Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 105

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 105
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 the issuance of this report. Refer to Footnote 2 of the accompanying financial statements for more information. On March 20, 2024, we received a letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC therein stating that for the 32 consecutive business day period between February 2, 2024 through March 19, 2024, the Common Stock had not maintained a minimum closing bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial period of 180 calendar days, or until September 16, 2024 (the “Compliance Period”), to regain compliance with the Bid Price Rule. The Company, on September 19, 2024, received a delist determination letter from the Staff advising the Company that the Staff had determined that the Company did not meet the eligibility for a second 180-day compliance period. The Company further to same, requested an appeal of the Staff’s determination on September 26, 2024, and recently effected the 2024 Reverse Stock Split on October 11, 2024. The Company regained compliance with the Bid Price Rule on October 28, 2024, but there can be no assurance that the Company will maintain compliance with any of the other Nasdaq continued listing requirements. On May 6, 2024, the Company received a letter from the listing qualifications department staff of The Nasdaq notifying the Company that for the prior 30 consecutive business days, the Company’s minimum Market Value of Listed Securities (“ MVLS”) was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq listing rule 5550(b)(2). In accordance with Nasdaq listing rule 5810(c)(3)(C), the Company had 180 calendar days, or until November 4, 2024, to regain compliance. As we did not regain compliance with the MVLS by November 4, 2024, we received a delisting determination letter. The Company appealed such delisting determination to a Nasdaq hearings panel, and is currently pending decision of the Nasdaq Panel to the hearing which was conducted on January 9, 2025. At the hearing, we requested that we be allowed to reflect our compliance with the Nasdaq listing