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Alset Inc. (NASDAQ:AEI) announced Thursday that it has received notice from the Nasdaq Listing Qualifications Staff confirming the company has regained compliance with Nasdaq’s minimum $1 bid price per share requirement. The notification was received on July 17, according to a statement released in an SEC filing.
The company’s common stock, which trades on the Nasdaq Stock Market LLC, had previously fallen below the exchange’s minimum bid price threshold. Nasdaq rules require listed companies to maintain a closing bid price of at least $1 per share.
Alset stated that, while it has now met the minimum bid price requirement, there is no assurance that it will be able to maintain compliance in the future.
This information is based on a statement provided in Alset’s recent SEC filing.
In other recent news, Alset Inc. has announced its financial decision to acquire New Energy Asia Pacific Inc. for $83 million. This acquisition, structured through a convertible promissory note, is part of Alset’s strategy to enhance its portfolio with sustainable and environmentally friendly solutions. The note, which carries a 1% annual interest rate, can be converted into Alset’s common stock at a rate of $3.00 per share and will mature in five years. Additionally, Alset’s Board of Directors has approved a stock repurchase program worth up to $1 million, running through December 31, 2025. This move reflects the company’s belief that its current market price does not fully capture its intrinsic value. In another development, Alset has appointed HTL International as its new independent registered public accounting firm, following the dismissal of Grassi & Co. This change was recommended by the Audit Committee and is effective immediately. These recent developments underscore Alset’s strategic initiatives aimed at enhancing shareholder value and strengthening its financial foundation.
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