HWH International Inc. (HWH) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 27, 2026

Risk Assessment Details

Potential Dilution: 30.28% of current shares
Recent Dilution: 89.01% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
6.5M
Potential Supply
2M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

HWH currently has 6.48M outstanding shares. with moderate dilution risk from 1.96M authorized shares representing 30.3% potential dilution. The company has significantly diluted shareholders by 89.01% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 27, 2026

8-K filing: HWH International Inc. entered into a definitive agreement to sell 20,000,000 shares of common stock and warrants for up to 160,000,000 shares to Smart Dynamics Technology Limited for $10,000,000. ($10.0M proceeds)

6.5M 2M
Oct 22, 2025

10-Q filing | 6.5M shares outstanding

6.5M 2M
May 15, 2025

10-Q filing | 6.4M shares outstanding

6.4M 2M
Mar 31, 2025

10-K filing | 6.5M shares outstanding

6.5M 2M
Feb 24, 2025
Stock Split

8-K filing: Stock split 1-for-5 | Outstanding: 26,669,602 → 5,333,920

5.3M 2M
Jan 06, 2025

8-K filing: HWH International Inc. closed a public offering of 3,162,500 shares of common stock and 1,250,000 pre-funded warrants at $0.40 and $0.3999 respectively, resulting in gross proceeds of approximately $1.76 million. ($1.76M proceeds)

27M 9.8M
Jan 03, 2025

8-K filing: HWH International Inc. announced the pricing of its public offering of 3,162,500 shares of common stock and 1,250,000 pre-funded warrants at $0.40 and $0.3999 respectively, with expected gross proceeds of approximately $1.76 million before deducting fees and expenses. ($1.76M proceeds)

27M 13M
Dec 27, 2024

8-K filing: HWH International Inc. regained compliance with Nasdaq's stockholders' equity requirement through stock purchase agreements with Alset Inc. in November and December 2024, involving the sale of newly issued shares of common stock. ($3.59M proceeds)

27M 13M
Dec 26, 2024

8-K filing: HWH International Inc. entered into a Stock Purchase Agreement with Alset Inc., pursuant to which Alset agreed to purchase 1,300,000 shares of HWH common stock for a total of $585,000, representing a purchase price of $0.45 per share. ($0.59M proceeds)

27M 13M
Dec 10, 2024

S-1/A filing: HWH International, Inc. intends to offer shares of common stock and pre-funded warrants to purchase common stock through D. Boral Capital LLC, as Placement Agent.

27M 13M
Dec 04, 2024

S-1/A filing: HWH International Inc. is offering up to 3,571,429 shares of common stock and pre-funded warrants to purchase up to 3,571,429 shares of common stock on a best-efforts basis.

27M 13M
Nov 26, 2024

8-K filing: HWH International Inc. sold 4,411,764 shares of its common stock to Alset Inc. at a price of $0.68 per share. ($3.0M proceeds)

22M 15M
Nov 06, 2024

10-Q filing | 22.3M shares outstanding

22M 15M
Oct 23, 2024

S-1/A filing: S-1/A filing describing an over-allotment option for common stock and pre-funded warrants.

22M 15M
Oct 10, 2024

S-1 filing: HWH International Inc. is offering up to 5,000,000 shares of common stock and pre-funded warrants to purchase up to 5,000,000 shares of common stock.

22M 15M
Sep 25, 2024

8-K filing: HWH International Inc. entered into debt conversion agreements with Alset Inc. and Alset International Limited, converting debt into 6,034,537 shares of common stock at $0.63 per share. ($3.8M proceeds)

16M 9.8M
Aug 12, 2024

10-Q filing | 16.2M shares outstanding

16M 9.8M
Jun 05, 2024

S-1/A filing: This S-1/A filing relates to the resale of up to 149,443 shares of common stock by selling stockholders, which were issued pursuant to a Satisfaction and Discharge of Indebtedness Agreement.

15M 9.8M
May 20, 2024

S-1/A filing: Resale of up to 149,443 shares of common stock by selling stockholders, issued pursuant to a Satisfaction and Discharge of Indebtedness Agreement.

15M 9.8M
May 15, 2024

10-Q filing | 14.8M shares outstanding

15M 9.8M
May 03, 2024

S-1/A filing: Resale of 149,443 shares of common stock by selling stockholders, issued pursuant to a Satisfaction and Discharge of Indebtedness Agreement.

16M 9.8M
Apr 08, 2024

S-1 filing: Resale of up to 149,443 shares of common stock by selling stockholders.

16M 9.8M
Feb 28, 2024

10-K filing | 16.2M shares outstanding

16M 9.7M
Jan 12, 2024

8-K filing: On December 18, 2023, the Company issued 149,443 shares of its common stock to EF Hutton as part of a Satisfaction Agreement, in lieu of a deferred underwriting commission.

2.4M 9.7M
Oct 16, 2023

10-Q filing | 2.4M shares outstanding

2.4M 9.7M
Jul 31, 2023

8-K filing: Alset Capital Acquisition Corp. entered into a Forward Purchase Agreement with Meteora Special Opportunity Fund I, LP, Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Strategic Capital, LLC, for OTC Equity Prepaid Forward Transactions, and a FPA Funding Amount PIPE Subscription Agreement with the Seller for up to 1,800,000 shares of ACAX Common Stock.

2.4M 9.7M
Jul 17, 2023

10-Q filing | 2.4M shares outstanding

2.4M 9.7M
May 03, 2023

8-K filing: Alset Capital Acquisition Corp. amended its Investment Management Trust Agreement and its Amended and Restated Certificate of Incorporation to extend the date to consummate a business combination to November 3, 2023. 6,648,964 shares of common stock were tendered for redemption in connection with the stockholders' vote.

9.1M 9.7M
Apr 14, 2023

10-Q filing | 9.1M shares outstanding

9.1M 9.7M
Feb 24, 2023

10-K filing | 9.1M shares outstanding

9.1M 9.7M
Oct 07, 2022

10-Q filing | 9.1M shares outstanding

9.1M 9.7M
Sep 12, 2022

8-K filing: Alset Capital Acquisition Corp. entered into a merger agreement with HWH International Inc. where ACAX will acquire HWH for $125,000,000 payable in 12,500,000 shares of ACAX Common Stock valued at $10.00 per share, with the intention of ACAX changing its name to HWH International Inc. upon closing. ($125.0M proceeds)

9.1M 9.7M
Jul 13, 2022

10-Q filing | 9.1M shares outstanding

9.1M 9.7M
Apr 13, 2022

10-Q filing | 9.1M shares outstanding

9.1M 9.7M
Feb 09, 2022

8-K filing: Alset Capital Acquisition Corp. completed its initial public offering of 8,625,000 units at $10.00 per Unit, generating gross proceeds of $86,250,000, and simultaneously completed a private placement of 473,750 units at $10.00 per Private Placement Unit, generating total gross proceeds of $4,735,500. ($90.99M proceeds)

N/A 9.7M
Feb 04, 2022

8-K filing: Alset Capital Acquisition Corp. completed an initial public offering of 8,625,000 units at $10.00 per unit and a private placement of 473,750 units to its sponsor at $10.00 per unit. ($90.95M proceeds)

N/A 9.7M
Jan 13, 2022

S-1 filing: Alset Capital Acquisition Corp. is offering 7,500,000 units at $10.00 per unit for a total of $75,000,000.

N/A 9.7M
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