Alset Inc. Completes Purchase Agreement with HWH International Inc.

On November 20, 2024, Alset Inc. finalized a significant transaction as outlined in their latest Form 8-K filing with the Securities and Exchange Commission. The company had previously entered into a Stock Purchase Agreement with its subsidiary, Alset International Limited, acquiring 6,500,000 shares of HWH International Inc. These shares were obtained in exchange for a secured promissory note valued at $4,095,000 bearing an interest rate of 5% annually. The promissory note is set to mature on September 26, 2026, and is secured by collateral specified in a security agreement between Alset Inc. and Alset International Limited.

The successful completion of this transaction was subject to the approval of Alset International Limited’s stockholders, which was obtained on November 18, 2024. The company is pleased to have met all closing conditions, finalizing the deal on November 20, 2024.

Alset Inc. notes that certain officers and directors are shared between Alset International Limited and HWH International Inc., including the Chairman, Chief Executive Officer, and largest stockholder Chan Heng Fai. In addition to Chan, his son Moe Chan serves as an officer and director of Alset International Limited and Co-Chief Executive Officer and Director of Alset Inc. Several independent directors of Alset Inc. also hold positions at HWH International Inc.

The Board of Directors of Alset Inc. has thoroughly reviewed and approved this transaction, affirming that it aligns with the best interests of the company and its subsidiaries.

As per the filing, the company also disclosed several related documents in the exhibit section. These include the Stock Purchase Agreement, the Promissory Note, and the Security Agreement, among others, previously filed with the SEC on September 27, 2024.

For more details regarding this transaction, interested parties can refer to the full Form 8-K filing on the Securities and Exchange Commission’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Alset’s 8K filing here.

About Alset

Alset Inc engages in the real estate development, financial services, digital transformation technologies, biohealth activities, and consumer products businesses in the United States, Singapore, Hong Kong, Australia, and South Korea. It operates through four segments: Real Estate, Digital Transformation Technology, Biohealth, and Other Business Activities segments.