Alset Capital Acquisition in a proxy filing set a July 25 meeting date for shareholders to vote on the proposed merger with HWH Int'l, a lifestyle company.
As announced in September, terms with HWH call for the SPAC's stockholders to receive one common share of HWH for every 10 of ACAX's rights and ACAX's warrants will become exercisable for HWH's common shares at $11.50 per share.
The SPAC raised $75 million in a February 2022 ipo.
HWH “operates a purpose-driven business model that helps individuals develop new pathways in their pursuit of Health, Wealth, and Happiness,” according to a press release announcing the deal. HWH operates a membership model where individuals pay an upfront membership fee and receive discounted access to products and services offered by its affiliates: HWH Marketplace, Hapi Travel Destinations, Hapi Café and Hapi Wealth Builder. Read more.