Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 238

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 238
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, the Company terminated their
agreement with Meteora Capital LLC by issuing a $500,000 promissory note with a 10% annual interest rate maturing January 31, 2026. This
note had a principal outstanding balance of $0.5 million as of June 30, 2025 and December 31, 2024.

On January 21, 2025, the Company
entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”)
pursuant to which the Company sold, in a private placement (the “Offering”), unsecured 20% original issue discount promissory
notes with an aggregate principal amount of $2,812,500 (the “Notes”). The Purchase Agreement also provides for the issuance
of an aggregate of 7,630 shares of common stock of the Company, par value $0.0001 per share (the “Shares”) to the Purchasers.
The transaction closed on January 23, 2025 (the “Closing Date”).

The
aggregate gross proceeds to the Company were expected to be $2,250,000, before deducting placement agent fees and expenses. $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).

55

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, have not been repaid as of June 30, 2025 and are therefore in default. Upon the occurrence of any Event of Default
and at any time thereafter, the Purchasers shall