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 ~~September~~March 3031, ~~2023~~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 ~~November~~May 216, ~~2023~~2024, there were 51,~~434~~366,~~014~~870 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”).

DUET ACQUISITION CORP.

TABLE OF CONTENTS

		Page
PART I - FINANCIAL INFORMATION:		1
Item 1.	Financial Statements:	1
	Condensed Balance Sheet as of September 30, 2023 (Unaudited) and as of December 31, 2022	1
	Condensed Balance Sheet as of March 31, 2024 (Unaudited) and as of December 31, 2023	1
	Condensed Statements of Operations for the three and the nine months ended September 30, 2023 and 2022 (Unaudited)	2
	Condensed Statements of Operations for the three months ended March 31, 2024 (Unaudited) and for the three months ended March 31, 2023 (Unaudited)	2
	Condensed Statements of Changes in Stockholders’ Equity for the three and the nine months ended September 30, 2023 and 2022 (Unaudited)	3
	Condensed Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2024 (Unaudited) and for the three months ended March 31, 2023 (Unaudited)	3
	Condensed Statement of Cash Flows for the nine months ended September 30, 2023 and 2022 (Unaudited)	4
	Condensed Statement of Cash Flows for the three months ended March 31, 2024 (Unaudited) and for the three months ended March 31, 2023 (Unaudited)	4
	Notes to Condensed Financial Statements (Unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1422
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	2032
Item 4.	Controls and Procedures	2033
PART II - OTHER INFORMATION:		2133
Item 1.	Legal Proceedings	2133
Item 1A.	Risk Factors	2133
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2133
Item 3.	Defaults Upon Senior Securities	2134
Item 4.	Mine Safety Disclosures	2134
Item 5.	Other Information	2134
Item 6.	Exhibits	2234

PART I - FINANCIAL INFORMATION

Item 1. Unaudited Condensed Financial Statements

DUET ACQUISITION CORP.

~~BALANCE~~CONDENSED BALANCE SHEETS

	September 30, 2023 (unaudited)			December 31, 2022 (audited)
	March 31, 2024 (unaudited)			December 31, 2023
ASSETS
Current Assets
Cash	$	~~171~~16,~~645~~661		$	2787,~~066~~134
Total Current Assets	$	~~171~~16,~~645~~661		$	2787,~~066~~134
Cash and Marketable Securities held in trust account		5414,~~258~~448,~~230~~590			8813,~~592~~979,~~161~~449
Total Assets	$	5414,~~429~~465,~~875~~251		$	8814,~~619~~066,~~227~~583
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accrued expenses	$	1,~~365~~979,~~512~~726		$	251,~~000~~914,504
Account payable		168,747			182,520
Accounts payable		161,747			168,747
Franchise tax payable		19,714			190,207
Amount due to related party		-			2,009
Income tax payable		287,866			229,101
Franchise tax payable		49,103			19,713
Extension loan		700,000			-
Income tax payable		43,987			63,662
Working capital loan		1,157,500			100,000
Excise tax liability		785,497			785,497
Total Current Liabilities		3,699,339			726,828
Extension loan		1,090,000			1,090,000
Working capital loan		1,442,402			1,242,500
Total Current Liabilities		5,552,462			5,286,632
Deferred underwriter commission		2,587,500			2,587,500
Total Liabilities		68,~~286~~139,~~839~~962			37,~~314~~874,~~328~~132
Commitments and Contingencies		-			-
Commitments and Contingencies (Note 6)		-			-
Class A common stock subject to possible redemption; 5,044,014 and 8,625,000 shares (at $10.15 per share)		51,196,742			87,543,750
Class A common stock $0.0001 par value; 100,000,000 shares authorized; 1,283,336 shares subject to possible redemption issued and outstanding, at $10.15 per share, as of March 31, 2024 and December 31, 2023		13,025,860			13,025,860
Stockholders’ Equity (Deficit)
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 5,044,014 and 8,625,000 shares subject to possible redemption, respectively)		48			48
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, as of March 31, 2024 and December 31, 2023)		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
Common stock, value		216			216
Additional paid-in capital		-			-
Accumulated deficit		(6,700,835	)		(6,833,673	)
Accumulated deficit		(3,053,970	)		(2,239,115	)
Total Stockholders’ Deficit		(6,700,571	)		(6,833,409	)
Total Stockholders’ Deficit		(3,053,706	)		(2,238,851	)
Total Liabilities and Stockholders’ Deficit	$	14,465,251		$	14,066,583
Total Liabilities and Stockholders’ Deficit	$	54,429,875		$	88,619,227

The accompanying notes are an integral part of these unaudited condensed financial statements.

DUET ACQUISITION CORP.

~~STATEMENTS~~CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2023~~2024 AND ~~2022~~2023

(UNAUDITED)

	2023			2022			2023			2022
	For the Three Months Ended March 31,
	For the Three Months Ended September 30,						For the Nine months Ended September 30,
	2024			2023
	2023			2022			2023			2022
Formation and operating costs	$	(283,337	)	$	(434,519	)
Formation and operating costs	$	(437,179	)	$	(83,864	)	$	(1,889,511	)	$	(1,006,818	)
Franchise tax		(32,640	)		(50,000	)
Franchise tax		(50,000	)		-			(150,000	)		(1,475	)
Loss from Operations		(315,977	)		(484,519	)
Loss from Operations		(487,179	)		(83,864	)		(2,039,511	)		(1,008,293	)
Other Income
Other Income
Interest earned on marketable securities held in trust account		492,803			886,003
Interest earned on marketable securities held in trust account		685,765			461,831			2,422,741			612,292
Net Income before income tax provision		176,826			401,484
Net Income (Loss) before income tax provision		198,586			377,967			383,230			(396,001	)
Income tax provision		(43,988	)		(175,561	)
Income tax provision		(34,000	)		-			(377,765	)		-
Net Income	$	132,838		$	225,923
Net Profit (Loss)	$	164,586		$	377,967		$	5,465		$	(396,001	)
Weighted average shares outstanding of Redeemable Common Stock		1,283,336			8,625,000
Weighted average shares outstanding of Class A common stock		5,520,264			9,101,250			6,942,126			8,331,659
Basic and diluted net income per common stock	$	0.16		$	0.04
Basic and diluted net income (loss) per common stock	$	0.02		$	0.04		$	0.00		$	(0.02	)
Weighted average shares outstanding of Non-redeemable Common Stock		2,632,500			2,632,500
Weighted average shares outstanding of Class B common stock		2,156,250			2,156,250			2,156,250			2,156,250
Basic and diluted net income (loss) per common stock	$	(0.09	)	$	(0.06	)
Basic and diluted net income (loss) per common stock	$	0.02		$	(0.01	)	$	0.00		$	(0.10	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

DUET ACQUISITION CORP.

