Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 264

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 2
Chunk 264
---
 Solis Bonds, as amended. As a result of the sale,
the Company eliminated approximately $115 million in debt and payables related to Solis activities and improved shareholders equity by
approximately $59 million. Solis accounted for 98% of group revenues for the nine months ended September 30, 2024. Solis bondholders continue
to hold a preference share in an Alternus holding company which holds certain development projects in Spain and Italy. The preference
share gives the bondholders the right on any distributions up to €10 million, and such assets will be divested to ensure repayment
of up to €10 million should it not be fully repaid by the Maturity Date.

On November 8, 2024, the Company was notified
by the staff of The Nasdaq Stock Market (“Nasdaq”) that the Company did not meet the market value of listed securities requirement
in Listing Rule 5550(b)(2) (the “MVLS Rule”) for continued listing on The Nasdaq Capital Market (the “Staff Determination”).
The Company requested a hearing before the Nasdaq Hearings Panel (the “Panel”) to appeal the Staff Determination.

On February 10, 2025, the Company received a determination
letter (the “Delisting Notification”) from the Nasdaq Hearings Advisor stating that the Panel has determined to delist the
Company’s common stock, par value $0.0001 per share (the “Common Stock”) from the Nasdaq Capital Market, and Nasdaq
suspended trading in the Company’s Common Stock on February 12, 2025 because the Company has not demonstrated compliance with the
MVLS Rule, nor does it meet any of the alternative requirements under Nasdaq Listing Rule 5550(b) and has failed to demonstrate that additional
time to regain compliance is appropriate. The Company was additionally in violation of the bid price requirement of Nasdaq Listing Rule
5550(a)(2) (the “Bid Price Rule”), as disclosed recently on January 31, 2025, which was taken into consideration by the Panel
in its Delisting Notification.

The Company’s Common Stock is currently
quoted on an over-the-counter trading market.

The Company is currently working on several processes
to address the going concern issue. We are working with multiple global banks and funds to secure the necessary project financing to execute
our transatlantic business plan.

Financing Activities 

In May 2022, AEG MH02 entered into