Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 288

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 288
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ible Note and Warrant and Common Stock issued thereunder) is limited to 19.99% of the outstanding Common Stock as of April 19, 2024 (the “Exchange Cap”, which is equal to 640,293shares of Common Stock, subject to adjustment as described in the Purchase Agreement), unless shareholder approval (as defined in the Purchase Agreement) (“Stockholder Approval”) is obtained by the Company to issue more than the Exchange Cap. The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. On September 26, 2024 the Company’s shareholders approved the potential issuance of shares by the Company of more than the Exchange Cap. The Company adopted ASU 2020-06 as of January 1, 2023. This ASU removes the concepts of a beneficial conversion feature and cash conversion feature from the ASC guidance. The Company recorded a loss on debt issuance of $ 0.9million. As at September 30, 2024, the outstanding principal was $ 2million with fair value of $ 2.32million at that date. The Company also recorded a $ 0.2million loss on movement in fair value in the three months to September 30, 2024. As of September 30, 2024, $ 109,223.42worth of this note (including principal plus accrued interest and late fees and penalties) had been converted into 18,456shares leaving $ 2million of the note principal outstanding. F-61 Other Debt: The Solis Bonds In January 2021, the Company approved the issuance by one of its subsidiaries, Solis, of a series of 3-yearsenior secured green bonds in the maximum amount of $ 242.0million (€ 200.0million) with a stated coupon rate of 6.5% + EURIBOR and quarterly interest payments (the “Solis Bonds”). On October 3, 2024, the Company sold Solis and its subsidiaries in Romania to Solis Trustee Special Vehicle Limited, the Solis Bondholders’ ownership vehicle, for € 1in accordance with the terms of the Solis Bonds, as amended. Solis accounted for 98% of group revenues for the nine months ended September 30, 2024. Solis bondholders continue to hold a preference share in an ALCE holding company which holds certain development projects in Spain and