Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
On December 6, 2022, Alset Inc., a Texas corporation (the "Company"), filed a
Certificate of Amendment to the Company's Certificate of Formation (the
"Amendment") with the Texas Secretary of State to effect a 1-for-20 reverse
stock split (the "Reverse Stock Split") with an effective date of December 28,
2022 (the "Effective Time").
At the Effective Time, each 20 shares of the Company's common stock issued and
outstanding will be combined and converted into 1 share of the Company's common
stock. The par value of the common stock following the Reverse Stock Split shall
remain at $0.001 per share. No fractional shares shall be issued as a result of
the Reverse Stock Split and, in lieu thereof, upon the submission of a
transmission letter by a shareholder holding the shares in book-entry form and,
where shares are held in certificated form, upon the surrender of a certificate
which formerly represented shares of common stock that were issued and
outstanding immediately prior to the Effective Time, any person who would
otherwise be entitled to a fractional share of common stock as a result of the
Reverse Stock Split, following the Effective Time, shall be entitled to receive
a cash payment equal to the fraction of a share of common stock to which such
holder would otherwise be entitled multiplied by the closing price per share of
the common stock on the Nasdaq Capital Market at the close of business on the
trading day preceding the date of the Effective Time.
In connection with the Reverse Stock Split, the CUSIP number for the common
stock will be changed to 02115D208.
The foregoing description of the Amendment is qualified in its entirety by
reference to the full text thereof which is filed as Exhibit 3.1 to this Current
Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
3.1 Certificate of Amendment to Certificate of Formation
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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