Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 156

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 156
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2).

As a result of the Reverse
Stock Split, every twenty-five (25) shares of issued and outstanding Common Stock were combined into one (1) validly issued, fully paid
and non-assessable share of Common Stock. The Reverse Stock Split uniformly affected all issued and outstanding shares of Common Stock
and did not alter any stockholder’s percentage ownership interest in the Company, except to the extent that the Reverse Stock Split
results in fractional interests. No fractional shares will be or shall be issued in connection with the Reverse Stock Split. Stockholders
who otherwise would be entitled to receive fractional shares of Common Stock will receive an amount in cash (without interest or deduction)
equal to the fraction of one share to which such stockholder would otherwise be entitled multiplied by the share price, representing the
product of the average closing price of the Company’s common stock on the Nasdaq Capital Market for the five consecutive trading
days immediately preceding the effective date of the Reverse Stock Split and the inverse of the Reverse Stock Split ratio. Proportional
adjustments have also been made to the Company’s outstanding warrants, stock options, and convertible securities, as well as to
the reserves available pursuant to the terms of the Company’s 2023 Equity Incentive Plan to reflect the Reverse Stock Split, in
each case, in accordance with the terms thereof.

All share and per share amounts
in the accompanying consolidated financial statements and notes thereto have been retroactively adjusted to reflect the reverse stock
split for all periods presented.

Common Stock Issuances

On January 2, 2025, a convertible
note holder converted $1,588,693 of the October Convertible Note into 2,118,262 shares of unrestricted common stock valued at $0.75 per
share.

On January 8, 2025, a convertible
note holder converted $202,500 of the October Convertible Note into 270,000 shares of unrestricted common stock valued at $0.75 per share.

On January 23, 2025, the Company
issued 1,526,058 shares of restricted common stock valued at $563,268 to certain investors of the promissory notes issued on January 23,
2025.

On February 6, 2025, a convertible
note holder converted $85,113 of the October Convertible Note into 113,485 shares of unrestricted common stock valued at $0.75 per share.

On February 11, 2025, a convertible