Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 187

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 187
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as described in the Secure Net Note), shall increase the original issue discount to 30% original issue discount. The Secure Net Note, is convertible at the option of the Holder at any time after the Maturity Date, including with registration rights, at a conversion price per share equal to ninety percent (90%) of the Company’s common stock’s VWAP (which is the three (3) Trading Days period immediately prior to such Conversion Date (or the nearest preceding date)) as of the date of such conversion. The Secure Net Note is a senior direct debt obligation of the Company ranking pari passu with all other Notes, but subordinate and junior in right of payment to the convertible notes issued to 3i, LP., and other senior or pari passu Indebtedness (as defined in the December Purchase Agreement) of the Company. Along with the said Secure Net Note, we also issued warrants to purchase common stock of the Company (“PA Warrant”) to Dominari, amounting to up to an aggregate of five percent (5%) of the number of shares of common stock issued upon conversion of the Secure Net Note, if the Secure Net Note are converted after the Maturity Date (as defined in the December Purchase Agreement). As of January 24, 2025, $1,250,000 principal amount remains outstanding. Bridge Note Issuance On January 21, 2025, the Company entered into a securities purchase agreement (the “Bridge Note Purchase Agreement”) with the selling stockholders described in the Selling Stockholder Prospectus pursuant to which the Company sold, in a private placement, unsecured 20% original issue discount promissory notes with an aggregate principal amount of $2,812,500 (the “Bridge Notes”). The Bridge Note Purchase Agreement also provides for the issuance of an aggregate of 1,526,058 shares of our common stock the selling stockholders. The Bridge Notes were issued on January 23, 2025. 123 aggregate gross proceeds to the Company are expected to be $2,250,000, before deducting placement agent fees and expenses, $580,000 of such proceeds were released to us on the issuance date of the Bride Notes and the remaining amount shall be held in escrow, which will be released to us upon the date on which the Company receives a written communication from the Nasdaq that it has granted the Company an extension to meet the continued listing requirements of the Nasdaq. If the second disbursement has not occurred within 60 days of the issuance of