Alset Capital Acquisition, a blank check company backed by Alset EHome International targeting real estate, raised $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock, one right to received one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50.
The Bethesda, MD-based company is led by CEO and Chairman Heng Fai Ambrose Chan, the founder and CEO of nano-cap holding company Alset EHome International (Nasdaq: AEI).
The SPAC plans to target the real estate industry, including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, as well as proptech businesses.
Alset Capital Acquisition plans to list on the Nasdaq under the symbol ACAXU. EF Hutton acted as sole bookrunner on the deal.
