Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 318

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 318
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5 and will expire
on December 19, 2027.

54

On April 28, 2025, the Company entered into a
Letter Agreement with the Investor, which modifies certain terms and conditions of the Senior Convertible Note issued April 19, 2024 and
the Senior Convertible Note issued October 1, 2024, by the Company to the Investor, collectively (the “2024 Notes”). The interest
rate on the 2024 Notes is and will continue at a rate of 12% per annum. The conversion price of the 2024 Notes which remain outstanding
shall be adjusted to the lesser of i) $6.00 and ii) 55% of the Market Price. Market Price shall mean the average of the three lowest traded
prices of at least 100 shares during the twenty (20) Trading Days immediately prior to the Conversion Date. Unless mutually agreed upon,
the Conversion Price shall not be less than $0.0001. The maturity date of the 2024 Notes shall be extended to December 31, 2025. Pursuant
to the Letter Agreement, the Company agreed to issue the Investor a warrant (the “Warrant”) to purchase up to 170,000 shares
of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), at an exercise price of $6.00 per share
(the “Exercise Price”). The Warrant is exercisable immediately and will expire on the date that is five and one-half (5 1/2)
years after its date of issuance.

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, which was extended to November 5, 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 202