Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 26

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 26
---
.2 million with a 0% interest
until a specified date and a maturity date of March 31, 2024. In February 2024, the loan was further extended to February 28, 2025, and
the principal amount was increased to $3.6 million as compensation for the extension. The compensation was charged as interest costs in
the Consolidated Statement of Operations and Other Comprehensive Income/(Loss) during the period. Additionally, on February 5, 2024, the
Company issued the noteholder warrants to purchase up to 18 shares of restricted common stock, exercisable at $50 per share having a 5-year
term and fair value of $86 thousand. In March 2024, The Company repaid $1.8 million in cash against the principal. Subsequently, on November
5, 2024, the Company sold Alternus Energy Americas to Alternus Energy Group plc, a related party. Prior to the transaction, Alternus Energy
Americas assigned this note to the Company directly. The Company had a principal balance outstanding of $1.8 million and $1.8 million
as of June 30, 2025 and December 31, 2024, respectively.

Convertible Promissory Notes:

In January 2024, the Company
assumed a €0.85 million ($0.94 million) convertible promissory note from AEG PLC, a related party. The note had a 10% interest maturing
in March 2025. The note was assumed as part of the Business Combination that was completed in December 2023. On January 3, 2024, the noteholder
converted all of the principal and accrued interest owed under the note, equal to $1.0 million, into 264 shares of restricted common stock.

In April 2024, the Company
issued to an institutional investor a senior convertible note in the principal amount of $2,160,000, issued with an 8.0% original issue
discount, and a warrant to purchase up to 482 shares of the Company’s common stock at an exercise price of $2,400 per share. This
warrant was adjusted on November 12, 2024 and December 5, 2024, and as a result, as of June 30, 2025, the warrant has been adjusted to
purchase up to 5,778 shares of the Company’s common stock at an exercise