Sander Gerber Form 3 Alset Capital Acquisition / Sander Gerber ownership change

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Hudson Bay Capital Management LP

(Last) (First) (Middle)

28 HAVEMEYER PLACE

2ND FLOOR

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/02/2022

3. Issuer Name and Ticker or Trading Symbol
Alset Capital Acquisition Corp. [ ACAX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock, par value $0.0001 per share	922,596	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Hudson Bay Capital Management LP

(Last) (First) (Middle)

28 HAVEMEYER PLACE

2ND FLOOR

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Gerber Sander

(Last) (First) (Middle)

C/O HUDSON BAY CAPITAL MANAGEMENT LP

28 HAVEMEYER PLACE, 2ND FLOOR

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Explanation of Responses:

1. The securities are held by HB Strategies LLC and Hudson Bay SPAC Master Fund LP (collectively, the "Funds"). Hudson Bay Capital Management LP (the "Investment Manager") serves as the investment manager of the Funds. As such, the Investment Manager may be deemed to have beneficial ownership of the securities held by the Funds. As the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management LP, Mr. Sander Gerber may be deemed to have beneficial ownership of the securities held by the Funds. Each Reporting Person disclaims beneficial ownership of the securities held by the Funds, except to the extent of its or his pecuniary interest therein.

	Hudson Bay Capital Management LP, By: /s/ Sander Gerber, Authorized Signatory	11/14/2022
	/s/ Sander Gerber	11/14/2022
	** Signature of Reporting Person	Date
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