Alset Capital Acquisition (ACAX) in a proxy filing seeks a deadline extension in monthly increments from May 3 to Nov. 3 that would give it more time to complete the pending merger with HWH Int'l, a lifestyle company. The shareholder meeting is set for May 1.
A second proposal on the ballot, if approved, would direct the SPAC to deposit cash equal to one-third of 1% of the trust balance into the trust account for each month required under the extension.
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 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.
Source: Alset Capital Acquisition Wants Up to 6 More Months to Close HWH Int'l Deal