Alset Capital Acquisition Corp, the special purpose acquisition company (spac) of SGX-listed Alset International, has raised US$86.25 million ($116.12 million) at the close of its initial public offering (IPO).
On Jan 31, Alset spac had priced its initial public offering of US$75 million consisting of 7.5 million units at US$10 per unit.
Each unit consists of Alset spac’s shares of Class A common stock, one-half of one redeemable warrant, and one right to receive one-tenth of one share of Class A common stock upon the consummation of an initial business combination.
Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of US$11.50 per share. Only whole warrants are exercisable.
The total sum also includes the exercise of the over-allotment option in full for an additional 1.13 million units on Feb 1.
The units have been listed on Nasdaq and began trading on Feb 1, US time under the ticker symbol “ACAXU”.
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Once the securities comprising the units begin separate trading, the shares of Class A common stock, warrants and rights are expected to be listed on Nasdaq under the symbols "ACAX," "ACAXW" and "ACAXR," respectively.
According to Alset, the exercise of over-allotment option in full is not expected to have a material impact on the group’s net tangible assets (NTA) per share and the earnings per share (EPS) for the financial year ended Dec 31, 2021.
As at 2.12pm, shares in Alset are trading flat at 5.5 cents.
