Alset Capital Acquisition (ACAX) - 2023 Q4 - Annual Report

Financial Performance - For the years ended November 30, 2023 and 2022, the Company reported net income of $548,873 and$113,541, respectively[74]. - As of November 30, 2023, the Company had $585,654 in cash and a working capital deficit of$134,421[72]. - The Sponsor funded extension payments totaling $205,305 during the year ended November 30, 2023[65]. Shareholder Activities - The Company did not repurchase any shares of its common stock during 2023 and 2022[54]. - Class A Common Stock stockholders redeemed 6,648,964 shares for approximately$68.4 million held in the Trust Account[65]. Business Operations - As of November 30, 2023, the Company had not commenced any operations and generated no operating revenues prior to its initial Business Combination[58]. - The Company amended its Trust Agreement to extend the deadline for completing a business combination to February 3, 2024[66]. - The company reported no off-balance sheet arrangements as of November 30, 2023[82]. Initial Public Offering - The Initial Public Offering raised approximately $87.1 million, which was placed in the Trust Account, with$1.9 million available for operating expenses[61]. - The total consideration for the Merger was $125 million, payable in 12.5 million shares of common stock valued at$10.00 each[70]. - The company paid a cash underwriting discount of $0.20 per Unit, totaling$1,725,000[79]. - The underwriters are entitled to a deferred fee of $0.35 per Unit, amounting to$3,018,750, payable only upon completion of a Business Combination[79]. Regulatory and Compliance - The company qualifies as an "emerging growth company" and is exempt from certain reporting requirements applicable to other public companies[84]. - The company has elected not to opt out of the extended transition period for new or revised financial accounting standards, allowing it to adopt standards at the same time as private companies[85]. Economic Impact - The company does not believe inflation had a material impact on its business, revenues, or operating results during the reported period[82].