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BETHESDA, MD - Alset Inc. (NASDAQ:AEI), currently trading at $0.93 with a market capitalization of $10.35 million, announced Monday that its Board of Directors has authorized a new stock repurchase program of up to $1 million of the company’s outstanding common stock.
The repurchase program will run through December 31, 2025, or until the authorized amount has been fully utilized. The company has delegated implementation to its broker, who will have discretion over repurchase decisions within agreed pricing and size parameters.
Alset indicated that repurchases may be made on the open market in accordance with applicable regulations, though the program may be suspended or discontinued at any time. The timing and number of shares repurchased will depend on factors including price and market conditions.
As of Monday, Alset has 11,735,119 shares of common stock issued and outstanding.
"We believe the current market price does not fully reflect the intrinsic value of our Company," said Chan Heng Fai, Alset’s Chairman and Chief Executive Officer, in the press release statement. According to InvestingPro data, the company maintains a strong financial position with more cash than debt and a robust current ratio of 11.22, indicating substantial liquidity.
Alset Inc. describes itself as a diversified holding company engaged in various business segments including property development, financial services, digital transformation technologies, biohealth activities, and consumer products. InvestingPro analysis reveals the stock is currently trading at attractive valuations, with multiple metrics suggesting potential undervaluation. Subscribers can access 8 additional ProTips and comprehensive financial analysis on the platform.
The announcement comes as part of the company’s strategy to utilize available capital while potentially enhancing shareholder value. Stock repurchase programs are common corporate actions that reduce the number of outstanding shares in the market. The company’s shares have shown recent momentum with a nearly 10% gain over the past week, despite being down 8.49% year-to-date.
This article is based on information from a company press release.
In other recent news, Alset Inc. has announced a significant acquisition by entering into a Stock Purchase Agreement to acquire New Energy Asia Pacific Inc. for $83 million. This transaction will be completed through a convertible promissory note with a 1% annual interest rate, allowing conversion into Alset’s common stock at $3.00 per share before maturity. The Board of Directors and Audit Committee have approved the acquisition, and it remains subject to approval by Alset’s majority shareholders. This strategic move is in line with Alset’s focus on sustainable solutions, as New Energy is involved in electric vehicles, charging stations, and batteries. Meanwhile, Top Financial Group Ltd has disclosed details of its upcoming annual meeting of shareholders through a report filed with the U.S. Securities and Exchange Commission. The filing, which serves as an amended and restated proxy statement, provides shareholders with the necessary information to participate in the company’s governance. Top Financial Group Ltd confirmed that it adheres to different reporting standards as a foreign private issuer, as indicated by the absence of annual reports under Form 20-F or Form 40-F. The announcement was formally signed by the company’s CEO, Ka Fai Yuen, ensuring compliance with regulatory standards.
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