Alset Capital Acquisition Corp.

Neither the document nor the meeting carries a date at this version, so nothing here fixes a redemption deadline. Alset's securities come apart into three pieces at closing: each unit separates into one Class A share, one-half of one warrant exercisable at $11.50, and one right to one-tenth of a share. There are 4,549,375 warrants outstanding — 4,312,500 public and 236,875 private placement — and rights over a maximum of 909,875 shares. A rights holder must return a valid certificate to the rights agent, with the cumulative holding rounded up to the nearest whole share.

The consideration is a fixed 12,500,000 shares rather than a formula, so a holder can size it directly, and the founder block of 2,156,250 Class B shares converts alongside it into the same single class. The proxy statement/prospectus is undated in its own legend — it reads DATED [ ], 2023 — and the special meeting is set for 10:00 a.m. Eastern time on a date left blank with a blank webcast address, so five amendments in nothing in the document fixes a redemption deadline.

The consideration to the target is a fixed 12,500,000 shares, but the cover registers only shares of common stock and warrants without stating how many of either, so the total registered issuance is not disclosed at this version. The special meeting is set for 10:00 a.m. Eastern time on a date left blank with a blank webcast address, and the proxy statement/prospectus is itself undated, so four amendments in nothing in the document fixes a redemption deadline.

The rights are a second, quieter dilution: each Alset Right entitles its holder to one-tenth of one Class A share after the closing, with a maximum of 909,875 shares issuable — 862,500 from public rights and 47,375 from private placement rights — and they are delivered on return of a valid certificate to the rights agent rather than automatically. The warrants split 4,312,500 public and 236,875 private placement, each exercisable for one Class A share at $11.50. No preferred stock is issued and outstanding.

Time is the binding constraint: the founder shares are worthless unless a business combination completes by the one-year anniversary of the IPO, February 3, 2023, extendable to 21 months from the IPO close, November 3, 2023 — and this amendment is dated January 5, 2023. Assuming no redemptions, public holders other than the sponsor and Heng Fai Ambrose Chan take about 52.1% of HWH's economic interests and Chan and affiliates about 47.9%; if all 8,625,000 public shares redeem, existing public falls to about 0%. The proxy dates the same ValueScope opinion both September 9 and November 23, 2022.

Redemption erases the public entirely: assuming none, public holders other than the sponsor and Heng Fai Ambrose Chan hold about 52.1% of HWH's economic interests and Chan and affiliates about 47.9%; if all 8,625,000 public shares redeem, existing public falls to about 0% and newly issued public shares are about 34.7%. Trust was approximately $10.06 per share. Chan holds 53.74% of Alset through 2,156,250 founder shares that are worthless unless a combination closes by February 3, 2023, or November 3, 2023 with extensions.

The base version states ownership on a different basis from the amendments that follow. Here, assuming no redemptions, Alset's existing stockholders including the Sponsor own about 54.8% of Alset's capital stock (the Sponsor about 9.7%) and existing HWH holders about 45.2%; at the maximum redemption that still permits closing, existing stockholders other than the Sponsor fall to about 0%, new public shareholders take about 20.3%, the Sponsor about 14.0% and HWH holders about 65.7%, of which Mr. Chan about 19.4%. Redemption was approximately $10.02 per share.

What changed: 8-K of HWH International Inc. (Nasdaq: HWH) reporting the closing on August 10, 2026 of a PIPE under a Securities Purchase Agreement dated May 27, 2026 (amended June 8, 2026) with Smart Dynamics Technology Limited. The company issued 20,000,000 common shares plus warrants to purchase up to 160,000,000 shares at $0.63 per share, exercisable immediately and expiring August 10, 2030, for an aggregate purchase price of $10,000,000; stockholders holding a majority approved the PIPE on June 12, 2026. Why it matters: Control of the company has passed to a new holder for $10 million, and the warrants alone are 5.4x the entire post-closing share count, so full exercise would take the purchaser to about 95%. The two-year consent right over new equity issuance constrains any further financing.

What changed: HWH International Inc., the successor to Alset Capital Acquisition Corp., filed its Q2 2026 10-Q. Cash fell to $1,506,036 at June 30, 2026 from $2,085,918 at December 31, 2025; liabilities fell to $1,711,444 from $1,883,133 and total assets to $4,510,043 from $4,567,858. The company reports a net loss, a loss from operations and negative operating cash flow for the six months, stating these raise substantial doubt about its ability to continue as a going concern, while asserting bank cash, anticipated operations and related-party financing cover twelve months. Why it matters: Substantial doubt about going concern is stated in the filing itself, and the numbers behind it are small enough to be decisive: $1.5 million of cash against $1.7 million of liabilities, with the twelve-month assertion resting partly on financing availability from related parties rather than committed facilities. For a former ACAX holder the trust is long gone, so the going-concern language is the whole risk statement, and the November 12, 2025 merger agreement with a Nevada subsidiary plus the February 24, 2025 reverse split show a company already restructuring around its share price.