Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 24

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 24
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 has achieved compliance with the Bid Price Rule by October 28, 2024, but there can be no assurance that the Company will maintain compliance with any of the other Nasdaq continued listing requirements. Resignation of Director. On May 15, 2024, Mohammed Javade Chaudhri, a Class I director of the Company, notified the Company that they will resign from the Company’s Board of Directors (the “ Board”) effective immediately. Mr. Chaudhri’s decision to resign from the Board was solely for personal reasons and was not the result of any disagreement with the Company’s operations, policies or procedures, or any disagreements in respect of accounting principles, financial statement disclosure, or any issue impacting on the committees of the Board on which they served. Nasdaq Notice of Failure to Comply with Continued Listing Standards. On May 6, 2024, the Company received a letter from the listing qualifications department staff of The Nasdaq notifying the Company that for the prior 30 consecutive business days, the Company’s minimum Market Value of Listed Securities (“ MVLS”) was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq listing rule 5550(b)(2). In accordance with Nasdaq listing rule 5810(c)(3)(C), the Company had 180 calendar days, or until November 4, 2024, to regain compliance. As we did not regain compliance with the MVLS by November 4, 2024, we received a delisting determination letter. The Company appealed such delisting determination to a Nasdaq hearings panel, and is currently pending decision of the Nasdaq Panel to the hearing which was conducted on January 9, 2025. At the hearing, we requested that we be allowed to reflect our compliance with the Nasdaq listing rule 5550(b)(1), with the requirement to have at least $2,500,000 in stockholders’ equity (the “ Minimum Stockholders’ Equity Rule”), instead of the MVLS Rule. While the appeal process is pending, the suspension of trading of our common stock will be stayed. The Company intends to evaluate available options to resolve the deficiency and regain compliance with the quoted deficiency and is exercising diligent efforts to maintain the listing of its common stock on Nasdaq. Our common stock will continue to trade on Nasdaq until the hearing process concludes and the Panel issues its final written determination, however, there can be no assurance that the Company will be able to regain or