Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 173

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 173
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 Date, including with registration
rights, at a conversion price per share equal to ninety percent (90%) of the Company’s common stock’s VWAP (which is the three
(3) Trading Days immediately prior to such Conversion Date (or the nearest preceding date)) as of the date of such conversion (the “Conversion
Date”). The current 2025 Note is a senior direct debt obligation of the Company ranking pari passu with all other Notes, but subordinate
and junior in right of payment to the Senior Convertible Notes originally issued to 3i, LP., and other senior or pari passu Indebtedness
(as defined in the Purchase Agreement) of the Company.

Other Debt:

On March 21, 2024, ALCE, SPAC
Sponsor Capital Access (“SCAF”), and the Sponsor of Clean Earth (“CLIN”) agreed to a settlement of a $1.4 million
note assumed by ALCE as part of the Business Combination that was completed in December 2023. The note had a maturity date of whenever
CLIN closes its Business Combination Agreement and accrued interest of 25%. ALCE issued 45 shares to SCAF in March 21, 2024 and a payment
plan of the rest of the outstanding balance was agreed to with payments to commence on July 15, 2024. The closing stock price of the Company
was $2,350 on the date of issuance. The Company has recorded $1.7 million in principal and accured interest on this note as at June 30,
2025.

On December 11, 2024, BESS
LLC, a wholly owned subsidiary of the Company, issued a non-interest-bearing promissory note with a principal amount of $2,000,000 as
partial consideration in the Asset Purchase Agreement for the acquisition of LiiON LLC’s battery storage business.The note was issued
with a maturity date of December 31, 2027. Pursuant to the requirements of ASC 805, the Note was originally recorded at its fair value
of$1,537,000 (see Footnote 5) and included as partial consideration for the net assets acquired in the acquisition. On May 1, 2025 this
Note was cancelled in full as part of the LiiON Rescission (See Footnote 5).

18

On December 30, 2024, one
of the Company’s subsidiaries, Alternus Europe Ltd, assumed a €1,