0.055 per share for each public share that is not redeemed in connection with the Special Meeting for each such one-month extension until January 24, 2024 subject to the terms and conditions of the Amended and Restated Certificate of Incorporation, which will be wired to you, into the Trust Account investments upon receipt.
Very truly yours, | ||
DUET ACQUISITION CORP. | ||
By: | ||
Name: | Yeoh Oon Lai | |
Title: | Co-Chief Executive Officer |
6. All other provisions of the Investment Management Trust Agreement shall remain unaffected by the terms hereof.
7. This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile signature or electronic signature shall be deemed to be an original signature for purposes of this Amendment.
8. This Amendment is intended to be in full compliance with the requirements for an amendment to the Investment Management Trust Agreement as required by Section 6(c) and Section 6(d) of the Investment Management Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Investment Management Trust Agreement is hereby ratified, intentionally waived and relinquished by all parties hereto.
9. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
[Signature page follows.]
-3- |
IN WITNESS WHEREOF, the parties have duly executed this Amendment to the Investment Management Trust Agreement as of the date first written above.
CONTINENTAL STOCK TRANSFER & TRUST COMPANY, | ||
as Trustee | ||
By: | /s/ Francis Wolf | |
Name: | Francis Wolf | |
Title: | Vice President & Assistant Secretary | |
DUET ACQUISITION CORP. | ||
By: | /s/ Yeoh Oon Lai | |
Name: | Yeoh Oon Lai | |
Title: | Co-Chief Executive Officer |
[Signature Page to Amendment to Investment Management Trust Agreement]
-4- |
Exhibit 99.1
DUET Acquisition Corp. Announces Charter and Trust Agreement Amendments and Extension of Deadline to Complete a Business Combination to May 24, 2023.
Kuala Lumpur, Malaysia – April 24, 2023 – DUET Acquisition Corp. (NASDAQ: DUET, DUETW, DUETU) (“DUET”), a special purpose acquisition company focused on disruptive high-growth, middle market technology companies, announced today that its stockholders approved amendments to its charter and trust agreement to change the structure and cost of how DUET can obtain extensions to the deadline to complete its initial business combination and that DUET obtained the first of up to nine one-month extensions of the deadline—from April 24, 2023 to May 24, 2023—by depositing $175,000 into its trust account (the “Trust Account”) with Continental Stock Transfer and Trust Company (“Continental”).
DUET’s stockholders, at a virtual special meeting of stockholders held on April 19, 2023, approved amendments to DUET’s Amended and Restated Certificate of Incorporation (the “Charter Amendment”) and DUET’s Investment Management Trust Agreement dated January 19, 2022 with Continental (the “Trust Agreement Amendment”) to change how DUET can obtain extensions to the previously applicable April 24, 2023 deadline to complete its initial business combination. Prior to the amendments, DUET could obtain one 3-month extension by depositing $862,500 into its Trust Account by the deadline applicable prior to the extension. The amendments allow DUET to instead obtain up to nine one-month extensions by depositing the lesser of (i) $175,000 or (ii) $0.055 per outstanding public share per extension into the Trust Account by the deadline applicable prior to the extension.
The Charter Amendment triggered a right of DUET’s public stockholders to demand the redemption of their public shares out of funds held in the Trust Account. Holders of 3,580,986 public shares properly requested redemption leaving 5,044,014 public shares outstanding. After payment of the redemption price to the redeeming public stockholders of approximately $10.38 per share for an aggregate of approximately $37.2 million, DUET will have approximately $52.4 million left in its Trust Account.
As a consequence of adoption of the Charter Amendment and the Trust Agreement Amendment and the redemptions, DUET can now obtain up to nine one-month extensions to the deadline to complete its initial business combination at a cost of the lesser of (i) $175,000 or (ii) $0.055 per outstanding public share per extension. In connection with the amendments, DUET notified Continental that it was exercising its right to obtain the first extension and deposited $175,000 into the Trust Account.
The Charter Amendment, Trust Agreement Amendment, and the first extension described above will provide DUET with additional time to complete a business combination.
About DUET Acquisition Corp.
DUET Acquisition Corp. is a blank check company, which was formed to acquire one or more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization. DUET was formed to effect a business combination with middle market “enabling technology” businesses or assets with a focus on eCommerce, FinTech, Big Data & Analytics and Robotic Process Automation (RPA).
DUET’s chairman, Larry Gan Nyap Liou has extensive experience as an active and strategic investor in eCommerce and digital enterprises. DUET’s Co-CEOs, Dharmendra Magasvaran and Yeoh Oon Lai have deep experience in consulting, digital business and operational experience in the consumer industry respectively.
To learn more, visit www.duet-corp.com.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “project,” “anticipate,” “will likely result” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements, including those set forth in the Risk Factors section of the Company’s proxy statement filed on March 24, 2023 with the SEC. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of DUET and are not predictions of actual performance.
Contact:
Larry Gan Nyap Liou
Chairman of the Board
Email: enquiry@duet-corp.com
Phone: +60 3-9201 1087/+60 11-5695 7895
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