Alset closes $83M purchase of NEAPI from Chan; issues 27.7M shares on note conversion

Alset Inc.

Completed purchase of all NEAPI shares for $83M convertible note; Chan converted note into 27,666,667 shares at $3.00 per share.
Acquired entity owns 41.5% of New Energy Asia Pacific Company Ltd, an electric vehicle distributor with signed MOUs and government interest.
Seller Chan Heng Fai (Chairman/CEO) and Co-CFO Lui Wai Leung Alan sit on New Energy's board; transaction is related-party.
Shares issued in exempt private placement under Section 4(a)(2) of the Securities Act.

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