In a recent deal, Alset Inc. (NASDAQ:ALSET) received 1.3 million shares of HWH International Inc. common stock. (NASDAQ:HWH) with a total value of $585,000. The purchase price was $0.45 per share, as set out in the stock purchase agreement dated December 24, 2024. The acquisition comes at a time when HWH stock is trading at $0.53, having experienced significant volatility with a 95% decline since the beginning of the year. So far, according to InvestingPro Data.
The acquisition increases the beneficial ownership of Alset Inc. 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 is Chairman and CEO of Alset Inc., can be considered to have beneficial ownership of these shares. In addition, Mr. Chan personally owns 13,000 shares in 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 received 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%. Additionally, HWH International reported significant 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 past 12 months.
In an effort to strengthen its financial position, the Company sold 4,411,764 shares of common stock to Alset Inc., and converted $3,801,759 of debt into equity by issuing 6,034,537 new shares to Alset International Limited and Alset Inc. These strategic financial moves are part of the recent developments To support HWH International's growth and expansion efforts.
However, the company received notice from the Nasdaq Hearings Committee for failing to meet the minimum market value for publicly held stocks and the minimum market value for listed securities, putting HWH International at risk of delisting from the Nasdaq Global Market. Despite these challenges, the company is actively working to achieve its compliance plan and maintain its listed status.
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