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Alset Capital (ACAX) Closes HWH International Deal

Alset Capital (ACAX) Closes HWH International Deal

Alset Capital Acquisition Corp. (NASDAQ:ACAX) has closed its combination with lifestyle company HWH International and will begin trading on The Nasdaq under the new ticker symbol “HWH” on January 9.

The business combination was previously approved by shareholders at a special meeting on August 1, 2023. Since then, the SPAC approved a three-month extension that pushed its completion deadline from November 3, 2023, to February 3, 2024.

Alset shareholders opted to redeem an aggregate of 99.52% of the SPAC’s trust, leaving it with around $400,000 post-vote.

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.

The combined company intends to utilize the deal to continue its growth momentum in the rapidly growing GIG economy.


ADVISORS

  • EF Hutton is serving as capital markets advisor to ACAX.
  • Sichenzia Ross Ference LLP is serving as legal advisor to ACAX.