Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 960

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1C
Chunk 960
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 and between the Company and an institutional investor
(the “Investor”), pursuant to which the Company agreed to issue to the Investor promissory notes in the aggregate total principal
amount of up to $558,000, with the first tranche of $318,000 closing immediately and the remaining $240,000 to close upon request of
the Company and at the Investor’s discretion, having a 16.67% original issue discount, an interest rate of 12% per annum and a
maturity date of December 31, 2025 (the “Notes”). Pursuant to the Purchase Agreement, with the closing of the private placement
of the Note (the “Private Placement”), the Company received gross proceeds of $265,000, before fees and other expenses associated
with the transaction. On May 30, 2025, a second partial tranche in the amount of $180,000 of the Notes closed, and the Company received
gross proceeds of $150,000.

Also 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) $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. Purusant 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