Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 167

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 167
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 The conversion price of the 2024 Notes
which remain outstanding shall be adjusted to the lesser of i) $0.03 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 $0.0001. 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 34,000,000 shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”),
at an exercise price of $0.03 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.

Also on April 28, 2025, the
Company entered into a Settlement Agreement and Stipulation (the “Agreement”) with Southern Point Capital Corporation (“SPC”),
pursuant to which the Company agreed to issue Common Stock to SPC in exchange for the settlement of an aggregate of $4,242,964 (the “Settlement
Amount”) to resolve outstanding overdue liabilities with different vendors. On May 1, 2025, the Circuit Court of the Twelfth Judicial
Circuit in and for Manatee County, Florida (the “Court”), entered an order (the “Order”) approving, among other
things, the fairness of the terms and conditions of an exchange pursuant to Section 3(a)(10) of the Securities Act in accordance with
a stipulation of settlement, pursuant to the Agreement between the Company and SPC. SPC commenced action against the Company to recover
the Settlement Amount of past-due obligations and accounts payable of the Company (the “Claim”), which SPC had purchased from
certain vendors of the Company pursuant to the terms of separate receivable purchase agreements between SPC and each of such vendors.
The Order provides for the full and final settlement of the Claim and the related action. The Agreement became effective and binding upon
execution of the Order by the Court on April 30, 2025. Pursuant to the terms of the Agreement approved by the Order,