UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 9, 2023, Alset Capital Acquisition Corp. (the “Company”) received a letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that, under the Nasdaq Listing Rules (the “Nasdaq Rules”), specifically, Nasdaq Rule 5450(b)(1)(B), “Companies listed on The Nasdaq Global Market are required to maintain a minimum of 1,100,000 publicly held shares for continued listing.” The Company has previously disclosed that based on the number of Class A common shares to be redeemed (unless such redemptions are cancelled) that it would have 41,287 publicly held shares of Class A common stock following such redemptions. Thus, such number would not comply with the Nasdaq Rules.
The Nasdaq Rules normally provide 45 calendar days to submit a plan to regain compliance, however, the Nasdaq staff (the “Staff”) has determined to use its discretionary authority under Listing Rule 5101 to shorten the time-period to submit a plan of compliance until August 31, 2023 (the “Compliance Date”). If the Staff accepts our plan to regain compliance, the Staff may grant an extension up to 180 calendar days from the date of the letter to evidence compliance.
In the event of Nasdaq not accepting our plan of compliance, the Nasdaq Rules permit the Company an opportunity to appeal Nasdaq’s determination.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 15, 2023
| ALSET CAPITAL ACQUISITION CORP. | ||
| By: | /s/ Rongguo Wei | |
| Name: | Rongguo Wei | |
| Title: | Chief Financial Officer | |