Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 197

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 197
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) the Conversion Price (defined below) and (ii) the greater of (x) 92% of the average of
the two (2) lowest daily VWAPs (as defined in the Convertible Note) in the ten (10) trading days immediately prior to each conversion
date and (y) $0.75. “Equity Conditions Failure” means that on any day during the period commencing twenty (20) trading days
prior to the applicable Installment Notice Date or Interest Date (each as defined in the Convertible Note) through the later of the applicable
Installment Date or Interest Date and the date on which the applicable shares of Common Stock are actually delivered to the Holder, the
Equity Conditions have not been satisfied (or waived in writing by the Holder). This note had a principal outstanding balance of $0.2
and $2.2 as of March 31, 2025 and December 31, 2024, respectively.

47

On October 21, 2024, pursuant to the Purchase
Agreement, the closing of the second tranche of the Convertible Note and Warrant occurred, whereby the Company issued a Warrant to purchase
162,628 shares of Common Stock exercisable at $2.00 per share and the Company received gross proceeds of $535,000, before fees and other
expenses associated with the transaction, accounting for the 12% original issue discount. In conjunction with the transaction, the Company
issued warrants for the purchase of 16,263 shares of common stock with an exercise price of $2.20 per share for their role as placement
agent, which is exercisable at any time on or after April 21, 2024 and will expire on the third anniversary of the effective date of the
registration statement registering the underlying warrant shares. This warrant was adjusted on November 12, 2024 to purchase up to 216,838
shares at an exercise price of $1.50 per share.

On November 12, 2024, pursuant to the Purchase
Agreement, the closing of the third tranche of the Convertible Note and Warrant occurred, whereby the Company issued a Warrant to purchase
303,978 shares of Common Stock exercisable at $1.50 per share and the Company received gross proceeds of $750,000, before fees and other
expenses associated with the transaction, accounting for the 12% original issue discount.

On December 4, 2024,