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.
Latest SPAC Liquidations: Schultze Special Purpose Acquisition Corp. II Schultze Special Purpose Acquisition Corp. II (SAMA) to Liquidate on October 11, 2023 Schultze Special Purpose Acquisition Corp. II (Nasdaq: SAMA), announced that it will redeem all of the outstanding shares of its Class A common stock effective as of October 11, 2023. The Company expects...
Mercato Partners Acquisition Corporation (NASDAQ:MPRA) announced this afternoon via 8-K that its shareholders have approved its combination with Nuvini at a special meeting held earlier today. With 79.74% of the voting power of the Common Stock participating in the vote, the combination was overwhelmingly approved. 7,975,698 shares were recorded voting for the transaction, while only 38,008...
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned this morning’s extension vote without conducting any business and it will pick things up again at 11 am ET October 2. Shareholders at the meeting are to consider giving Home Plate an extra two and half months to complete a deal, moving its deadline from October...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Law firm Schulte sues SPAC over fees from failed Philippine casino merger U.S. law firm Schulte Roth & Zabel is suing its former client 26 Capital Acquisition Corp to recover more than $1.9 million in legal fees...
Fortune Rise Acquisition Corp. (NASDAQ:FRLA) announced this morning that it has changed the target of its letter of intent to combine, but only partially. The SPAC had an existing LOI to merge with its own sponsor, but since that sponsor is now a subsidiary of another company it has to combine with a different version...