Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 419

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1A
Chunk 419
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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.

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 (the “Panel”)
to appeal the Staff Determination.

F-10

On February 10, 2025, the
Company received a determination letter (the “Delisting Notification”) from the Nasdaq Hearings Advisor stating that the Panel
has determined to delist the Company’s common stock, par value $0.0001 per share (the “Common Stock”) from the Nasdaq
Capital Market, and Nasdaq suspended trading in the Company’s Common Stock on February 12, 2025 because the Company has not demonstrated
compliance with the MVLS Rule, nor does it meet any of the alternative requirements under Nasdaq Listing Rule 5550(b) and has failed to
demonstrate that additional time to regain compliance is appropriate. The Company was additionally in violation of the bid price requirement
of Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”), as disclosed recently on January 31, 2025, which was taken into
consideration by the Panel in its Delisting Notification.

The Company’s Common
Stock is currently quoted on an over-the-counter trading market.

The Company is currently working
on several processes to address the going concern issue. The Company is working with shareholders, investment funds and multiple global
banks and funds to secure necessary project financing to execute our transatlantic business plan.

    3.
    Summary of Significant Accounting Policies

Basis of Presentation

The Company prepares its consolidated