Alset Capital Acquisition today in an 8-K said it will continue to accepting requests from shareholders who want to withdraw their stock redemptions until 5 p.m. Eastern Aug. 25 — an extension of two days from the previous deadline. The SPAC also moved the redemtpion deadline back to the same day and time.
The announcement comes three weeks after Alset shareholders voted in favor of merging with lifestyle company HWH International. The vote was overwhelmingly in support of the deal, with 3,889,615 shares cast in favor and only 182 against.
Although Alset did not disclose redemptions ahead of the merger vote, the SPAC’s $75 million raised in a February 2022 IPO was down to about $20.3 million heading into the shareholder meeeting two weeks ago.
Alset also has a forward purchase agreement with Meteora funds that have agreed to buy up to 1.8 million shares.
HWH operates a membership model where individuals pay an upfront fee and receive discounted access to products and services offered by its affiliates. Read more.
