Alset Capital Acquisition today announced a merger agreement with lifestyle company HWH International.
Terms call for the SPAC’s stockholders to receive one common share of HWH for every 10 of ACAX’s rights and ACAX’s warrants will become exercisable for HWH’s common shares at $11.50 per share. No other deal details were available.
The SPAC raised $75 million in a February IPO.
If approved, the deal is expected to close in the fourth quarter.
HWH “operates a purpose-driven business model that helps individuals develop new pathways in their pursuit of Health, Wealth, and Happiness,” according to a press release announcing the deal. HWH operates a membership model where individuals pay an upfront membership fee and receive discounted access to products and services offered by its affiliates: HWH Marketplace, Hapi Travel Destinations, Hapi Café and Hapi Wealth Builder.
HWH International is expected to list on the Nasdaq under a new ticker symbol. Read more.
