Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 28

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 the year ended December 31, 2024. During the three months ended March 31, 2025, $2.0 million principal of this
note was converted into 2,936,747 shares, leaving $0.2 million of the note principal outstanding. The Company also recorded a $0.4 million
loss on movement in fair value in the three months ended March 31, 2025.

On December 4, 2024, the Company
entered into a Note Purchase Agreement (the “Purchase Agreement”) with Secure Net Capital LLC (“Secure Net”),
pursuant to which the Company issued a 20% Original Issue Discount promissory convertible note (the “2024 Note”) with a maturity
date in April 2025, in the principal sum of $1,250,000. Pursuant to the terms of the 2024 Note, the Company agreed to pay to Secure Net
the entire principal amount on the Maturity Date, failing which and certain events of default (as described in the 2024 Note), the 20%
Original Issue Discount shall increase to 30% Original Issue Discount. The Purchase Agreement resulted in net proceeds of $1,000,000 to
the Company. The 2024 Note, issued pursuant to the Purchase Agreement, is convertible at the option of the Holder at any time after the
Maturity Date, including with registration rights, at a conversion price per share equal to ninety percent (90%) of the Company’s
common stock’s VWAP (which is the three (3) Trading Days immediately prior to such Conversion Date (or the nearest preceding date))
as of the date of such conversion (the “Conversion Date”). The 2024 Note’s maturity date has been extended to June 5,
2025.

Other Debt:

On March 21, 2024, ALCE, SPAC
Sponsor Capital Access (“SCAF”), and the Sponsor of Clean Earth (“CLIN”) agreed to a settlement of a $1.4million
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 SCAF 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