Xenous Holdings is a shell company with no operations, employees, products, or revenue. Its sole activity is searching for a business to acquire or merge with, functioning as a reverse merger vehicle — a private company that merges with Xenous would gain a public listing without going through a traditional IPO. Since November 2022, Xenous has been evaluating an acquisition of Dadvance Agarwood Alpha, a Malaysian producer of agarwood oil, a premium aromatic oil used in luxury perfumery, wellness, and aromatherapy, with key markets in the Middle East, Europe, and Southeast Asia. Progress on the evaluation includes a completed independent valuation, a non-binding term sheet, an A+ grade certification for Dadvance's oil, and early-stage market outreach in the UAE and Germany with positive buyer feedback. However, no definitive agreement has been reached. Xenous says a final deal is contingent on Dadvance converting sales leads into binding contracts, confirming supply chain scalability, completing market feasibility studies, and receiving an independent fairness opinion. Xenous has limited assets and no cash reserves.