~~STATEMENTS~~CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2023~~2024 AND ~~2022~~2023

(UNAUDITED)

	Class A Common Stock				Class B Common Stock				Additional Paid in		Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
	Class A				Class B				Additional					Total
Balance – December 31, 2023		476,250	$	48		2,156,250	$	216	$	-	$	(6,833,673	)	$	(6,833,409	)
	Common Stock				Common Stock				Paid in		Accumulated			Stockholders’
Net income		-		-		-		-		-		132,838			132,838
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Balance – March 31, 2024		476,250	$	48		2,156,250	$	216	$	-	$	(6,700,835	)	$	(6,700,571	)
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	)
Remeasurement of Class A Common Stock Subject to Redemption		-		-		-		-		-		(820,319	)		(820,319	)
Net loss		-		-		-		-		-		(385,045	)		(385,045	)
Balance – June 30, 2023 (unaudited)		476,250		48		2,156,250		216		-		(3,218,556	)		(3,218,292	)
Net income		-		-		-		-		-		164,586			164,586
Balance – September 30, 2023 (unaudited)		476,250		48		2,156,250		216		-		(3,053,970	)		(3,053,706	)

	Class A						Class B				Additional						Total
	Common Stock						Common Stock				Paid in			Accumulated			Stockholders’
	Shares			Amount			Shares		Amount		Capital			Deficit			Deficit
Balance – December 31, 2021 (audited)		-			-			2,156,250	$	216	$	24,784		$	(1,523	)	$	23,477
Balance – December 31, 2022		476,250		$	48			2,156,250	$	216	$	-		$	(2,239,115	)	$	(2,238,851	)
Sale of Units in Initial Public Offering, net of offering costs		8,625,000			863			-		-		86,249,138			-			86,250,000
Balance		476,250		$	48			2,156,250	$	216	$	-		$	(2,239,115	)	$	(2,238,851	)
Class A Common Stock subject to possible redemption		(8,625,000	)		(863	)		-		-		(87,542,888	)		-			(87,543,750	)
Net income		-			-			-		-		-			225,923			225,923
Sale of Private Placement Units		390,000			39			-		-		3,899,961			-			3,900,000
Balance – March 31, 2023		476,250			48			2,156,250		216		-			(2,013,192	)		(2,012,928	)
Representative share		86,250			9			-		-		862,491			-			862,500
Balance		476,250			48			2,156,250		216		-			(2,013,192	)		(2,012,928	)
Offering and underwriting costs		-			-			-		-		(2,674,015	)		-			(2,674,015	)
Deferred underwriting commission		-			-			-		-		(2,587,500	)		-			(2,587,500	)
Re-classification		-			-			-		-		1,768,029			(1,768,029	)		-
Net loss		-			-			-		-		-			(365,765	)		(365,765	)
Balance – March 31, 2022 (unaudited)		476,250			48			2,156,250		216		-			(2,135,317	)		(2,135,053	)
Net loss		-			-			-		-		-			(408,204	)		(408,204	)
Balance – June 30, 2022 (unaudited)		476,250			48			2,156,250		216		-			(2,543,521	)		(2,543,257	)
Beginning balance value		476,250			48			2,156,250		216		-			(2,543,521	)		(2,543,257	)
Net loss		-			-			-		-		-			377,967			377,967
Balance – September 30, 2022 (unaudited)		476,250			48			2,156,250		216		-			(2,165,554	)		(2,165,290	)
Ending balance value		476,250			48			2,156,250		216		-			(2,165,554	)		(2,165,290	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

DUET ACQUISITION CORP.

~~STATEMENT~~CONDENSED STATEMENTS OF CASH FLOWS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2023~~2024 AND ~~2022~~2023

(UNAUDITED)

	2023			2022
	For the Three Months Ended March 31,
	For the Nine months Ended September 30,
	2024			2023
	2023			2022
Cash flows from operating activities:
Net income (loss)	$	5,465		$	(396,001	)
Net income	$	132,838		$	225,923
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account		(2492,~~422,741~~803	)		(~~612~~886,~~292~~003	)
Interest withdrawn from the Trust Account		~~639~~103,~~345~~662			-190,207
Changes in operating assets and liabilities:
Accounts payable		(137,~~773~~000	)		~~165~~(13,~~723~~773	)
Accrued expenses		165,~~340,511~~222			-252,150
Franchise tax payable		(170,493	)		-
Prepaid expenses			)		(23,044	)
Income tax payable		58,765			-
Amount due to related party		(2,009	)		-
Net cash used in operating activities		(562,921	)		(842,570	)
Franchise tax payable		29,390			(140,207	)
Income tax payable		(19,675	)		175,561
Net cash used in operating activities		(190,375	)		(219,186	)
Cash flows from investing activities:
Cash withdrawn from Trust Account in connection with redemption		~~36,347,008~~-			-
Investment of cash in Trust Account		(1,050,000	)		(87,571,802	)
Payment to Trust Account		(80,000	)		-
Net cash provided by (used in) investing activities		35,297,008			(87,571,802	)
Net cash used in investing activities		(80,000	)		-
Cash flows from financing activities:
Proceeds from working capital loan		1199,~~057,500~~902			50400,000
Proceeds from extension loan		700,000			-
Net cash provided by financing activities		199,902			400,000
Redemption of Class A common stock		(36,347,008	)		-
Net change in cash		(70,473	)		180,814
Proceeds from sale of Units, net of IPO costs		-			84,660,072
Cash at the beginning of the period		87,134			27,066
Proceeds from sale of private placement units		-			3,900,000
Cash at the end of the period	$	16,661		$	207,880
Repayment of promissory note – related party		-			(193,535	)
Net cash (used in) provided by financing activities		(34,589,508	)		88,416,537
Net change in cash		144,579			2,165
Cash at the beginning of the period		27,066			25,000
Cash at the end of the period	$	171,645		$	27,165
Supplemental disclosure of non-cash investing and financing activities:
Deferred underwriting fee payable	$	-		$	2,587,500
Remeasurement of Class A Common Stock subject to redemption	$	1,229,640		$	-
Initial Classification of Class A ordinary shares subject to redemption	$	-		$	87,543,750
Deferred offering costs paid for by Promissory note – related party	$	-		$	3,058
Remeasurement of Class A ordinary shares subject to redemption	$	820,319		$	-

