Alset Capital Acquisition (ACAX) - 2022 Q4 - Annual Report

Financial Performance - The Company had a net income of $113,541 for the year ended November 30, 2022, compared to a net loss of$5,000 for the previous year[155]. - The Company expects to incur increased expenses due to being a public company, including legal and compliance costs[155]. Cash and Capital Structure - As of November 30, 2022, the Company had $1,172,581 in cash and a working capital of$818,083[152]. - The Company has no long-term debt obligations or capital lease obligations as of November 30, 2022[156]. - The Company raised approximately $87,112,500 from its Initial Public Offering, which was placed in the Trust Account[146]. Mergers and Acquisitions - The total consideration for the merger with HWH International Inc. is$125,000,000, payable in shares of Class A common stock[151]. - The Merger with HWH is expected to be consummated in the first half of 2023, pending stockholder approval[149]. Corporate Governance - The Company did not repurchase any shares of its common stock during 2022[140]. - The Company will cease paying monthly fees to the Sponsor upon completion of the initial Business Combination[157]. Regulatory and Reporting - The Company is classified as an "emerging growth company" and may take advantage of certain reporting exemptions[164]. - The company has elected not to opt out of the extended transition period under the JOBS Act, allowing it to adopt new or revised financial accounting standards at the same time as private companies[165]. - This decision may complicate financial statement comparisons with other public companies that are not emerging growth companies or have opted out of the extended transition period[165].