Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1184

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 2
Chunk 1184
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 the year ended December 31, 2024, except
as disclosed below.

On January 2, 2025, 3i converted
$1,588,693 of the October Convertible Note into 2,118,262 shares of unrestricted common stock valued at $0.75 per share.

On January 8, 2025, 3i converted
$202,500 of the October Convertible Note into 270,000 shares of unrestricted common stock valued at $0.75 per share.

On January 21, 2025, the
Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”)
pursuant to which the Company sold, in a private placement (the “Offering”), unsecured 20% original issue discount promissory
notes with an aggregate principal amount of $2,812,500 (the “Notes”). The Purchase Agreement also provides for the issuance
of an aggregate of 1,526,058 shares of common stock of the Company, par value $0.0001 per share (the “Shares”) to the Purchasers.
The transaction closed on January 23, 2024 (the “Closing Date”).

The aggregate gross proceeds
to the Company were expected to be $2,250,000, before deducting placement agent fees and expenses, $580,000 of such proceeds were released
on the Closing Date and the remaining amount were held in escrow, to be released to the Company upon the later of: i) filing the registration
statement referenced below and ii) the date on which the Company receives a written communication from the Nasdaq Stock Market (“Nasdaq”)
that Nasdaq has granted the Company an extension to meet the continued listing requirements of the Nasdaq. Because the Company received
a delisting determination from the Nasdaq on February 10, 2025, the Escrow Agent disbursed the funds back to the Purchasers as provided
below against cancellation of a proportional portion of each Purchaser’s Note (inclusive of original issue discount). The Company
used the net proceeds from the Offering for working capital and other general corporate purposes.

The Notes were issued with
an original issue discount of 20%. No interest shall accrue on the Notes unless and until an Event of Default (as defined in the Notes)
has occurred, upon which interest shall accrue at a rate of twenty percent (20.0%) per annum. The Notes mature