Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 2210

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 7
Chunk 2210
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     1,361 
  
    Restricted cash of discontinued operations included in current assets of discontinued operations on the Consolidated Balance Sheets 
     -  
     19,161 
  
    Total cash, cash equivalents, and restricted cash on the Consolidated Statements of Cash Flow 
    $161  
    $24,564 

Restricted Cash relates to balances that are in
the bank accounts for specific defined purposes and cannot be used for any other undefined purposes. The decrease in available capital
from discontinued operations was related to payments paying down the principal of the Green Bonds followed by the sale of operating parks
in Poland, the Netherlands, and Romania. Refer to Footnote 3 for further discussion of restricted cash.

Liquidity Position

Our consolidated financial statements for the
year ended December 31, 2024 and 2023 identifies the existence of certain conditions that raise substantial doubt about our ability to
continue as a going concern for twelve months from the issuance of this report. Refer to Footnote 2 of the accompanying financial statements
for more information.

On October 3, 2024, because Solis was unable to
fully repay the Solis Bonds, the Company sold Solis and its subsidiaries in Romania to Solis Trustee Special Vehicle Limited, the Solis
Bondholders’ ownership vehicle, for €1 in accordance with the terms of the Solis Bonds, as amended. As a result of the sale,
the Company eliminated approximately $115 million in debt and payables related to Solis activities and improved shareholders equity by
approximately $59 million. Solis accounted for 98% of group revenues for the nine months ended September 30, 2024. Solis bondholders continue
to hold a preference share in an Alternus holding company which holds certain development projects in Spain and Italy. The preference
share gives the bondholders the right on any distributions up to €10 million, and such assets will be divested to ensure repayment
of up to €10 million should it not be fully repaid by the Maturity Date.

61

On November 8, 2024, the Company was notified
by the staff of The Nasdaq Stock Market (“Nasdaq”) that the Company did not meet the market value of listed securities requirement
in Listing Rule 5550(b)(2) (the “MVLS Rule”) for continued listing on The Nasdaq Capital Market (the “Staff Determination”).
The Company requested a hearing before the Nasdaq Hearings Panel (