Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 221

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 221
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000,000 (approximately $ 159,000,000). If the ownership of Solis and all of its subsidiaries were to be transferred to the Solis bondholders, the majority of the Company’s operating assets and related revenues and EBIDTA would be eliminated. On October 16 2023, bondholders approved to further extend the temporary waiver to December 16, 2023. On December 18, 2023, a representative group of the bondholders approved an extension of the temporary waivers and the maturity date of the Solis Bonds until January 31, 2024, with the right to further extend to February 29, 2024 at the Solis Bond trustee’s discretion, which was subsequently approved by a majority of the bondholders on January 3, 2024.On March 12, 2024, the bondholders approved an additional extension to April 30, 2024. As such, the Solis bond debt is currently recorded as short-term debt. On December 28, 2023, Solis sold 100% of the share capital in its Italian subsidiaries for approximately € 15.8million (approximately $ 17.5million). Subsequently, on January 18, 2024, Solis sold 100% of the share capital in its Polish subsidiaries for approximately € 54.4million (approximately $ 59.1million), and on February 21, 2024 Solis sold 100% of the share capital of its Netherlands subsidiary for approximately € 6.5million (approximately $ 7million). Additionally, on February 14, 2024, Solis exercised its call options to repay € 59,100,000million (approximately $ 68.5million) of amounts outstanding under the bonds(See Footnote 26). The Company is currently working on several processes to address the going concern issue. In January of 2024, ALCE filed an S1 with the SEC in order to raise additional funds in the first half of 2024. We are working with multiple global banks and funds to secure the necessary project financing to execute on our transatlantic business plan.

| 3. | Summary of Significant Accounting Policies |

Basis of Presentation

The Company prepares its consolidated
financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of Consolidation

The consolidated financial
statements include the financial statements of the Company and its subsidiaries.