In a recent transaction, Alset Inc. (NASDAQ:ALSET) acquired 1.3 million shares of common stock in HWH International Inc. (NASDAQ:HWH) for a total value of $585,000. The purchase price was $0.45 per share, as outlined in a Stock Purchase Agreement dated December 24, 2024. The acquisition comes as HWH’s stock trades at $0.53, having experienced significant volatility with a 95% decline year-to-date, according to InvestingPro data.
The acquisition increases Alset Inc.’s beneficial ownership in HWH International to 24,976,456 shares. This includes shares owned directly and indirectly through its subsidiaries, Alset International Limited and Alset Acquisition Sponsor, LLC. Chan Heng Fai Ambrose, who serves as the Chairman and CEO of Alset Inc., may be deemed to possess beneficial ownership of these shares. Additionally, Mr. Chan personally owns 13,000 shares of HWH International.
This transaction highlights Alset Inc.’s ongoing investment strategy and its commitment to expanding its holdings in HWH International.
In other recent news, HWH International has secured a $585,000 investment from Alset Inc., its majority shareholder. This move sees Alset increase its ownership stake in HWH International from 88.8% to 90.1%. In addition to this, HWH International has reported substantial growth in its joint venture, Hapi Travel, with revenues exceeding $18 million in the first three quarters of 2024, a significant increase of 44.55% over the last twelve months.
In an effort to bolster its financial standing, the company has sold 4,411,764 shares of common stock to Alset Inc., and converted $3,801,759 in debt into equity by issuing 6,034,537 new shares to Alset International Limited and Alset Inc. These strategic financial moves are part of recent developments aimed at supporting HWH International’s growth and expansion efforts.
However, the company has received a notice from the Nasdaq Hearings Panel due to failing to meet the minimum market value of publicly held shares and minimum market value of listed securities, placing HWH International at risk of delisting from the Nasdaq Global Market. Despite these challenges, the company is actively working to fulfill its compliance plan and maintain its listing status.
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