Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 63

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 outstanding Common Stock combined into one (1) validly issued, fully paid and nonassessable 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 of the Reverse Stock Split’ results in the fractional interests.
No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who otherwise would have been entitled to receive
fractional shares of Common Stock received 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 OTCQB 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.

3i Warrants Adjustment:

In September 2025, as a result of the Reverse Stock Split, the 182,474
warrants held by 3i were further adjusted in accordance with their terms, such that the exercise price of each warrant is reduced to
$0.85 per share and the total number of shares underlying the warrants increased to 4,132,660 shares.

Hover Joint Venture:

On September 30, 2025, the Company entered into
and closed a Securities Purchase Agreement (“SPA”) and a Joint Venture Operating Agreement (“JVOA”) with Hover
Energy LLC (“Hover”), a Delaware company engaged in the business of developing, manufacturing and deploying distributed generation
renewable energy projects featuring Hover wind powered generators together with varied generation and storage technologies (“Microgrid
Projects”), pursuant to which Alternus sold a 49% interest in its subsidiary, EverOn Energy LLC (the “JV”) to Hover,
and issued 20,000 shares of the Company’s Series B Convertible Preferred Stock (the “Series B”) to Hover, in exchange
for which Hover contributed certain