Are particular goal acquisition corporations (SPACs) again? Fenix360 broadcasts a cope with SPAC for itemizing on NASDAQ valued at $610 million.
Fenix360 is an artist-centric, multi-genre social media platform that’s geared toward unbiased artists and creatives to assist them monetize their music and artwork. Fenix360 says its aimed to ship a spot to “economically invigorate” the inventive panorama.
“The distinctive worth proposition of Fenix360 as a hyper-agile and asset-light engagement platform with profitable rewards for artists and followers alike gives each Fenix360 and Duet an unparalleled alternative to reshape the inventive and media house,” provides Dharmendra Magasvaran, Co-CEO of DUET. “Tapping into substantial digital promoting and digital commerce ecosystem will bolster Fenix360’s income era skills.”
“We’re very happy that this transaction and the resultant deliberate NASDAQ itemizing of Fenix360 ought to enable us to speed up our world ambitions,” provides Fenix360 CEO Allan Kelpfisz. “Within the coming months, as we activate artists and followers in every market and ship enormously enhanced earnings for artists and a way more partaking platform for followers, we wish to consider that we are going to turn into unstoppable.”
The transaction values Fenix360 at $610 million and has been unanimously accredited by each corporations’ board of administrators. Now it’s topic to approval by DUET’s stockholders and different customary closing circumstances, together with the receipt of sure regulatory approvals.
On the middle of the Fenix360 platform is a instrument that permits artists to construct a content-filled app in about twenty minutes. It goals to offer a wealthy atmosphere for artists and followers to remain related with out expensive intermediaries and algorithm-based filters.
“With this simplicity, we hope to create a era of enthusiastic app builders,” provides Lance Ford, Founder & President at Fenix360. “It’s a good way to current your self to followers and mates and excites them repeatedly with a media property that you just management.”