Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 65

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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the
“Certificate of Designation”) with the Secretary of State of the State of Delaware therein establishing the Series B Convertible
Preferred Stock and describing the rights, obligations and privileges of the Series B. Concurrently, the Company issued 21,150 shares
of Series B to Hover on the same date, in book-entry form. The following description of the Series B does not purport to be complete and
is qualified in its entirety by reference to the Certificate of Designation, which is filed as Exhibit 3.1 to this Current Report and
is incorporated herein by reference.

General. The Series B consists of 21,150
shares. Each share of Series B has a par value of $0.0001 per share and a value of $1,000 per share. The Series B has no stated maturity
and is not subject to any sinking fund.

Conversion Right. Each share of Series
B shall convert into a number of fully paid and non-assessable shares of Common Stock equal to the value of each share ($1,000) divided
by the Conversion Price in effect at the time of conversion, at the option of the Holder, at or after the earlier of (i) six months after
the Company’s uplisting to a national exchange (the “Uplist”), or (ii) if no Uplist has occurred within the first nine
months, then nine months from the Original Issue Date. The Conversion Price is $1.00 per share, subject to adjustment in accordance with
the Certificate of Designation. The Series B ranks senior to the Company’s Series A Super Voting Preferred Stock and pari passu
with the Company’s common stock with respect to rights upon liquidation

Adjustments of Conversion Price. If, from
the Original Issue Date to December 31, 2026, the Company has issued any shares of Common Stock or convertible preferred stock (or any
securities convertible into or exercisable for Common Stock) at a price per share less than the then-effective Conversion Price (the “Original
Conversion Price”) of the Series B (a “Dilutive Issuance”), then the Original Conversion Price shall be reduced to the
lowest price per share of Common Stock or convertible preferred stock issued during this period.

Restriction on Conversion. In no event
shall the Holder have the right or the Company be required to convert, as applicable, shares of Series B if as a result of such conversion
the aggregate number of shares of Common Stock beneficially owned by such