Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 392

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1A
Chunk 392
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. 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, bears interest at 7% per
annum, and ranks senior to the Company’s existing and future unsecured indebtedness. Refer to Footnote 5 for details on the conversions
completed during the year ended December 31, 2024.

On October 1, 2024, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”), by and between the Company and an institutional investor (the “Investor”),
pursuant to which the Company agreed to issue to the Investor a series of senior convertible notes up to an aggregate principal amount
of $2,500,000, issued with a twelve percent (12.0%) original issue discount (each a “Convertible Note” and together, the “Convertible
Notes”), and warrants (each a “Warrant” and together the “Warrants”) to purchase shares of the Company’s
common stock, $0.0001 par value per share (the “Common Stock”), equal to 50% of the face value of the Convertible Note divided
by the volume weighted average price, at an exercise price of $2.00 per share (the “Exercise Price”). Pursuant to the Purchase
Agreement, with the closing of the initial tranche of the Convertible Note and Warrant, the Company issued a Warrant to purchase up to
212,784 shares of Common Stock and the Company received gross proceeds of $700,000, before fees and other expenses associated with the
transaction, accounting for the 12% original issue discount. This warrant was adjusted so that as of November 12, 2024 it is adjusted
to purchase up to 283,714 shares exercisable at $1.50 per share. This warrant was again adjusted on December 5, 2024 to purchase up to
425,571 shares exercisable at $1.00 per share.  In conjunction with the transaction, the Company issued warrants for the purchase
of 21,278 shares of common stock with an exercise price of $2.20 per share to Maxim for their role as placement agent, which is exercisable
at any time on or after April 1, 2025 and will expire on December 19, 2027.

The Convertible Note matures on October 1, 2025
(unless