The accompanying notes are an integral part of these unaudited condensed financial statements.

DUET ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

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 ~~September~~March 3031, ~~2023~~2024, the Company had not commenced any operations. All activity for the period from September 20, 2021 (inception) through March ~~September 30~~31, ~~2023~~2024, relates to the Company’s formation, ~~and~~ the initial public offering described below and activities necessary to identify a potential target and prepare for a Business Combination. 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 Initial 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 Initial Public 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, 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 amounted to $5,667,766 consisting of $1,293,750 of cash underwriting fees, $2,587,500 of deferred underwriting fees and $492,766 of other costs.

~~Following~~A ~~the~~total ~~closing~~of $87,543,750, comprised of the ~~Initial~~proceeds ~~Public~~from the Offering ~~$818,211~~and the proceeds of ~~cash~~private ~~was~~placements ~~held~~that ~~outside~~closed on January 20, 2022 and January 24, 2022, net of the ~~Trust~~underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust Account”) ~~available~~which ~~for~~may ~~working~~be ~~capital~~invested ~~purposes~~in U. AsS. government securities, within the meaning set forth in Section 2(a)(16) of ~~September~~the ~~30,~~Investment Company ~~2023~~Act of 1940, weas ~~have~~amended ~~available~~(the to“Investment usCompany ~~$171~~Act”),~~645~~ with a maturity of ~~cash~~185 ondays ~~our~~or ~~balance~~less ~~sheet~~or ~~and~~in any open-ended investment company that holds itself out as a ~~working~~money ~~capital~~market ~~deficit~~fund meeting the conditions of $3Rule 2a-7 of the Investment Company Act,~~702~~ as determined by the Company,~~694~~ 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 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 March 31, 2024, we have available to us $16,661 of cash on our balance sheet and a working capital deficit of $5,535,801.

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 1524 months (subject to a three month extension of time, as set forth in the Company’s registration statement) from the closing of the Initial Public Offering to consummate a Business Combination (the “Combination Period”). If the Company is is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the ~~purpose~~ 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 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~~On ~~Sponsor~~April ~~has~~19, ~~agreed~~2023, ~~that it will be liable to~~ the Company, ifheld ~~and~~a tovirtual ~~the~~special ~~extent~~meeting ~~any~~of ~~claims~~its bystockholders a(the ~~vendor~~“Special ~~for~~Meeting”). ~~services~~At the ~~rendered~~Special orMeeting, ~~products sold~~the tostockholders of the Company, orapproved athe ~~prospective~~proposal ~~target~~(the ~~business~~“Extension ~~with~~Amendment ~~which~~Proposal”) to amend the Company’s ~~has~~Amended ~~discussed~~and ~~entering~~Restated ~~into~~Certificate aof ~~transaction~~Incorporation ~~agreement,~~to ~~reduce~~ extend the ~~amounts~~date inby which the ~~Trust~~Company ~~Account~~must to(i) ~~below~~consummate a ~~$10.15~~merger, ~~per~~capital ~~share~~stock ~~(whether~~exchange, orasset ~~not~~acquisition, ~~the~~stock ~~underwriters’~~purchase, ~~over-allotment~~reorganization ~~option~~or issimilar ~~exercised in~~business ~~full),~~combination ~~except~~involving asthe toCompany and ~~any~~one ~~claims~~or bymore abusinesses, ~~third~~which ~~party~~we ~~who~~refer ~~executed~~to as a ~~waiver~~“business ofcombination,” ~~any~~(ii) ~~and~~cease ~~all~~its ~~rights~~operations toif ~~seek~~it ~~access~~fails to ~~the~~complete such ~~Trust~~business ~~Account~~combination, and ~~except~~ as(iii) toredeem ~~any~~or ~~claims~~repurchase ~~under~~100% of the Company’s ~~indemnity~~Class A Common Stock included as part of the ~~underwriters~~units sold ofin the Initial Public Offering ~~against~~from ~~certain~~April ~~liabilities~~24, ~~including liabilities~~2023 ~~under~~to ~~the~~January ~~Securities~~24, ~~Act of 1933~~2024, asor ~~amended~~such ~~(the~~earlier ~~“Securities~~date ~~Act”).~~as Indetermined by the ~~event~~board ~~that~~of ~~an executed waiver is~~directors, ~~deemed~~pursuant to benine ~~unenforceable~~one-month ~~against~~extensions, aprovided ~~third~~that ~~party,~~(i) the Sponsor ~~will~~or ~~not~~its beaffiliates ~~responsible~~or topermitted ~~the~~designees ~~extent~~will ofdeposit ~~any~~into ~~liability~~the ~~for such third-party~~Trust ~~claims.~~Account ~~The~~the ~~Company~~lesser ~~will~~of ~~seek~~(x) to$175,000 ~~reduce~~or ~~the~~(y) ~~possibility~~$0.055 ~~that~~per ~~the~~share ~~Sponsor~~for ~~will~~each ~~have~~Public toShare ~~indemnify~~that ~~the~~was ~~Trust~~not ~~Account~~redeemed ~~due~~in toconnection ~~claims~~with ofthe ~~creditors~~Special byMeeting ~~endeavoring~~for toeach ~~have~~such ~~all~~one-month ~~vendors~~extension, ~~service~~unless ~~providers~~the ~~(except~~closing ~~for~~of the ~~company~~Company’s ~~independent~~initial ~~registered~~Business ~~accounting~~Combination ~~firm),~~shall ~~prospective~~have occurred, ~~target~~in ~~businesses~~exchange orfor ~~other~~a ~~entities~~non-interest ~~with~~bearing, ~~which~~unsecured ~~the~~promissory ~~Company~~note ~~does~~payable upon consummation of a business, ~~execute~~combination ~~agreements~~and ~~with~~(ii) the ~~Company~~procedures relating ~~waiving~~to any ~~right,~~such ~~title~~extension, ~~interest~~ oras ~~claim~~set offorth ~~any kind~~ in orthe toTrust ~~monies~~Agreement, ~~held~~shall inhave ~~the~~been ~~Trust~~complied ~~Account~~with.

