Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 51

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 and its affiliates (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules and regulations thereunder), result in the beneficial ownership by SPC and its affiliates
(as calculated pursuant to Section 13(d) of the Exchange Act and the rules and regulations thereunder) at any time of more than 4.99%
of the Common Stock.

31

Subsequent to March 31, 2025,
the Company and LiiON LLC mutually agreed to rescind the Asset Purchase Agreement (see Footnote 5). The primary driver that led the Parties
to discuss alternative plans was the February 2025 Nasdaq notice that the Company’s equity had been delisted. Prior to receiving
the notice, the Company expected Nasdaq to provide an extension of time to correct the matters that resulted in delisting.  Although
the acquisition Agreement permitted the Company to issue restricted common stock (i.e., active listing was not necessary to fulfill the
requirements), questions around the timing of the Company’s ability to raise additional equity funding to support its integration
plan, caused by the delisting, led the Parties to discussions regarding the path forward which, ultimately, culminated with the Parties’
mutual decision to rescind the Agreement. The agreement to rescind the transaction was finalized on April 29, 2025, resulting in the unwinding
of all consideration transferred and legal ownership.

The Company has evaluated
the rescission in accordance with ASC 855, Subsequent Events, and determined it to be a non-recognized subsequent event, as the rescission
did not change the condition of “control” that existed as of the acquisition date or the reporting period end. As such, no
adjustments have been made to the financial statements for the period ended March 31, 2025.

On May 1, 2025 the Company
issued 1,000,000 shares of restricted common stock to Assure Power, LLC for services pursuant to a consulting agreement, valued at $43,000.

On May 7, 2025, the Company
entered into a Share Purchase Agreement with its subsidiary, Alternus Europe Limited (the “Seller”), OBN Real Estate Limited
(the “Majority Buyer”) and BVP Green Bond 2018 Limited (the “Minority Buyer”) (together the “Buyers”)
for the sale of the entire issued share capital of AEG MH 02