Alset Capital Acquisition in an 8-K said shareholders voted yesterday in favor of combining 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.
HWH offers a memebership program with benefits focused around wellness, travel and VR experiences.
The SPAC did not disclose redemptions, if any, although Alset had already seen the $75 million raised in a February 2022 IPO whittled down to about $20.3 million on redemptions in the 17 months since then.
Alset on Monday said it had signed a forward purchase agreement with Meteora funds that have agreed to buy up to 9.9% of the SPAC’s Class A stock — about 1.8 million shares.
While the SPAC’s termination deadline is tomorrow, an automatic extension until November is available provided Alset deposits 10 cents a share into trust for each month it continues to work on closing the HWH deal. Read more.
