Fenix 360 Pte Ltd. To Go Public Through Merger With DUET Acquisition Corp. to Create a Global Social Media Platform

NEW YORK, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Fenix 360 Pte Ltd (“FENIX360”), a global social media company incorporated in Singapore that is designed to provide artists and creators with enhanced compensation, tools and control, and DUET Acquisition Corp. (NASDAQ: DUET) (“DUET”), a special purpose acquisition company incorporated in Delaware, announced today that that they have entered into a business combination agreement (the “Business Combination Agreement”), pursuant to which DUET will acquire 100% of the outstanding equity interests of FENIX360 (the “Transaction”). The Transaction is expected to be completed in the first half of 2024, subject to regulatory approvals and other customary closing conditions. The Transaction values FENIX360 at a $610 million enterprise value.

About FENIX360

FENIX360 is an artist-centric, multi-genre social media platform that has been created to help independent artists and creatives monetize their art much more lucratively. Developed by a core team of founders and senior executives with deep passion, insight and experience in the worlds of music, art and advertising, FENIX360 reflects their passion and dedication to economically invigorate the creative landscape with the knowledge that success of the FENIX360 model can greatly enhance returns for artists and stakeholders and provide greater satisfaction for fans and users.

“The unique value proposition of FENIX360 as a hyper-agile and asset-light engagement platform with lucrative rewards for artists and fans alike provides both FENIX360 and DUET an unparalleled opportunity to reshape the creative and media space. Tapping into the substantial digital advertising and digital commerce ecosystem will bolster FENIX360’s revenue generation abilities,” said Dharmendra Magasvaran, Co-Chief Executive Officer of DUET.

FENIX360’s Chief Executive Officer, Allan Klepfisz, commented: “We are very pleased that this transaction and the consequent planned NASDAQ listing of FENIX360 should allow us to accelerate our global ambitions. In the coming months, as we activate artists and fans in each market and deliver greatly enhanced income for artists and a much more engaging platform for fans, we would like to believe that we will become unstoppable.”

Transaction Overview

The Transaction values FENIX360 at a $610 million enterprise value. The Transaction, which has been unanimously approved by the boards of directors of FENIX360 and DUET, is subject to approval by DUET’s stockholders and other customary closing conditions, including the receipt of certain regulatory approvals.