Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1792

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 5
Chunk 1792
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as of December 22, 2023 (the “A&R BCA”) (the Initial Business Combination Agreement, as amended and restated by the A&R
BCA, the “Business Combination Agreement”), by and among Clean Earth, Alternus Energy Group Plc (“AEG”) and the
Sponsor. Following the approval of the Initial Business Combination Agreement and the transactions contemplated thereby at the special
meeting of the stockholders of Clean Earth held on December 4, 2023, the Company consummated the Business Combination on December 22,
2023. In accordance with the Business Combination Agreement, Clean Earth issued and transferred 2,300,000 shares of common stock of Clean
Earth, par value $0.0001 per share, to AEG, and AEG transferred to Clean Earth, and Clean Earth received from AEG, all of the issued and
outstanding equity interests in the Acquired Subsidiaries (as defined in the Business Combination Agreement) (the “Equity Exchange,”
and together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”).
In connection with the Closing, the Company changed its name from Clean Earth Acquisition Corp. to Alternus Clean Energy, Inc.

Clean Earth’s (SPAC)
only precombination assets were cash and investments and the SPAC did not meet the definition of a business in accordance with US GAAP.
Therefore, the substance of the transaction was a recapitalization of the target (AEG) rather than a business combination or an asset
acquisition. In such a situation, the transaction is accounted for as though the target issued its equity for the net assets of the SPAC
and, since a business combination has not occurred, no goodwill or intangible assets would be recorded. As such, AEG is considered the
accounting acquirer and these consolidated financial statements represent a continuation of AEG’s financial statements. Assets and
liabilities of AEG are presented at their historical carrying values.

Alternus Clean Energy Inc.
is a holding company that operates through the following twenty-six operating subsidiaries as of December 31, 2024:

  Subsidiary   Principal 
Activity   Date Acquired / 
Established   ALCE Ownership   Country of
Operations  PC-Italia-01 S.r.l.   Sub-Holding SPV   15 May 2015   AEG MH 02 Limited   Italy  PC-Italia-03 S.r.l.   SPV