Alset Inc. (AEI) — Current Report

Key Insights

• Alset Inc. has entered into a binding term sheet to sell 99.55% of its shares in Hapi Metaverse Inc. to its majority-owned subsidiary HWH International Inc. for $19.91 million in the form of a convertible promissory note.
• The transaction is subject to approval by the majority of HWH International Inc.'s shareholders, as Alset Inc. and its affiliates own the majority of HWH International Inc.'s stock.
• The convertible promissory note has a 1% annual interest rate and a 5-year maturity, with Alset Inc. having the option to convert the note into HWH International Inc. shares at $1.85 per share.