Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 164

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 164
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 $50 per share having a 5-year
term and fair value of $86 thousand. In March 2024, The Company repaid $1.8 million in cash against the principal. Subsequently, on November
5, 2024, the Company sold Alternus Energy Americas to Alternus Energy Group plc, a related party. Prior to the transaction, Alternus Energy
Americas assigned this note to the Company directly. The Company had a principal balance outstanding of $1.8 million and $1.8 million
as of June 30, 2025 and December 31, 2024, respectively.

Convertible Promissory Notes:

In January 2024, the Company
assumed a €0.85 million ($0.94 million) convertible promissory note from AEG PLC, a related party. The note had a 10% interest maturing
in March 2025. The note was assumed as part of the Business Combination that was completed in December 2023. On January 3, 2024, the noteholder
converted all of the principal and accrued interest owed under the note, equal to $1.0 million, into 264 shares of restricted common stock.

In April 2024, the Company
issued to an institutional investor a senior convertible note in the principal amount of $2,160,000, issued with an 8.0% original issue
discount, and a warrant to purchase up to 482 shares of the Company’s common stock at an exercise price of $2,400 per share. This
warrant was adjusted on November 12, 2024 and December 5, 2024, and as a result, as of June 30, 2025, the warrant has been adjusted to
purchase up to 5,778 shares of the Company’s common stock at an exercise price of $200 per share. Maxim Group LLC (“Maxim”)
acted as placement agent for the Convertible Note issuance and also received a warrant to purchase 48 shares of common stock with an exercise
price of $2,636 per share and which expires on July 31, 2027, for their role as placement agent. The Company also paid Maxim a cash placement
agency fee of $140,000 and reimbursed certain out of pocket fees up to $50,000. The Company received gross proceeds of $2,000,000, before
fees and other expenses associated with the transaction. The Convert