DUET Acquisition Corp. Receives Delisting Notice from Nasdaq: What’s Next?

DUET Acquisition Corp. (NASDAQ: DUETU) recently received a delisting notice from The Nasdaq Stock Market LLC regarding its non-compliance with the Minimum Public Holders Rule. The rule mandates that the company maintains at least 400 total holders for continued listing on the Nasdaq Global Market.

In response to the initial notice issued on August 6, 2024, the company submitted a plan to rectify the non-compliance issue. However, on October 18, 2024, DUET Acquisition Corp. received a notice stating that the Staff at Nasdaq determined there’s a slim chance the company will complete its proposed business combination with Fenix 360 Pte. Ltd. by January 19, 2025.

The Staff informed DUET Acquisition Corp. of their intention to delist the company’s securities from Nasdaq unless the company requests a hearing before a Hearings Panel. The company has expressed its intent to request a hearing, which would effectively halt the suspension of its securities and the termination of registration with Nasdaq while awaiting the Panel’s decision.

Although the delisting notice does not immediately impact the listing of the company’s common stock, units, or warrants on Nasdaq, the outcome of the upcoming hearing remains uncertain.

In compliance with regulatory guidelines, DUET Acquisition Corp. cautions investors with forward-looking statements. The company acknowledges the potential challenges posed by the impending delisting but remains resolute in its efforts to address the situation, including the need to resolve the deficiency under the Minimum Public Holders Rule and regain compliance with Nasdaq’s listing requirements.

Investors are advised to consider all the risk factors, uncertainties, and potential outcomes associated with this development, as outlined in the company’s relevant securities filings. DUET Acquisition Corp. commits to providing updates or revisions as necessary, in line with legal obligations.

For further details, interested parties can refer to the official filings with the Securities and Exchange Commission.

It is imperative for stakeholders to closely monitor the proceedings and decisions following this announcement to gauge the implications on DUET Acquisition Corp.’s standing in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read DUET Acquisition’s 8K filing here.

DUET Acquisition Company Profile

DUET Acquisition Corp. does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses in the technology sector. The company was incorporated in 2021 and is based in Kuala Lumpur, Malaysia.