Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 52

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 June 30, 2025 a convertible
promissory note holder converted $67,063 worth of the October Convertible Note into 29,500 shares of unrestricted common stock valued
at $6.40 per share.

27

Preferred Stock

As of June 30, 2025 and December
31, 2024, the Company had a total of 1,000,000 shares of preferred stock authorized. There were no preferred shares issued or outstanding
as of December 31, 2024. There were 60,000 shares of Series A Super Voting Preferred Stock (the “Series A”) issued and outstanding
as of June 30, 2025.

The board of directors of
the Company has the authority to establish one or more series of preferred stock, fix the voting rights, if any, designations, powers,
preferences and any other rights, if any, of each such series and any qualifications, limitations and restrictions thereof.

Series A Super Voting Preferred Stock

Each share of the Series A
is entitled to have the right to vote in an amount equal to 10,000 votes per share, voting with the common stock on all matters as a single
class. Each share of Series A has a par value of $0.0001 per share. The Series A is not convertible into, or exchangeable for, shares
of any other class or series of stock or other securities of the Company. The Series A has no stated maturity and is not subject to any
sinking fund. The holders of Series A shall not be entitled to receive any distributions in the event of any liquidation, dissolution
or winding up of the Company.

Series A Super Voting Preferred Stock Issuance

On March 21, 2025 the Company
issued 10,000 shares of Series A Super Voting Preferred Stock to the Company’s CEO, Mr. Vincent Browne, which gave Mr. Browne controlling
voting rights over all Company matters requiring a shareholder vote. The Company recorded employee stock compensation expense of $60,000
representing the fair value of the shares issued to account for the control premium resulting from the issuance.

On April 24, 2025 the Company
issued an additional 50,000 shares of Series A Super Voting Preferred Stock to Mr. Browne. Because the Series A Super Voting Preferred
Stock i) ranks junior to all other classes or series of capital stock, including Common Stock, with respect to any asset or property
distributions