Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 192

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 192
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 $-  
    $1,629 
  
    Less long-term debt discount 
     -  
     - 
  
    Long-term maturities net of debt discount 
    $-  
    $1,629 

    As of
 March 31,  
    As of
 December 31, 

    2025  
    2024 

    (in thousands) 
  
    Cash and cash equivalents 
    $81  
    $161 

45

Liquidity Position

Our consolidated financial statements for the
three months ended March 31, 2025 and for the year ended December 31, 2024 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.

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.

On February 10, 2025, the Company received a determination
letter (