Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 314

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 314
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 a $938 thousand
(€850 thousand) convertible promissory note with a 10% interest maturing in March 2025 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.

On March 21, 2024, ALCE, SPAC Sponsor Capital
Access (“SCAF”), 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 45 shares to SCAF on 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
$2,350 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
482 shares of the Company’s common stock, at an exercise price of $2,400 per share. As of June 30, 2025 the warrant was adjusted
to purchase up to 5,778 shares at an exercise price of $200 per share. The Company received gross proceeds of $2,000,000, before fees
and other expenses associated with the transaction. The Convertible Note matured on April 20, 2025, bearing interest at 7% per annum,
which was adjusted in April of 2025 so that the Maturity Date is December 31, 2025 and the interest rate is 12% per annum, and ranks senior
to the Company’s existing and future unsecured indebtedness. This note had a principal outstanding balance of $0.4 million as of
June 30, 2025 and December 31, 2024, respectively.

On October 1, 2024, the Company entered into a
Sec