Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 286

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 286
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 determined the extinguishment of this note is the result of a Troubled Debt Restructuring. F-60 Convertible Promissory Notes: In January 2024, the Company assumed a $ 938thousand (€ 850thousand) convertible promissory note from AEG PLC, a related party. The note had a 10% interest maturing in March 2025. The note was assumed as part of the Business Combination that was completed in December 2023. On January 3, 2024, the noteholder converted all of the principal and accrued interest owed under the note, equal to $ 1.0million, into 52,800shares of restricted common stock. In April 2024, the Company issued to an institutional investor a senior convertible note in the principal amount of $ 2,160,000, issued with an 8.0% original issue discount, and a warrant to purchase up to 96,444shares of the Company’s common stock at an exercise price of $ 12per share. Maxim Group LLC (“Maxim”) acted as placement agent for the Convertible Note issuance and also received a warrant to purchase 9,644shares of common stock with an exercise price of $ 13.18per share for their role as placement agent. The Company also paid Maxim a cash placement agency fee of $ 140,000and reimbursed certain out of pocket fees up to $ 50,000. The Company received gross proceeds of $ 2,000,000, before fees and other expenses associated with the transaction. The Convertible Note matures on April 20, 2025 (unless accelerated due to an event of default or accelerated up to six installments by the Investor), bears interest at a rate of 7% per annum, which shall automatically be increased to 12.0% per annum in the event of default, and ranks senior to the Company’s existing and future unsecured indebtedness. The Convertible Note is convertible in whole or in part at the option of the Investor into shares of Common Stock (the “Conversion Shares”) at the Conversion Price (as defined below) at any time following the date of issuance of the Convertible Note. The Convertible Note is payable monthly on each Installment Date (as defined in the Convertible Note) commencing on the earlier of July 18, 2024 and the effective date of the initial registration statement required to be filed pursuant to the Registration Rights Agreement (as defined below)