Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 919

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1C
Chunk 919
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 an
amount equal the sum of (A) the lesser of (x) $79,545 and (y) the outstanding principal amount of the Convertible Note, (B) interest due
and payable under the Convertible Note and (C) other amounts specified in the Convertible Note (such sum being the “Installment
Amount”); provided, however, if on any Installment Date, no failure to meet the Equity Conditions (as defined in the Convertible
Note) exits pursuant to the Convertible Note, the Company may pay all or a portion of the Installment Amount with shares of its common
stock. The portion of the Installment Amount paid with common stock shall be based on the Installment Conversion Price. “Installment
Conversion Price” means the lower of (i) 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).

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. This warrant was adjusted
on November 12, 2024 to purchase up to 216,838 shares at an exercise price of $1.50 per share. This warrant was adjusted again on December
5, 2024 to purchase up to 325,257 shares at an exercise price of $1.00 per share. In conjunction with the transaction, the Company issued
warrants for the purchase of 16,263 shares of common stock with an exercise price