Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 167

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 167
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 30, 2025.

15

As of December 31, 2024, $1.9
million of this note (including principal plus accrued interest and late fees and penalties) had been converted into 5,131 shares leaving
$0.4 million of the note principal outstanding.

On April 28, 2025, the Company
entered into a Letter Agreement with the Investor, which modifies certain terms and conditions of the Senior Convertible Note issued April
19, 2024 and the Senior Convertible Note issued October 1, 2024, by the Company to the Investor, collectively (the “2024 Notes”).
The interest rate on the 2024 Notes is and will continue at a rate of 12% per annum. The conversion price of the 2024 Notes which remain
outstanding shall be adjusted to the lesser of i) $6.00 and ii) 55% of the Market Price. Market Price shall mean the average of the three
lowest traded prices of at least 100 shares during the twenty (20) Trading Days immediately prior to the Conversion Date. Unless mutually
agreed upon, the Conversion Price shall not be less than $0.02. The maturity date of the 2024 Notes shall be extended to December 31,
2025. Pursuant to the Letter Agreement, the Company agreed to issue the Investor a warrant (the “Warrant”) to purchase up
to 170,000 shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), at an exercise price
of $6.00 per share (the “Exercise Price”). The Warrant is exercisable immediately and will expire on the date that is five
and one-half (5 1/2) years after its date of issuance.

There have been no conversions
in the six months ended June 30, 2025. The Company has principal outstanding on the note of $0.4 million as at June 30, 2025.

On October 1, 2024, the Company
entered into a Securities Purchase Agreement (the “Purchase Agreement”), by and between the Company and an institutional investor
(the “Investor”), pursuant to which the Company agreed to issue to the Investor a series of senior convertible notes up to
an aggregate principal amount of $2,500,000, issued with a twelve percent (12.0%) original issue discount (each a “Convertible Note”
and together,