Company: ALCE
Filing Date: 2025-12-08
Form Type: DEF 14C
Source: 0001213900-25-118968
Chunk: 7

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-12-08
Form: DEF 14C
Chunk 7
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). However, should the overall value of our common stock
decline after a Reverse Stock Split, then the actual or intrinsic value of shares held by stockholders will also proportionately decrease
as a result of the overall decline in value.

Effects of a Reverse Stock Split

As of the effective date of the Reverse Stock
Split:

| ● | each 1-for-2 to 1-for-2,500 shares of common stock outstanding                                                                   
 (depending on the Reverse Stock Split ratio selected by the Board) will be combined, automatically and without any action on the 
 part of the Company or its stockholders, into one new share of common stock;                                                     |

| ● | no fractional shares of common stock will be issued; instead,                                                                      
 stockholders who would otherwise receive a fractional share will receive cash in lieu of the fractional share (as detailed below); |

| ● | proportionate adjustments will be made to the number of shares                                                                          
 issuable upon the exercise or vesting of all then-outstanding stock options, warrants and restricted stock units, which will result in  
 a proportional decrease in the number of shares of common stock reserved for issuance upon exercise or vesting of such stock options,   
 warrants and restricted stock units, and, in the case of stock options, a proportional increase in the exercise price of all such stock 
 options;                                                                                                                                |

| ● | the number of shares of common stock then reserved for issuance         
 under our equity compensation plan will be reduced proportionately; and |

| ● | the total number of authorized shares of common stock will remain 
 at 600,000,000.                                                   |

The following table summarizes, for illustrative
purposes only, the anticipated effects of a Reverse Stock Split on our shares available for issuance based on information as of the Record
Date (unless otherwise noted below) and without giving effect to the treatment of fractional shares.

Assuming this Proposal Is Implemented by
the Board:

| Status                           |     | Number of  
 Shares of  
 Common     
 Stock      
 Authorized |             |     | Number of   
 Shares of   
 Common      
 Stock       
 Issued      
 and         
 Outstanding |         |     | Number of   
 Shares of   
 Common      
 Stock       
 Reserved    
 for Future  
 Issuance(1) |           |     | Number of  
 Shares of  
 Common     
 Stock      
 Authorized 
 but        
 Unissued   
 and        
 Unreserved |             |     | Hypothetical 
 Initial      
 Market       
 Value of     
 Shares of    
 Common       
 Stock        
 Authorized   
 but          
 Unissued