~~Going~~On ~~Concern~~December 18, ~~Liquidity~~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 ~~Capital~~Restated ~~Resources~~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.

AsIn connection with the approval of ~~September~~the 30Extension Amendment Proposal and the Trust Amendment Proposal at the Special Meeting, ~~2023~~holders of 3,760,678 shares of the Company’s ~~had~~Class A Common Stock exercised their right to redeem those shares for cash at an approximate price of $~~171~~10.95 per share,~~645~~ for an aggregate of ~~cash~~approximately in$41.2 ~~its~~million. ~~operating~~Following ~~bank~~the ~~account~~payment of the redemptions, the Trust Account will have a balance of approximately $14.1 million before the Extension Payment.

~~The~~On ~~Company’s~~December ~~liquidity~~19, ~~needs~~2023, ~~prior to~~ the ~~consummation~~Company ofdeposited ~~the~~two ~~Initial~~payments ~~Public~~in ~~Offering~~an ~~were~~aggregate ~~satisfied~~of ~~through~~$80,000 (the ~~payment~~“Extension ofPayment”) ~~$25,000~~into the Trust ~~from~~Account, which enables the ~~Sponsor~~Company to ~~cover~~extend ~~for~~the ~~certain~~period ~~offering~~of ~~costs~~time onit ~~the~~has ~~Company’s~~to ~~behalf~~consummate inits ~~exchange~~initial ~~for~~business ~~issuance~~combination ofby ~~Founder~~two ~~Shares~~months ~~(as defined~~from inDecember ~~Note 5)~~24, ~~and~~2023 ~~loan~~to ~~from~~February ~~the~~24, ~~Sponsor~~2024. ofOn ~~$190~~February 16,~~478~~ ~~under~~2024, the ~~Note~~Company ~~(as~~caused ~~defined~~to inbe ~~Note~~deposited ~~5).~~$40,000 ~~Following~~into the ~~IPO~~Company’s ofTrust Account, allowing the Company onto ~~January 24,~~extend ~~2022~~the ~~(as~~period ~~described~~of intime ~~Note~~it ~~1),~~has ato ~~total~~consummate ofits ~~$193,535~~initial ~~under~~Business ~~the~~Combination ~~promissory~~by ~~note~~one ~~was~~month ~~repaid~~from onFebruary 24, ~~January~~2024 to March 24, ~~2022~~2024. ~~Subsequent~~On toMarch ~~the~~19, ~~consummation of~~2024, the ~~Initial~~Company ~~Public~~caused ~~Offering~~to be deposited $40,000 into the Company’s ~~liquidity~~Trust ~~has~~Account, ~~been satisfied through~~ allowing the ~~net~~Company ~~proceeds~~to ~~from~~extend the ~~consummation~~period of ~~the Initial~~time ~~Public~~it ~~Offering~~has ~~and~~to ~~the~~consummate ~~Private~~its ~~Placement~~initial ~~held~~Business ~~outside~~Combination ofby ~~the~~one ~~Trust~~month ~~Account.~~from InMarch ~~addition~~24, in2024 ~~order~~ to ~~finance transaction costs~~April in24, ~~connection~~2024. ~~with~~On aApril ~~Business~~24, ~~Combination~~2024, the ~~Sponsor~~Company orcaused anto ~~affiliate~~be ofdeposited ~~the Sponsor~~$40,000 orinto ~~certain of~~ the Company’s ~~officers~~trust ~~and~~account, allowing the Company ~~directors~~to ~~may,~~extend ~~but~~the ~~are~~period ~~not~~of ~~obligated~~time it has to, ~~provide~~consummate ~~the~~its ~~Company~~initial ~~Working~~business ~~Capital~~combination ~~Loans~~by ~~(as~~one ~~defined~~month infrom ~~Note~~April ~~5).~~24, As2024 ofto ~~September~~May 3024, ~~2023,~~2024.The ~~there~~foregoing ~~was~~extensions ~~$1,157,500~~are ~~outstanding~~permitted under the ~~Working~~Company’s ~~Capital~~governing ~~Loans~~documents.

Based on the foregoing, management believes there is substantial doubt that the Company will have sufficient working capital and borrowing capacity to meet its needs through the consummation of a Business Combination. Over this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.

The accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates a substantial doubt about 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 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 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 Initial 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 March 31, 2024, the Company had $16,661 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 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 March 31, 2024, there was $1,442,402 outstanding under Working Capital Loans.

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 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 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 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 three months ended March 31, 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 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 ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023.

Marketable Securities Held in Trust Account

At ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, substantially all of the assets held in the Trust Account were held in mutual funds. At ~~September 30~~March 31, 2024 ~~2023~~ and December 31, ~~2022~~2023, the balance in the Trust Account was $5414,~~258~~448,~~230~~590 and $8813,~~592~~979,~~161~~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 Initial Public Offering and that were charged to stockholders’ ~~equity~~deficit 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.

