As a result of this change, Alset has extended the redemption deadline to 5:00 p.m. ET on July 28.
At the meeting, ACAX stockholders will be asked to vote on the SPAC’s business combination with lifestyle company HWH International. Alset Capital initially brought $86.3 million into the deal through its trust and did not supplement this with a PIPE. But, the SPAC saw 77% of its trust removed due to redemptions during a meeting held in May, leaving it with $20.3 million post-vote.
Alset Capital is to acquire HWH for a total consideration of $125 million in ordinary Alset shares and must maintain at least $30 million in cash available in order for the deal to close.
The SPAC originally inked the deal with HWH in September 2022. Bethesda, Maryland-based HWH offers a range of perks via a membership program aimed at wellness, travel and VR experiences.