Alset Inc. entered binding term sheet to acquire New Energy Asia Pacific Inc. from Heng Fai Chan for approximately $100 million.

Alset Inc. (NasdaqCM:AEI) entered binding term sheet to acquire New Energy Asia Pacific Inc. from Heng Fai Chan for approximately $100 million on December 13, 2023. The consideration for the acquisition will consist of a convertible note in the amount of $103.75 million to be issued by Alset to Heng Fai Chan. Such convertible note will have a five year term and an interest rate of 3% per year.

The note may be converted into shares of Alset?s common stock by either party, at any time during the term of the note. The conversion price for such note has been set at $12 per share. The closing of this acquisition will be subject to certain standard closing conditions.