Alset Inc. (NasdaqCM:AEI) (AEI) — Reincorporation detail

Announcement

2025-02-13

First SEC disclosure

Meeting / Vote

2025-12-04

COMPLETED

Effective

2022-09-12

Legal effective date

Market Cap

$54M

At announcement

Why this firm matters

Standard cohort firm (Completed). Included for breadth across destinations and sectors.

Controller & ownership

Diffuse / non-controlled

Ownership concentration data not yet documented for this firm.

Vote outcome — reincorporation proposal

Approval standard: N/A. Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Event-study abnormal returns — announcement window

Returns around the announcement date.

No announcement-window CARs available for this firm yet.

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

No vote-window CARs available for this firm yet.

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: per-firm adjusted p-values pending. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Texas opt-in statutory regimes available to Texas-incorporated public companies. Each requires a charter or bylaw amendment with proxy notice. Both are independently elected.

SB 29 — TBOC §21.552

Derivative-action 3% ownership threshold (effective 2025-05-14, post-Tornetta v. Musk).

PENDING VERIFICATION

SB 1057 — TBOC §21.373

Shareholder-proposal threshold: lesser of $1M market value or 3% of voting shares, 6-month hold, 67% solicit (effective 2025-09-01). Director nominations and procedural resolutions are exempt. Legal status: vulnerable to challenge under the Internal Affairs Doctrine and dormant Commerce Clause; SEC Rule 14a-8(i)(1) permits state-law exclusion, so §21.373 may operate through Rule 14a-8 rather than face direct preemption. No court ruling has issued. Firms appear to be in a wait-and-see posture pending legal clarity.

PENDING VERIFICATION

Adoption is opt-in. A "No" or "Pending" status means the firm has not (yet) elected into the regime — it does not mean the firm is non-compliant. Adoption requires a charter/bylaw amendment disclosed via 8-K Item 5.03.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

Source filings pending EDGAR backfill. No primary-source filings are presently linked in the canonical record for this firm. Until backfill completes, see SEC EDGAR company browse (CIK 0001750106) → for the live filings list.

Classification & audit trail

Bucket

Panel eligibility

PANEL_A_TX_INCUMBENT

Audit status

PATCHED_v6-rev69_2026-05-22_CIK_correction_from_0001562256_to_0001750106

Source confidence

PANEL_A_INCLUSION

Transaction status

N/A

Audit notes

[2026-05-31 rev102 RESTORE-TO-80] panel_b 0->1. Shane direction: 'get us back to 80 if that is right'. AEI: 8-K Sept 12 2022 EDGAR-verified DE->TX (Reviewer 3 Grok 2026-05-26). Earlier scope exclusion as pre-SB29 was over-cautious; primary-source-verified moves belong in cohort. Audit-flag for footnote on pre-Tornetta date if needed.
[2026-04-30] v3.84-rev5y: Inserted as Panel A (TX-incumbent universe) reference firm. Source: panelA_TX_incumbent_universe_v2.3_FULL.csv. NOT a DE→TX migrator. Eligible for the §21.552 adopter cohort analysis (see luv_case_study.html Section M.2 for the full TX-incumbent roster).
[2026-05-26 v6-rev84] CRITICAL Panel A misclassification CORRECTED per Alset 8-K Sept 12 2022: 'the Company completed its reincorporation from the state of Delaware to the state of Texas.' Move to Panel B (DE→TX migrator). Reviewer 3 (Grok) triple-verified.
[2026-05-27] rev88 chart-scrub: panel_b_dexit_mover 1→0. AEI is bucket_class=TX_INCUMBENT_NO_MIGRATION; can't simultaneously be a DE→TX/NV migrator. This corrects the cohort_strict count from 57 to 56 (true active migrator count). Pre-fix, regenerator counted AEI (panel_b_dexit_mover=1) but JS firms array dropped it (TX_INCUMBENT bucket_class) — causing 57 vs 56 split-brain on the live page. [2026-05-27 v6-rev95 EDGAR_VERIFY] DUAL_CIK reconciled. CIK 0001750106 is current filer. Alt-CIK 0001562256 REJECTED: Capital IQ link to CIK 0001562256 is incorrect — that CIK is a different MS entity (HF Enterprises Inc., Baldwyn MS, single 2012 T-3 filing). The AEI predecessor was 'HF Enterprises Inc.' under SAME CIK 0001750106 (formerNames entry 2018-11-13 to 2021-02-04). Primary source: https://data.sec.gov/submissions/CIK0001750106.json.