Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 111

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 111
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 the principal and accrued interest owed under the note, equal to $1.0 million, into 52,800 shares of restricted common stock. On March 21, 2024, ALCE 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 9,000 shares to the Sponsor 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 $11.75 on the date of issuance. On April 19, 2024, the Company entered into a Securities Purchase Agreement with an institutional investor pursuant to which the Company agreed to issue to the Investor a senior convertible note in the principal amount of $2,160,000, issued with an eight percent (8.0%) original issue discount and a warrant to purchase up to 2,411,088 shares of the Company’s common stock, at an exercise price of $0.48 per share. The Company received gross proceeds of $2,000,000, before fees and other expenses associated with the transaction. The Convertible Note matures on April 20, 2025 bears interest at 7% per annum and ranks senior to the Company’s existing and future unsecured indebtedness. 74 Material Cash Requirements from Known Contractual Obligations The Company’s contractual obligations consist of operating leases generally related to the rent of office building space, as well as land upon which the Company’s solar parks are built. These leases include those that have been assumed in connection with the Company’s asset acquisitions. The Company’s leases are for varying terms and expire between 2027 and 2055. For the nine months ending September 30, 2024 and 2023, the Company incurred operating lease expenses from continuing operations of $157 thousand and $112 thousand, respectively. The following table summarizes the Company’s future minimum contractual operating lease payments as of September 30, 2024. Maturities of lease liabilities as of September 30, 2024 were as follows:

| Five-year lease schedule: |     | (in thousands) |        |   |
|:--------------------------|:----|:---------------|-------:|