Alset amends acquisition of New Energy Asia Pacific to $83M via convertible note

Alset Inc.

Amended term sheet reduces purchase price from $103.75M to $83M for all shares of NEAPI.
Consideration is a convertible promissory note at 1% interest, 5-year term, conversion at $3.00/share.
Target owns 41.5% of New Energy Asia Pacific Ltd, an electric-vehicle distributor.
Transaction requires shareholder approval, regulatory clearances, and a fairness opinion from Valuescope.
Seller Chan Heng Fai (Chairman/CEO) and his son recused from board vote; Audit Committee approved.

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