July 23, 2025 · Form 4 insider transaction
Chan Heng Fai Ambrose sold 27,666,667 shares of ALSET INC, a transaction worth N/A. The trade was recorded as conversion of a derivative and disclosed on an SEC Form 4, filed 0 days after the transaction.
On July 23, 2025, in consideration for the acquisition of certain assets, Alset Inc. issued a convertible promissory note (the "Note") to Chan Heng Fai in the amount of $83,000,000. The Note was convertible at a conversion price of $3.00 per share. On July 23, 2025, Mr. Chan converted the entire principal of the Note into 27,666,667 newly issued shares of the Issuer's common stock.; In addition to the shares of common stock held directly by Mr. Chan, Mr. Chan also indirectly owns 3,875,506 shares of common stock held by HFE Holdings Limited. Mr. Chan has sole voting and investment power with respect to the shares held by HFE Holdings Limited. Mr. Chan is the beneficial owner of 35,665,409 shares of the common stock of Alset Inc.