Alset Capital Acquisition today provided additional updates regarding stockholder redemptions as it continues working to close a deal with lifestyle company HWH International. The SPAC’s shareholders overwhelmingly approved the merger more than three weeks ago, although closing conditions have apparently yet to be satisfied.
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 meeting earlier this month.
The SPAC today disclosed that it currently has 1,911,236 shares outstanding, not including any Class A stock held by Alset’s Sponsor and management.
Deal terms outlined in the July definitive proxy call for HWH shareholders to received 12.5 million shares of Alset stock. There is a minimum $30 million cash condition.
Alset can count on some help from a forward purchase agreement with Meteora funds that have agreed to buy up to 1.8 million shares.
Alset has extended the deadline for stockholders to redeem shares until 5 p.m. Eastern Time on Sept. 13.
Redemption reversals may also be submitted up until the same extended deadline.
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.
