Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 99

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 99
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5 for further information on.

On December 30, 2024, the Company assumed a $1,041,720
(€1,000,000) promissory note from AEG with a 10% interest maturing July 31, 2025. Additionally, the Company assumed multiple promissory
notes totaling $1,025,000 million from AEG maturing June 30, 2025. This note had a principal outstanding balance of $1 million as of June
30, 2025 and December 31, 2024.

On December 31, 2024, the Company terminated their
agreement with Meteora Capital LLC by issuing a $500,000 promissory note with a 10% annual interest rate maturing January 31, 2026. This
note had a principal outstanding balance of $0.5 million as of June 30, 2025 and December 31, 2024.

On January 21, 2025, the Company
entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”)
pursuant to which the Company sold, in a private placement (the “Offering”), unsecured 20% original issue discount promissory
notes with an aggregate principal amount of $2,812,500 (the “Notes”). The Purchase Agreement also provides for the issuance
of an aggregate of 7,630 shares of common stock of the Company, par value $0.0001 per share (the “Shares”) to the Purchasers.
The transaction closed on January 23, 2025 (the “Closing Date”).

The
aggregate gross proceeds to the Company were expected to be $2,250,000, before deducting placement agent fees and expenses. $580,000 of
such proceeds were released on the Closing Date and the remaining amount were held in escrow, to be released to the Company upon the later
of: i) filing the registration statement referenced below and ii) the date on which the Company receives a written communication from
the Nasdaq Stock Market (“Nasdaq”) that Nasdaq has granted the Company an extension to meet the continued listing requirements
of the Nasdaq. Because the Company received a delisting determination from the Nasdaq on February 10, 2025, the Escrow Agent disbursed
the funds back to the Purchasers as provided below against cancellation of a proportional portion of each