Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 14

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 February 10, 2025, the
Company received a determination letter (the “Delisting Notification”) from the Nasdaq Hearings Advisor stating that the Panel
determined to delist the Company’s common stock, par value $0.0001 per share (the “Common Stock”) from the Nasdaq Capital
Market, and Nasdaq accordingly suspended trading in the Company’s Common Stock effective at the opening of trading on February 12,
2025, because the Company has not demonstrated compliance with the MVLS Rule, nor does it meet any of the alternative requirements under
Nasdaq Listing Rule 5550(b) and has failed to demonstrate that additional time to regain compliance is appropriate. The Company was additionally
in violation of the bid price requirement of Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”), as disclosed recently
on January 31, 2025, which was taken into consideration by the Panel in its Delisting Notification.

A Form 25-NSE was
filed with the Securities and Exchange Commission (“SEC”), which removed the Company’s securities from listing on Nasdaq.
The Company’s Common Stock is currently quoted on the OTCQB trading market. However, there can be no assurance that the Company’s
Common Stock will continue to trade on any over-the-counter trading market.

The Company is currently taking
several steps to begin to alleviate the going concern issue. We are working with multiple global banks and funds in an attempt secure
the necessary project financing to execute on our transatlantic business plan. The Company has sold or discontinued non-strategic businesses,
operations, and assets in order to eliminate significant indebtedness.

7

3. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited
condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”)
for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all the information and footnotes required by GAAP for complete financial statements.

In the opinion of management,
all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included.

These interim financial statements
should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2024.

Basis of