8ASC 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 March 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.

~~ASC~~Our ~~Topic~~effective ~~740~~tax ~~prescribes~~rate awas ~~recognition~~33.40% ~~threshold~~ and a68.93% ~~measurement attribute~~ for the ~~financial~~three ~~statement~~months ~~recognition~~ended ~~and~~March ~~measurement~~30, of2024 ~~tax positions~~and ~~taken~~2023, ~~or expected to be taken in a tax return~~respectively. ~~For~~The ~~those~~effective ~~benefits to be recognized, a~~ tax ~~position~~rate ~~must be more-likely-than-not~~differs tofrom ~~be sustained upon examination by taxing authorities. The Company’s management determined~~ the ~~United~~statutory ~~States is the Company’s only major~~ tax ~~jurisdiction.~~rate ~~The~~of ~~Company~~21% ~~recognizes~~for ~~accrued~~the ~~interest~~three ~~and~~months ~~penalties~~ended ~~related~~March ~~to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of September~~ 30, ~~2023~~2024 and ~~December 31~~2023, ~~2022~~due ~~and~~to notransaction ~~amounts~~costs ~~accrued for interest~~ and ~~penalties.~~the ~~The~~valuation ~~Company is currently not aware of any issues under review that could result in significant payments, accruals or material~~allowance ~~deviation~~on ~~from~~the ~~its~~deferred ~~position. The Company is subject to income~~ tax ~~examinations by major taxing authorities since inception~~assets.

Our effective tax rate was 17.12% and nil for the three months ended September 30, 2023 and 2022, respectively. Our effective tax rate was 98.57% and nil for the nine months ended September 30, 2023 and 2022, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three and nine months ended September 30, 2023 and 2022, due to transaction costs and the valuation allowance on the deferred tax assets.13

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 is classified as a liability instrument and isare 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) isare 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 ~~consolidated~~ balance ~~sheet~~sheets.

On December 31, 2022, there are 476,250 shares of Class A Common Stock related to the Private Placement Units outstanding, which are not subject to redemption, and 8,625,000 shares of Class A Common Stock outstanding, which are subject to possible redemption. On April 19, 2023, the Company held a special meeting of its stockholders 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 $37,167,327. On September 30, 2023, there are 476,250 shares of Class A Common Stock related to the Private Placement Units outstanding, which are not subject to redemption, and 5,044,014 shares of Class A Common Stock outstanding, which are subject to possible redemption.

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).

9As of March 31, 2024 and December 31, 2023, the Class A Common Stock subject to possible redemption reflected on the unaudited condensed balance sheet is reconciled in the following table:

As of September 30, 2023 and December 31,2022, the Class A Common Stock reflected on the balance sheet are reconciled in the following table:

	September 30,			December 31,
	March 31,			December 31,
	2023			2022
	2024			2023
Contingently redeemable Class A Common Stock – Opening Balance	$	87,543,750		$	87,543,750
Redeemable Class A Common Stock – Opening Balance	$	13,025,860		$	87,543,750
Less:
Redemption of Class A common stock, including interest		~~(37,167,327~~-	)		-(78,549,722	)
Plus:
Re-measurement of carrying value to redemption value		~~820,319~~-			-4,031,832
Contingently redeemable Class A Common Stock - Ending Balance		51,196,742			87,543,750
Redeemable Class A Common Stock - Ending Balance	$	13,025,860		$	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 income (loss) by the weighted average number of common stock outstanding during the period, excluding ~~common~~ common stock subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 281,250 shares of Class B ~~Common~~ Common Stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 6). At ~~September 30,~~March ~~2023~~31, 2024 and ~~September 30~~2023, ~~2022,~~ 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.

~~Offering Costs Associated with the Initial Public Offering~~14

~~Offering~~The ~~costs~~net ~~consisted~~income of(loss) ~~legal,~~per ~~accounting,~~share ~~underwriting~~presented ~~fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued~~ in the ~~Initial~~unaudited ~~Public Offering~~condensed ~~based~~statements on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. ~~Offering~~is ~~costs~~based ~~associated~~on ~~with~~ the ~~Class A common stock were charged to stockholders’ equity upon the completion of the Initial Public Offering.~~following:

SCHEDULE OF NET LOSS PER SHARE

	2024			2023
	For the three months ended March 31,
	2024			2023
Net income	$	132,838		$	225,923
Accretion of carrying value to redemption value		(166,834	)		-
Net income including accretion of carrying value to redemption value	$	(33,996	)	$	225,923

	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	$	375,706		$	(242,868	)	$	380,279	$	(154,356	)
Accretion of carrying value to redemption value		(166,834	)		-			-		-
Allocation of net income	$	208,872		$	(242,868	)	$	380,279	$	(154,356	)
Denominators:
Weighted-average shares outstanding		1,283,336			2,632,500			8,625,000		2,632,500
Basic and diluted net income(loss) per share	$	0.16		$	(0.09	)	$	0.04	$	(0.06	)

Concentration of Credit Risk

Financial instruments that potentially subject ~~the Company~~ to concentration of credit risk consist of acash and cash ~~account~~held in atrust. ~~financial~~Cash ~~institution~~is comprised of cash ~~which~~balances with banks and bank deposits, atwhich ~~times~~are ~~may~~insured ~~exceed~~by the Federal ~~depository~~Deposit ~~insurance~~Insurance ~~coverage~~Company of(“FDIC”), up to $250,000. The OnCompany ~~September~~did 30not have cash exceed FDIC limits at March 31, 2024 and December 31, 2023. Cash held in trust is comprised of securities held by a financial institution, which are insured by the ~~Company~~Securities ~~had~~Investor ~~not~~Protection ~~experienced~~Corporation (“SIPC”), comprised ~~losses~~of on$250,000 ~~this~~coverage ~~account~~for cash and ~~management~~$250,000 ~~believes~~for ~~the~~securities. The Company ishad ~~not~~$14,198,590 ~~exposed~~and to$13,729,449 ~~significant~~of ~~risks~~securities onin ~~such~~excess ~~account~~of SIPC limits as of March 31, 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~~ Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying unaudited condensed balance ~~sheet~~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 March 31, 2024 and December 31, 2023:

Level

March 31,

2024

December 31,

2023

Assets:

Cash and marketable securities held in trust account

14,448,590

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~~statements.

