Street Calls of the Week
HWH International Inc. (NASDAQ:HWH) announced key leadership changes and related party transactions, according to a statement filed with the Securities and Exchange Commission. The company, currently valued at $18.3 million in market capitalization, has shown significant market volatility with a remarkable 183% price return over the past six months, according to InvestingPro data.
On October 3, John “JT” Thatch resigned as Chief Executive Officer. The company stated that Thatch’s resignation was not due to any disagreement regarding company operations, policies, or practices. On the same day, Chan Heng Fai, Chairman of the Board, was appointed as the new Chief Executive Officer. Chan, age 80, previously served as CEO from October 2021 to January 2024 and brings over 45 years of experience in banking and finance. He holds directorships and executive roles at multiple listed companies, including Alset International Limited, DSS, Inc., and Alset Inc., the majority shareholder of HWH International.
Additionally, Lim Sheng Hon Danny, the company’s Chief Operating Officer and Chief Strategy Officer, was appointed to the Board of Directors. Lim, age 33, has held senior roles at Alset International Limited and Alset Inc., and has experience in business development, mergers and acquisitions, and strategic planning.
The filing also detailed several related party transactions. Alset Inc. and Alset International Limited, both majority shareholders of HWH International, provided working capital advances and credit facilities to the company. With a current ratio of 1.28, the company’s liquid assets exceed its short-term obligations, though InvestingPro data shows the company is not profitable over the last twelve months, with an EBITDA of -$1.35 million. As of June 30, 2025, amounts due to Alset Inc. and Alset International Limited were $459,614 and $5,052,090, respectively. The company entered into a $1 million credit facility with Alset Inc. in April 2024 and drew $300,000 from this line in September 2024. Debt conversion and stock purchase agreements with Alset entities resulted in the issuance of new shares.
Other related transactions included loans, investments, and share sales involving subsidiaries and affiliates, such as the acquisition of L.E.H. Insurance Group, LLC, and the sale of a 70% stake in Alset F&B One Pte. Ltd. to Alset International Limited for approximately $170,754.
This information is based on a statement made in a recent SEC filing.
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