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.
At the SPAC of Dawn Today is the busiest day for SPACs in at least a month as three SPACs will hold extension votes and three more are seeking deal approval. Those completion votes will each bear watching and they include two of the most prominent deals of the past six months. Screaming Eagle (NASDAQ:SCRM)...
Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela...
Metals Acquisition (NYSE:MTAL) has begun an exchange of all outstanding warrants, offering holders up to 0.361 shares per warrant on a cashless basis or $0.10 per warrant if they so choose. The cashless option provides significantly more value as Metals last closed at $12.85, meaning warrants converted under that ratio would be worth about $4.63...
At the SPAC of Dawn Autonomous driving has seen some of the highest peaks and deepest valleys in share performance as the market has adjusted its appetites on tech companies. But, although it has shown many pitfalls, it continues to attract significant investment and is a focus for both startups and established automakers. Hyundai (KS:005380)...
Terms Tracker for the Week Ending May 3, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The big news this week was that SPACs finally had a new IPO price with Churchill Capital Corp. IX’s $250 million offering on Thursday. SPACs...