Risks and Uncertainties

Management ishas ~~currently~~evaluated ~~evaluating~~ the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that ~~the~~ the virus could have a negative effect on the Company’s financial position, results of its operations, ~~close of the Offering,~~ and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

~~Additionally~~Furthermore, assustained auncertainty ~~result~~about, or worsening of, geopolitical tensions, including further escalation of the ~~military~~war ~~action~~between ~~commenced~~Russia inand Ukraine, ~~February~~further ~~2022~~escalation byof the ~~Russian~~conflict ~~Federation~~between the State of Israel and ~~Belarus~~Hamas, inas well as further escalation of tensions between the ~~country~~State of ~~Ukraine~~Israel and ~~related~~ various countries in the Middle East and North Africa, could result in a global economic ~~sanctions~~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 ~~this~~these ~~action~~events ~~and related sanctions~~ 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 consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

~~NOTE 3. PUBLIC OFFERING~~16

~~Pursuant~~Inflation toReduction ~~the~~Act ~~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).2022

10On 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 March 31, 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 Initial 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~~Placement ~~unit~~Unit is identical to the units sold in ~~this~~the ~~offering,~~Initial ~~except~~Public ~~as described in this prospectus~~Offering. 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~~Founder ~~shares~~Shares for an aggregate purchase price of $25,000. The ~~Founder Shares include an aggregate of up to 281,250 shares subject to forfeiture to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the~~ number of Founder Shares will equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding shares of ~~ordinary~~common ~~shares~~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.

Promissory Note – Related Party

On October 1, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing and payable on the earlier of (i) December 31, 2022 or (ii) the consummation of the Initial Public Offering. As of September 30, 2023, the Company had borrowed $190,478 under the promissory note with the Sponsor which was repaid on January 24, 2022.

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 ~~DUET Partners LLC (~~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~~Trust ~~account~~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 ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~ 2023, there was $1,~~157~~442,~~500~~402 and $~~100~~1,~~000~~242,500 outstanding under the Working Capital Loans, respectively.

As described in Note 1, on April 19, 2023, the Stockholders of the Company approved the Extension Amendment and the Trust Amendment to allow the Company to extend the deadline 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~~Public ~~share~~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. As of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, there was $1,~~050~~090,000 ~~and nil~~ outstanding under the Extension Loans, respectively.

1118

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 ~~DUET Partners LLC,~~ the Sponsor $10,000 per month for these services during the 15-month period to complete a business combination. For the three ~~and nine~~ months ended ~~September~~March 3031, 2024 and 2023, the Company had paid $302,~~000~~330 and $9030,000 for administrative services, respectively. For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2022~~2024 and 2023, the Company had ~~paid~~accrued $30,000 and ~~$90,000~~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 ~~ordinary~~common ~~shares~~stocks issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the ~~Working~~ Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights ~~agreement~~ 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 ~~ordinary~~common ~~shares~~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 ~~Public~~Initial ~~Offering~~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 ~~Public~~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 ~~this~~Initial ~~offering~~Public Offering.

NOTE 7. STOCKHOLDERS’ ~~EQUITY~~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 ~~are~~is entitled to one vote for each share. On ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, there were 476,250 shares of Class A Common Stock issued and outstanding, excluding 51,~~044~~283,~~014~~336 ~~and 8,625,000~~ shares of Class A Common Stock subject to possible redemption~~, respectively~~.

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 ~~September~~March 3031, ~~2023~~2024 and ~~December~~ December 31, ~~2022~~2023, there were 2,156,250 shares of Class B common stock issued and outstanding, such that the Initial Stockholders will ~~maintain~~ maintain ownership of at least 20% of the issued and outstanding shares after the Initial Public Offering.

12Preferred 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 March 31, 2024 and December 31, 2023, there were no preferred shares issued or outstanding.

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 September 30, 2023 and December 31, 2022, 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 ~~ordinary~~common ~~shares~~stocks pursuant to the exercise of a warrant and will have no ~~obligation~~ obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A ~~ordinary~~common ~~shares~~stocks issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common ~~ordinary~~stocks ~~shares~~ is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption ~~from~~ 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 ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A ordinary shares until the warrants expire or are redeemed. Notwithstanding the above, if the Class A ordinary shares 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.20

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

	●	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 ~~ordinary~~common ~~shares~~stocks issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as as described below, the Public Warrants will not be adjusted for issuances of ~~ordinary~~common ~~shares~~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 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 aswhat ~~described~~is listed below.:

On ~~October~~April 1324, ~~2023~~2024, ~~DUET Acquisition Corp., a Delaware corporation (~~the “Company~~”),~~ caused to be deposited $~~175~~40,000 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~~April 24, ~~2023~~2024 to ~~November~~May 24, ~~2023 (the “Monthly Extension”)~~2024. The ~~Monthly~~ Extension is ~~the seventh of up to nine monthly extensions~~ permitted under the Company’s ~~Amended~~governing ~~and Restated Certificate of Incorporation, as amended~~documents.

~~For~~On May ~~further~~6, ~~information~~2024, ~~please~~as ~~refer~~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 ~~8-K~~Nasdaq ~~filing~~Listing ~~made~~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 ~~October~~NASDAQ.com 18and NASDAQTrader.com and may be displayed by other third-party providers of market data information, ~~2023~~however, the Notice does not impact the listing of the Company’s securities on The Nasdaq Global Market at this time.

13The 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 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 “May Extension”). The May Extension is permitted under the Company’s governing documents.

