Alset Capital Acquisition Corp. (NASDAQ:ACAX) announced in an 8-K this morning that its shareholders approved its combination with lifestyle company HWH International at an August 1 special meeting.
It has not yet released its final redemption figures, but went into the vote having already seen 77% redemptions reduce its trust to $20.3 million.
The SPAC supported its remaining trust by signing a forward purchase agreement (FPA) with Meteora Capital Partners on Monday. This would see Meteora buy up to 1,800,000 Alset Capital shares and not redeem them.
This amount would be nearly all of Alset’s outstanding publicly-held shares, however, and Meteora was not required by the agreement to purchase more than 9.9% of the SPAC’s total shares unless it opted to waive this restriction.
Alset its now heading towards its transaction deadline tomorrow, August 3. But, it may automatically extend this by three months to November 3 in exchange for contributing $0.10 per share to its trust. So, it may opt to take more time to iron out the combined company’s final capitalization with shareholder approval secured.
The SPAC inked its business combination with HWH International in September 2022. HWH offers a range of perks via a membership program aimed at wellness, travel and VR experiences across East and Southeast Asia with US offices in Bethesda, Maryland.
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