Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 45

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 becomes a party to the contractual provisions of the instrument.

AEG:

Alternus Energy Group Plc
(“AEG”) was a 72% shareholder as of March 31, 2024, a 48% shareholder as of December 31, 2024 and a 23% shareholder as of
March 31, 2025.

In January 2024, the Company
assumed a $938 thousand (€850 thousand) convertible promissory note from AEG. The note had a 10% interest maturing in March 2025.
On January 3, 2024, the noteholder converted all of the principal and accrued interest owed under the note, equal to $1.0 million, into
52,800 shares of the Company’s restricted common stock.

During the period ended March
31, 2025, the Company and its subsidiaries and AEG and its subsidiaries had numerous financial transactions between each other which were
approved by each company’s board of directors. These transactions are recorded as a net liability of $0.3 million on the Consolidated
Balance Sheet.

Nordic ESG:

In January of 2024, the Company
issued 310,600 shares of restricted common stock valued at $30.75 per share to Nordic ESG and Impact Fund SCSp (“Nordic ESG”)
as settlement of AEG’s €8m note. This resulted in Nordic ESG becoming a 10% shareholder. As of March 31, 2024 Nordic ESG was
a 9.7% shareholder; As of December 31, 2024 Nordic ESG was a 6.5% shareholder, and as of March 31, 2025 Nordic ESG was a 3.1% shareholder.

Sponsor:

On March 19, 2024 we entered
into a settlement agreement with the Clean Earth Acquisitions Sponsor LLC (“Sponsor”) and SPAC Sponsor Capital Access (“SCA”)
pursuant to which, among other things, we agreed to repay Sponsor’s debt to SCA, related to the Sponsor’s SPAC entity extensions,
in the amount of $1.4 million and issue 225,000 shares of restricted common stock valued at $0.47 per share to SCA. As of March 31, 2024
and 2025, Sponsor was an 11% and 1% shareholder, respectively.

D&O:

In connection with the Business