Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 2099

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 6
Chunk 2099
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ii) the forbearance by the Majority Buyer on the
right to claim up to $17,000,000 against the Company’s parent guarantee until MH02’s solar projects reach ready to build
status, and (iii) the right of the Company to purchase MH02’s solar photovoltaic projects at fair market value, subject to a minimum
price of €150,000 per megawatt, as each project reaches ready to build status. The Majority Buyer acquired 75.5% of MH02 and the
Minority Buyer acquired the remaining 24.5% of MH02’s share capital.

F-59

As part of the Transaction
and debt forbearance, the Company issued 10,660,000 shares of restricted common stock to the Minority Buyer. (See unregistered sale of
securities above).

As a result of the Transaction,
the Company has removed approximately $22.6 million in debt and costs related to MH 02’s activities, which will improve shareholders
equity by approximately $14.4 million.

On May 8, 2025, the Company,
Alternus Energy Group PLC (AEG) and one of AEG’s subsidiaries, Alternus Energy Americas Inc. (AEA), was served a Demand for Arbitration
through JAMS in Washington DC by Orrick, Herrington and Sutcliffe LLP (“Orrick”), claiming that approximately $1 million
is due and owed to Orrick pursuant to an engagement agreement entered into with AEA, plus interest. The Company intends to vigorously
defend itself in this matter and has filed a motion to dismiss itself from the arbitration as the Company was not a party to this engagement
agreement nor is AEA a subsidiary of the Company.

On May 20, 2025 the Company
issued 8 million shares of restricted common stock to a related party, Alternus Energy Group PLC, for services rendered, valued at $224,000.

On May 29, 2025, the Company
entered into a Note Purchase Agreement (the “Purchase Agreement”), dated as of May 29, 2025, with Secure Net Capital LLC
(“Secure Net”), pursuant to which the Company issued a 20% Original Issue Discount promissory convertible note (the “2025
Note”) with a maturity date in August 2025, in the principal sum of $312,500. Pursuant to the terms of the 2025 Note, the Company
agreed to pay to Secure