New York, NY – February 7, 2022 – Ortoli Rosenstadt LLP, a New York full-service international law firm, today announced that it represented EF Hutton, a division of Benchmark Investments, LLC, as the representative of the underwriters in the closing of an $86.3 million initial public offering for Alset Capital Acquisition Corp., a newly organized special purpose acquisition company, of 7,500,000 units at a public offering price of US$10.00 per unit. Each unit consisted of one Class A ordinary share and one-half of a warrant to purchase a Class A ordinary share for $11.50. On February 1, 2022, the underwriters exercised their over-allotment option in full for an additional 1,125,000 units, making the aggregate proceeds of the transaction $86,250,000 before deducting underwriting discounts and other related expenses. The units commenced trading on the Nasdaq Global Market (“Nasdaq”) on February 1, 2022 under the ticker symbol “ACAXU,” and we expect that the Class A common stock, warrants, and rights will be listed on the Nasdaq under the symbols “ACAX,” “ACAXW,” and “ACAXR,” respectively.
“We would like to congratulate Alset Capital Acquisition Corp. on their commencement on the Nasdaq Market,” commented Partner William Rosenstadt. “We are confident they will make an exceptional public company, and we are proud to have represented EF Hutton in this transaction.”
The Ortoli Rosenstadt LLP team included Partners William Rosenstadt and Jason Ye and Counsel Tim Dockery.
