Chan Heng Fai Ambrose - Jan 31, 2022 Form 3 Insider Report for Alset Capital Acquisition Corp. (ACAX)

Role: Chairman and CEO, Director, 10%+ Owner
Signature: /s/ Heng Fai Ambrose Chan
Stock symbol: ACAX
Transactions as of: Jan 31, 2022
Transactions value $: $0
Form type: 3
Date filed: 2/10/2022, 04:00 PM
Previous filing: Jan 27, 2022
Next filing: Mar 10, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ACAX	Class A common stock, par value $0.0001 per share						474K	Jan 31, 2022	By Alset Acquisition Sponsor, LLC	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	ACAX	Class B common stock, par value $0.0001 per share							Jan 31, 2022	Class A common stock, par value $0.0001 per share	2.16M		By Alset Acquisition Sponsor, LLC	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The shares of Class A common stock are underlying units (the "Private Placement Units"). Each Private Placement Unit consists of one Class A ordinary share, one-half of one warrant and one right entitling the holder to receive one tenth (1/10) of one Class A ordinary share.
F2	Alset Acquisition Sponsor, LLC (the "Sponsor") is the record holder of the securities reported herein. Heng Fai Ambrose Chan is the Chief Executive Officer of the sole member of the Sponsor, and is the Chief Executive Officer and control person of the entities which own the Sponsor's sole member. By virtue of this relationship, Mr. Chan may be deemed to share beneficial ownership of the securities held of record by the Sponsor. Mr. Chan disclaims any such beneficial ownership except to the extent of his pecuniary interest.
F3	As described in the issuer's registration statement on Form S-1 (File No. 333-262152) under the heading "Founder Shares", the shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Issuer's initial business combination on a one-for-one basis, subject to certain adjustments described therein and have no expiration.