Alset Inc. has entered into a securities purchase agreement with DSS, Inc. dated September 15, 2026. Under the terms of the agreement, Alset will purchase a convertible promissory note and warrants to purchase common stock from DSS for a total purchase price of $500,000.
The transaction involves the issuance of a convertible promissory note bearing a simple interest rate of 3% per annum. The note is payable upon demand and matures five years from the date of issuance. Alset has the option to convert the outstanding principal and accrued interest into shares of DSS common stock at a conversion price of $0.50 per share, provided that notice is given prior to maturity.
In addition to the note, Alset will receive warrants to purchase up to 8,000,000 shares of DSS common stock. The exercise price for these warrants is set at $0.55 per share, and they will expire on the fifth anniversary of the issuance. The exercise of the warrants and the conversion of the note are contingent upon the approval of DSS’s stockholders.
The filing indicates that Alset holds an approximately 39.4% equity interest in DSS, either directly or through subsidiaries. The company and DSS are related parties under the common control of Alset’s Chairman and Chief Executive Officer, Chan Heng Fai, who also serves as the Chairman of DSS. Additionally, several members of Alset’s board of directors, including Co-Chief Executive Officer Chan Tung Moe and Director Lim Sheng Hon Danny, serve as directors of DSS, along with three independent directors: Joanne Wong Hiu Pan, Wong Shui Yeung, and William Wu.
The transaction was approved by Alset’s Board of Directors and Audit Committee. However, Chan Heng Fai and Chan Tung Moe recused themselves from all deliberation and voting regarding the transaction documents.
