Alset enters $83M deal to acquire electric-vehicle stake from Chairman

Alset Inc.

Purchase price of $83M via 5-year convertible note at $3.00/share, 1% interest.
Acquires NEAPI, which owns 41.5% of New Energy Asia Pacific Co. Ltd. (all-electric vehicles).
Chairman/CEO Chan Heng Fai is seller; Audit Committee and Board approved; fairness opinion obtained.
Stockholder approval required; customary closing conditions apply.
Chan and his son recused from deliberations; note convertible upon 10 days' notice prior to maturity.

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