Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1082

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 2
Chunk 1082
---
 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 a loan agreement
with a group of private lenders of approximately $10.8 million with an initial stated interest rate of 8% and a maturity date of May 31,
2023. In February 2023, the loan agreement was amended stating a new interest rate of 16% retroactive to the date of the first draw in
June 2022. In May 2023, the loan was extended, and the interest rate was revised to 18% from June 1, 2023. In July 2023, the loan agreement
was further extended to October 31, 2023. In November 2023, the loan agreement further extended to May 31, 2024. On December 31, 2024,
the loan agreement was further extended to September 30, 2025 while also stating any accrued interest up to the date of the amendment
was to be added to the principal loan balance. As a result of these amendments, $3.2 million of interest was recognized during the period
ended December 31, 2024, and $5.9 million of accrued interest was added to the existing loan balance. The Company had principal outstanding
of $16.0 million and $11.0 million as of December 31, 2024 and 2023, respectively.

In July 2023, Alt Spain Holdco, one of the Company’s
Spanish subsidiaries acquired the project rights for a 32 MWp portfolio of Solar PV projects in Valencia, Spain, with an initial payment
of $1.9