Alset Capital Acquisition Corp. (ACAX) Postpones Completion Vote

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Alset Capital Acquisition Corp. (ACAX) Postpones Completion Vote

Alset Capital Acquisition Corp. (Nasdaq: ACAX) announced this afternoon that it has postponed its completion vote from July 25 until 9:00 a.m. ET on August 1.

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.