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Spanish IT Security and Support Firm AnyTech365 to Merge with SPAC.

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Vincent

MANews-(C)2009-2022

Spain-based IT security and support Anteco Systems, S.L. and US-based special purpose acquisition company Duet Acquisition Corp. (NASDAQ: DUET) have entered into a definitive business combination agreement that will result in AnyTech365 becoming a publicly traded company, the companies said.

The transaction is expected to be completed in the fourth quarter of 2022, subject to regulatory approvals and other customary closing conditions.

After closing, AnyTech365 expects to trade on NASDAQ under ticker symbol ANYT.

AnyTech365 said it plans to use the proceeds from the transaction to accelerate its growth strategy, including expanding its core business to meet increased demand, accelerating its strategic partnership with Media Markt, and pursuing strategic acquisitions.

The business combination values AnyTech365 at a USD 200m enterprise value and at a pro forma market capitalization of approximately USD 287m, assuming a USD 10.00 per share price and no redemptions by DUET stockholders.

The transaction will provide a minimum of USD 77.1m of net proceeds to the company after payment of transaction expenses, assuming no redemptions.

The transaction, which has been unanimously approved by the boards of directors of AnyTech365 and DUET, is subject to...

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