Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 77

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 promissory note with a 10% interest maturing in March 2025 as part of the Business Combination that was
completed in December 2023. On January 3, 2024, the noteholder converted all of the principal and accrued interest owed under the note,
equal to $1.0 million, into 52,800 shares of restricted common stock.

On March 21, 2024, ALCE, SPAC Sponsor Capital
Access (“SCAF”), and the Sponsor of Clean Earth (“CLIN”) agreed to a settlement of a $1.4 million note assumed
by ALCE as part of the Business Combination that was completed in December 2023. The note had a maturity date of whenever CLIN closes
its Business Combination Agreement and accrued interest of 25%. ALCE issued 9,000 shares to SCAF on March 21, 2024 and a payment plan
of the rest of the outstanding balance was agreed to with payments to commence on July 15, 2024. The closing stock price of the Company
was $11.75 on the date of issuance.

On April 19, 2024, the Company entered into a
Securities Purchase Agreement with an institutional investor pursuant to which the Company agreed to issue to the Investor a senior convertible
note in the principal amount of $2,160,000, issued with an eight percent (8.0%) original issue discount and a warrant to purchase up to
96,444 shares of the Company’s common stock, at an exercise price of $5.76 per share. The Company received gross proceeds of $2,000,000,
before fees and other expenses associated with the transaction. The Convertible Note matures on April 20, 2025, bears interest at 7% per
annum, and ranks senior to the Company’s existing and future unsecured indebtedness. Refer to Footnote 4 for details on the conversions
completed during the year ended December 31, 2024. This note had a principal outstanding balance of $0.4 million as of March 31, 2025
and December 31, 2024, respectively.

On October 1, 2024, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”), by and between the Company and an institutional investor (the “Investor”),
pursuant to which the Company agreed to issue to the Investor a series of senior convertible notes up to an aggregate