09/26/2024 | Press release | Distributed by Public on 09/26/2024 19:40
FORM 4
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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1. Title of Derivate Security | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Securities Underlying Derivative Security | 8. Price of Derivative Security | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) | 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) | 11. Nature of Indirect Beneficial Ownership |
Code | V | (A) | (D) | Date Exercisable | Expriation Date | Title | Amount or Number of Shares |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Chan Heng Fai Ambrose 9 TEMASEK BOULEVARD #16-4 SUNTEC TOWER TWO SINGAPORE, U0038989 |
X | X | Chief Executive Officer | |
Alset Inc. 4800 MONTGOMERY LANE, SUITE 210 BETHESDA, MD20814 |
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X |
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Alset International Ltd 9 TEMASEK BOULEVARD #16-4 SUNTEC TOWER TWO SINGAPORE, U0038989 |
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X |
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/s/ Chan Heng Fai Ambrose | 2024-09-26 |
**Signature of Reporting Person | Date |
Alset Inc. /s/ Chan Heng Fai Ambrose, Chief Executive Officer | 2024-09-26 |
**Signature of Reporting Person | Date |
Alset International Limited. /s/ Chan Heng Fai Ambrose, Chief Executive Officer | 2024-09-26 |
**Signature of Reporting Person | Date |
(*) | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
(**) | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | On September 24, 2024, Alset International Limited entered into a debt conversion agreement (the "AIL Debt Conversion Agreement") with the Issuer. Under the terms of the AIL Debt Conversion Agreement, Alset International Limited converted $3,501,759.00 of debt owed to it by the issuer into 5,558,347 newly issued shares of the Issuer's common stock. |
(2) | On September 24, 2024, Alset Inc. entered into a debt conversion agreement (the "AEI Debt Conversion Agreement") with the Issuer. Under the terms of the AEI Debt Conversion Agreement, Alset Inc. converted $300,000 of debt owed to it by the issuer into 476,190 newly issued shares of the Issuer's common stock. |
(3) | Alset Inc. may be deemed to possess beneficial ownership of the 16,458,347 shares of the Issuer owned by Alset International Limited as the majority owner of Alset International Limited, in addition to certain other shares held by Alset Inc. and its subsidiaries. Mr. Chan may be deemed to possess beneficial ownership of shares of the Issuer owned by Alset Inc. as the Chairman, Chief Executive Officer and majority stockholder of Alset Inc. The amount of securities beneficially owned by Mr. Chan reported here excludes 13,000 shares of the Issuer's common stock owned by Mr. Chan personally. |
(4) | Reflects the number of securities beneficially owned by Alset International Limited following the transaction. |
(5) | Reflects the number of securities beneficially owned by Alset Inc. following the transaction. |