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~~ 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:

● our ability to complete our initial business combination; ● our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; ● 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; ● our ability to implement business plans, forecasts, and other expectations regarding the target business after the completion of our initial business combination; ● the ability of our officers and directors to generate a number of potential acquisition opportunities; ● our pool of prospective target businesses; ● our public securities’ potential liquidity and trading; ● the lack of a market for our securities; ● our continued liquidity and our ability to continue as a going concern; ● the use of proceeds not held in the trust account or available to us from interest income on the trust account balance; or ● our financial performance.

● the ability of our officers and directors to generate a number of potential acquisition opportunities; ● our pool of prospective target businesses; ● our public securities’ potential liquidity and trading; ● the lack of a market for our securities; ● our continued liquidity and our ability to continue as a going concern; ● the use of proceeds not held in the trust account or available to us from interest income on the trust account balance; or ● 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-QK. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

1422

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:

● 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; ● may subordinate the rights of holders of our common stock if preferred stock is issued with rights senior to those afforded our common stock; ● 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; ● 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 ● may adversely affect prevailing market prices for our Class A Common Stock and/or warrants.

● 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;

	●	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;

	●	our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;

	●	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;

	●	our inability to pay dividends on our common stock;

	●	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;

	●	limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

	●	increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;

	●	limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and

	●	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.

1523

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.

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.

~~Letter of Intent~~24

On ~~July~~December 618, 2023, ~~DUET~~the ~~Acquisition~~Company ~~Corp.,~~held a ~~Delaware~~virtual ~~corporation~~special meeting of its stockholders (the “~~Company~~Special Meeting”). At the Special Meeting, ~~entered~~The ~~into~~Stockholders aapproved ~~binding~~the ~~letter~~Charter ofAmendment at ~~intent~~the Special Meeting, changing (A) the ~~“Letter~~ structure and cost of ~~Intent~~the Company’s right to extend the Deadline Date (the “Extension Amendment Proposal”), ~~with~~and ~~Fenix~~(B) ~~360~~the ~~Pte~~right ~~Ltd,~~of athe ~~Singapore-based~~holders ~~social~~of ~~media~~the ~~company~~Company’s ~~that~~Class ~~provides~~B ~~artists~~common ~~and~~stock, ~~other~~par ~~creators~~value $0.0001 per share ~~with~~(the a“Class ~~platform~~B Common Stock” or “Founder Shares”) to ~~build~~convert ~~and~~such ~~connect~~shares ~~with~~of ~~their~~Class ~~audience~~B Common Stock into shares of Class A Common Stock, par value $0.0001 per share (“~~Fenix~~Class A Common Stock”). ~~Pursuant~~on a one-to-one basis at the ~~Letter~~election of ~~Intent,~~such holders (the ~~Company~~“Founder ~~will~~Share ~~acquire 100%~~Amendment ofProposal”); and (C) the ~~outstanding~~right ~~equity~~of ~~interests~~the directors of ~~Fenix~~the inCompany to take any action required to be taken at a ~~proposed~~meeting ~~business~~of ~~combination~~the board of directors (the “~~Proposed Business Combination~~Board”)~~. Consummation~~ or at a meeting of ~~the~~a ~~Proposed~~committee ~~Business~~thereof ~~Combination~~without ~~shall~~holding besuch a ~~subject~~meeting toif a consent in writing, setting forth the ~~execution~~actions ofto be taken, is signed by a ~~mutually~~majority ~~satisfactory~~of ~~definitive~~the ~~business~~Board ~~combination~~or a majority of the members ~~agreement~~of byany committee, as the ~~Company~~case ~~and~~may ~~Fenix~~be (athe “~~Definitive~~Action ~~Agreement~~by Written Consent Amendment Proposal” and, together with the Founder Share Amendment Proposal, the “Additional Charter Amendment Proposals”).

~~Pursuant~~In toconnection with the ~~Letter~~approval of ~~Intent,~~ the ~~total~~Extension ~~consideration~~Amendment toProposal beand ~~provided~~the toTrust ~~Fenix’s~~Amendment ~~equity~~Proposal ~~holders~~at ~~(including~~the Special Meeting, holders of 3,760,678 ~~stock~~shares ~~options) in~~of the ~~Proposed~~Company’s ~~Business~~Class ~~Combination~~A ~~will~~Common beStock ~~$600,000,000,~~exercised ortheir ~~such~~right ~~other amount as agreed~~ to byredeem ~~the~~those ~~parties~~shares ~~and~~for ~~confirmed~~cash byat ~~the~~an ~~independent~~approximate ~~fairness~~price ~~opinion~~of ~~provider,~~$10.95 ~~and~~per ~~approved~~share, byfor ~~the~~an ~~board~~aggregate of ~~the~~approximately ~~Company~~$41.2 ~~Pursuant~~million. toFollowing the ~~Letter~~payment of ~~Intent,~~ the ~~parties have agreed to work exclusively with each other~~redemptions, ~~and not to entertain other proposals and opportunities until~~ the ~~earlier~~Trust ofAccount will ~~the~~have ~~termination~~a orbalance ~~the expiration~~ of ~~the~~approximately ~~Letter of Intent~~$14.1 ~~The~~million ~~Letter~~before ofthe ~~Intent~~Extension ~~also includes customary provisions related to confidentiality and expenses~~Payment.

16The 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.

