Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 66

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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 Holder and its Affiliates and any other persons whose beneficial
ownership of Common Stock would be aggregated with the shareholder for purposes of Section 13(d) of the 1934 Act, would exceed 19.99%
of the outstanding shares of the Common Stock following such conversion.

Restriction on Sales. Beginning on the
month after the Holder is able to convert the Series B and utilize an exemption under SEC Rule 144, the Holder may sell a maximum amount
of Common Shares per month not to exceed the average daily volume of the Company’s common stock in the prior month.

Voting Rights. Each holder of Series B
has full voting rights and powers equal to the voting rights and powers of holders of common stock, and for so long as Series B is issued
and outstanding, the holders of Series B shall vote together as a single class with the holders of the Company’s common stock and
the holders of any other class or series of shares entitled to vote on all such matters equal to the number of whole shares of Common
Stock into which the shares of Series B Preferred Stock held by such holder are convertible as of the record date for determining stockholders
entitled to vote on such matter. (For avoidance of doubt, voting rights are on an ‘as-converted’ basis.)

Dividend Rights. The holders of Series
B, as such, will not be entitled to receive dividends of any kind.

Liquidation Preference. The holders of Series B shall be entitled
to receive distributions in the event of any liquidation, dissolution or winding up of the Company pari passu with the Common Stock.

36

ITEM 2 - MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our
financial condition and results of our operations should be read in conjunction with the condensed consolidated financial statements and
related notes included elsewhere in this report and in our Annual Report on Form 10-K filed with the Securities and Exchange Commission
on June 27, 2025. In addition to historically consolidated financial information, this discussion contains forward-looking statements
that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause
or contribute to these differences include, but are not limited to, those identified below, and those discussed in “Item 1A. Risk
Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, in “Item 1A. Risk