DUET Acquisition Corp. Faces Potential Delisting from Nasdaq Due to Market Value Standard Non-Compliance

DUET Acquisition Corp. (NASDAQ: DUETU) recently disclosed in a Form 8-K filing that it received a notice from The Nasdaq Stock Market LLC indicating non-compliance with the Market Value Standard. The Market Value Standard requires a minimum of $50 million in Market Value of Listed Securities (MVLS) for continued listing on The Nasdaq Global Market.

The company had a compliance period until November 5, 2024, to meet the Market Value Standard. However, as of November 6, 2024, DUET Acquisition Corp. received a notice from Nasdaq stating that it had not complied with the requirement before the Compliance Date. Consequently, the Nasdaq Hearings Panel will review the matter concerning the company’s continued listing on The Nasdaq Global Market.

In response to these developments, DUET Acquisition Corp. intends to address the issue at a hearing before the Nasdaq Hearings Panel. The company is actively exploring options to regain compliance with the Market Value Standard within the regulatory framework.

Forward-looking statements highlighted in the filing outline the potential risks and uncertainties associated with the situation. These statements indicate that the company may face challenges in successfully resolving the deficiency under the Market Value Standard and regaining compliance. The management team emphasized their commitment to taking appropriate actions to address the situation effectively.

It’s important to note that as per the filing, the company’s securities will continue to trade on The Nasdaq Global Market during the compliance process. The situation will be closely monitored by investors as the company navigates through the next phases of potential delisting proceedings.

Investors and stakeholders are advised to stay informed about the company’s developments and any subsequent announcements related to its listing status on The Nasdaq Global Market. Further updates will follow as the situation progresses.

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.