Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 139

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 139
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 2025 and December 31, 2024, respectively.
There is no balance due by the Company on this following the sale.

14

In October 2023, Alternus
Energy Americas, one of the Company’s US subsidiaries secured a working capital loan in the amount of $3.2 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 90,000 shares of restricted common stock, exercisable at $0.01 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 as
of both March 31, 2025 and December 31, 2024.

Convertible Promissory Notes:

In January 2024, the Company
assumed a €850 thousand ($938 thousand) 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 52,800 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 96,444 shares of the Company’s common stock at an exercise price of $12 per share. This
warrant was adjusted on November