~~The~~On December 19, 2023, the Company ~~expects~~deposited totwo ~~announce~~payments ~~additional~~in ~~details~~an ~~regarding~~aggregate of $80,000 (the ~~Proposed~~“Extension ~~Business~~Payment”) ~~Combination~~into ~~when~~the aTrust Account, ~~Definitive~~which ~~Agreement~~enables isthe ~~executed.~~Company ~~Completion of~~to extend the ~~Proposed~~period ~~Business~~of ~~Combination~~time ~~will~~it behas ~~subject~~to consummate its initial business combination by two months from December 24, 2023 to February 24, ~~among~~2024. ~~other~~On ~~matters~~February 16, 2024, the ~~completion~~Company ofcaused ~~due~~to ~~diligence~~be deposited $40,000 into the ~~negotiation~~Company’s trust account, allowing the Company to extend the period of atime ~~Definitive~~it has to consummate its initial business combination by one month from February ~~Agreement~~24, ~~satisfaction~~2024 ofto March 24, 2024. On March 19, 2024, the ~~conditions~~Company ~~negotiated~~caused ~~therein~~to ~~and~~be ~~requisite~~deposited ~~approval~~$40,000 ofinto the ~~Proposed~~Company’s ~~Business~~trust ~~Transaction~~account, allowing the Company to extend the period of time it has to consummate its initial business combination by ~~board~~one ~~and~~month from March 24, 2024 to April ~~stockholders~~24, of2024. On April 24, 2024, the Company ~~and~~caused ~~Fenix~~to be deposited $40,000 asinto ~~applicable~~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 ~~There~~foregoing ~~can~~extensions beare nopermitted ~~assurance~~under ~~that~~the Company’s governing documents. On May 7, 2024, DUET Acquisition Corp., a ~~Definitive~~Delaware ~~Agreement~~corporation ~~will~~(the “Company”) caused to be ~~entered~~deposited $40,000 into orthe ~~that~~Company’s trust account, allowing the ~~Proposed~~Company ~~Business~~to ~~Combination~~extend ~~will~~the beperiod ~~consummated~~of ontime ~~the~~it ~~terms~~has orto ~~timeframe~~consummate ~~currently~~its ~~contemplated~~initial business combination by one month from May 24, or2024 atto ~~all~~June 24, 2024 (the “May Extension”). The May Extension is permitted under the Company’s governing documents.

~~For further information please refer to 8-K filing made on July 7, 2023.~~25

Business Combination Agreement

Domestication

Business Combination

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

Conditions to Obligations of Both Parties at Closing

Conditions to Obligations of DUET at Closing

Conditions to Obligations of the Target at Closing

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.

Convertible Note Purchase Agreement

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 ordinary shares 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.28

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.

~~For~~The ~~further~~foregoing ~~information~~descriptions ~~please~~of ~~refer~~the toNote ~~8-K~~Purchase ~~filing~~Agreement ~~made~~and onthe ~~July~~Fenix 7Notes 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, ~~2023~~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.

~~For~~The ~~further~~foregoing ~~information~~description ~~please~~is ~~refer~~a tosummary ~~8-K~~only ~~filing~~and ~~made~~is onqualified ~~July~~in 7its entirety by the full text of the Promissory Note, ~~2023~~a copy of which is attached as Exhibit 10.3 hereto and is incorporated herein by reference.

17NASDAQ 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.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to ~~September~~March 3031, ~~2023~~2024, ~~were~~ 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~~months ended ~~September~~March 3031, ~~2023~~2024, we had a net income of $~~164~~132,~~586~~838, which consisted of formation and operating costs of $~~437~~283,~~179~~337, franchise tax cost of $5032,~~000~~640, income tax provision of $3443,~~000~~988 and interest earned on investments held of $~~685~~492,~~765~~803.

For the ~~nine~~three-month period ended ~~September~~March 3031, 2023, we had a net income of $5225,~~465~~923, which consisted of formation and operating costs of $1434,~~889~~519,~~511,~~ franchise tax cost of $~~150~~50,000, income tax provision of $~~377~~175,~~765~~561 and interest earned on investments held of $2886,~~422,741~~003.

For the three-month period ended September 30, 2022, we had a net income of $377,967, which consisted of formation and operating costs of $83,864 and interest earned on investments held of $461,831.

For the nine-month period ended September 30, 2022, we had a net loss of $396,001, which consisted of formation and operating costs of $1,006,818, franchise tax cost of $1,475, and interest earned on investments held of $612,292.

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~~Initial ~~public~~Public ~~offering~~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 ~~nine-month~~three ~~period~~months ended ~~September~~March 3031, ~~2023~~2024, cash used in operating activities was $~~562~~190,~~921~~375. For the ~~nine-month~~three ~~period~~months ended ~~September 30~~March 31, ~~2022~~2023, cash used in operating activities was $~~842~~219,~~570~~186.

As of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, we had investments of $5414,~~258~~448,~~230~~590 and $8813,~~592~~979,~~161~~449 held in the Trust Account, respectively. We We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the ~~Trust~~ Trust Account (less taxes paid and deferred underwriting commissions) to complete our initial business combination. We may withdraw interest to pay taxes. ~~During~~For the three ~~and nine~~ months ended ~~September~~March 3031, 2024 and 2023, we ~~did~~withdrew ~~not~~nil, ~~withdraw~~respectively, ~~any~~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.

18As of March 31, 2024 and December 31, 2023, we had cash of $16,661 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.

As of September 30, 2023 and December 31, 2022, we had cash of $171,645 and $27,006 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. 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 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 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.30

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 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 balance sheet.

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.

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 ~~September~~March 3031, ~~2023~~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 ~~September~~March 3031, ~~2023~~2024, there ~~was~~were 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, ~~2022~~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, ~~2022~~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.

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.

No.		Description of Exhibit
3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 24, 2022)
3.2		Amendment to the Amended and Restated Certificate of Incorporation dated April 20, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 24, 2023)
3.3		Bylaws (incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 3, 2021)
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

EXHIBIT INDEX

* Filed herewith. ** Furnished.

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.**
97.1		Incentive Compensation Recovery Policy
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: November 3, 2023	By:	/s/ Yeoh Oon Lai
Date: May 23, 2024	By:	/s/ Dharmendra Magasvaran
		Yeoh Oon Lai
		Co-Chief Executive Officer
Date: November 3, 2023	By:	/s/ Dharmendra Magasvaran
		Dharmendra Magasvaran
		Co-Chief Executive Officer
Date: November 3, 2023	By:	/s/ Lee Keat Hin
Date: May 23, 2024	By:	/s/ Lee Keat Hin
		Lee Keat Hin
		Chief Financial Officer

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