UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On January 2, 2025, Alset Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with certain accredited investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue to the Purchasers an aggregate of 1,500,000 shares of common stock (the “Shares”), par value $0.001 per share (the “Common Stock”), at a purchase price of $1.00 per share, in a registered direct offering (the “Offering”).
The Offering was made pursuant to the Company’s existing shelf registration statement on Form S-3 (File No. 333-264234), filed with the Securities and Exchange Commission (the “Commission”) on April 11, 2022, and declared effective by the Commission on May 5, 2022 (the “Registration Statement”). A prospectus supplement to the Registration Statement was filed with the Commission on January 3, 2025.
The closing of the Offering occurred on January 3, 2025. The Company received net proceeds from the Offering of approximately $1,200,000 from the Offering, after deducting offering expenses payable by the Company, including the placement agent fees. The Company expects to use the net proceeds from the Offering for working capital and general corporate purposes.
In connection with the Offering, the Company entered into a Placement Agency Agreement (the “Placement Agency Agreement”) with Aegis Capital Corp. (the “Placement Agent”), as the exclusive placement agent in connection with the Offering. As compensation to the Placement Agent, the Company paid the Placement Agent a cash fee of 7% of the aggregate gross proceeds raised in the Offering and reimbursed certain expenses of the Placement Agent.
The foregoing summaries of the Purchase Agreement and the Placement Agency Agreement do not purport to be complete and are subject to, and qualified in their entirety by, copies of such documents attached as 10.1 and 10.2 to this Current Report on Form 8-K, which are incorporated by reference herein.
A copy of the opinion of Travis Heuszel as to the legality of the Shares to be issued and sold in this Offering is filed as Exhibit 5.1 to this Current Report on Form 8-K.
Item 8.01 Other Events
On January 2, 2025, the Company issued a press release announcing the pricing of the Offering, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein. Also, on January 3, 2025, the Company issued a press release announcing the closing of the Offering, a copy of which is attached as Exhibit 99.2 to this Current Report on Form 8-K and is hereby incorporated by reference herein
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 5.1 | Opinion of Travis Heuszel | |
| 10.1 | Form of Securities Purchase Agreement by and between Alset Inc. and the Purchasers | |
| 10.2 | Placement Agency Agreement between the Company and Aegis Capital Corp. dated January 2, 2025 | |
| 99.1 | Press Release issued by the Company on January 2, 2025 | |
| 99.2 | Press Release issued by the Company on January 3, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| ALSET INC. | ||
| Dated: January 3, 2025 | By: | /s/ Rongguo Wei |
| Name: | Rongguo Wei | |
| Title: | Co-Chief Financial Officer | |