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

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 $580,000 of
such proceeds were released on the Closing Date and the remaining amount were held in escrow, to be released to the Company upon the later
of: i) filing the registration statement referenced below and ii) the date on which the Company receives a written communication from
the Nasdaq Stock Market (“Nasdaq”) that Nasdaq has granted the Company an extension to meet the continued listing requirements
of the Nasdaq. Because the Company received a delisting determination from the Nasdaq on February 10, 2025, the Escrow Agent disbursed
the funds back to the Purchasers as provided below against cancellation of a proportional portion of each Purchaser’s Note (inclusive
of original issue discount).

The
Notes were issued with an original issue discount of 20%. No interest shall accrue on the Notes unless and until an Event of Default (as
defined in the Notes) has occurred, upon which interest shall accrue at a rate of twenty percent (20.0%) per annum. The Notes matured
on April 23, 2025. The Notes contain certain Events of Default, including but not limited to (i) the Company’s failure to pay any
amount of principal, interest, redemption price or other amounts due under the Notes or any other transaction document, (ii) any default
under, redemption of, or acceleration prior to maturity of any indebtedness of the Company, as such term is defined in the transaction
documents, (iii) bankruptcy of the Company or its subsidiaries, (iv) a final judgement or judgements for the payment of money in excess
of $250,000, which is not discharged or stayed pending appeal within 60 days, and (v) any breach or failure to comply with any provision
of the Note or any other transaction document. Upon the occurrence of any Event of Default and at any time thereafter, the Purchasers
shall have the right to exercise all of the remedies under the Notes.

Maxim
served as the placement agent in the Offering, pursuant to the terms of a Placement Agency Agreement and received 8% of the gross proceeds
of the Offering, and placement agent warrants to purchase up to 76,303 shares of common stock at $0.4059
per share (the “Placement Agent Warrants”) and reimbursement of the legal fees of its counsel of up to $50,000. The Placement
Agent Warrants will be exercisable on the six (6) month anniversary of issuance and will