Alset Inc. to acquire 41.5% EV distributor stake via $103.75M convertible note from Chairman

Alset Inc.

Alset (AEI) entered binding term sheet to buy NEAPI for $103.75M in a convertible promissory note.
NEAPI owns 41.5% of New Energy Asia Pacific Limited, an EV and charging station distributor.
Convertible note: 5-year term, 3% interest, conversion at $12/share (16x AEI's $0.75 closing price).
Transaction is related party (seller is Chairman/CEO Chan Heng Fai); requires stockholder approval and Nasdaq no-objection.
New Energy has $42M in signed MOUs and strong demand from Asian government and market.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Alset Inc. entered into Binding Term Sheet for Acquisition of New Energy Asia Pacific Inc. with Chan Heng Fai valued at $103,750,000.00 convertible promissory note (effective 2023-12-13).

Action: entry
Agreement: equity purchase
Counterparty: Chan Heng Fai
Value: $103,750,000.00 convertible promissory note
Effective: 2023-12-13

Exact text from the filing

On December 13, 2023, Alset Inc. (the “Company”) entered into a term sheet (the “Term Sheet”), with Chan Heng Fai (the “Seller”), the Chairman of the Board of Directors, Chief Executive Officer and largest stockholder of the Company.

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Alset Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-044794

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