Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 141

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 141
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 shall be based on the Installment Conversion Price. “Installment
Conversion Price” means the lower of (i) the Conversion Price (defined below) and (ii) the greater of (x) 92% of the average of
the two (2) lowest daily VWAPs (as defined in the Convertible Note) in the ten (10) trading days immediately prior to each conversion
date and (y) $1.75. “Equity Conditions Failure” means that on any day during the period commencing twenty (20) trading days
prior to the applicable Installment Notice Date or Interest Date (each as defined in the Convertible Note) through the later of the applicable
Installment Date or Interest Date and the date on which the applicable shares of Common Stock are actually delivered to the Holder, the
Equity Conditions have not been satisfied (or waived in writing by the Holder). The Convertible Note is convertible, at the option of
the Investor, at any time, into such number of shares of Common Stock of the Company equal to the principal amount of the Convertible
Note plus all accrued and unpaid interest at a conversion price equal to $0.48 (the “Conversion Price”). The Conversion Price
is subject to full ratchet antidilution protection, subject to a floor conversion price of $1.75 per share. The Convertible Note may not
be converted and shares of Common Stock may not be issued under the Convertible Note if, after giving effect to the conversion or issuance,
the Investor together with its affiliates would beneficially own in excess of 4.99% (or, upon election of the Investor, 9.99%) of the
outstanding Common Stock. In addition to the beneficial ownership limitations in the Convertible Note, the sum of the number of shares
of Common Stock that may be issued under that certain Purchase Agreement (including the Convertible Note and Warrant and Common Stock
issued thereunder) is limited to 19.99% of the outstanding Common Stock as of April 19, 2024 (the “Exchange Cap”, which is
equal to 640,293 shares of Common Stock, subject to adjustment as described in the Purchase Agreement), unless shareholder approval (as
defined in the Purchase Agreement) (“Stockholder Approval”) is obtained by the Company to issue more than the Exchange Cap.
The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock
split or