Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1340

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 3
Chunk 1340
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Solis was unable to fully repay the Solis Bonds, the Company sold Solis and its subsidiaries in Romania to Solis Trustee Special Vehicle
Limited, the Solis Bondholders’ ownership vehicle, for €1 in accordance with the terms of the Solis Bonds, as amended. As a
result of the sale, the Company eliminated approximately $115 million in debt and payables related to Solis activities and improved shareholders
equity by approximately $59 million. Solis accounted for 98% of group revenues for the nine months ended September 30, 2024. Solis bondholders
continue to hold a preference share in an Alternus holding company which holds certain development projects in Spain and Italy. The preference
share gives the bondholders the right on any distributions up to €10 million, and such assets will be divested to ensure repayment
of up to €10 million should it not be fully repaid by the Maturity Date.

On November 8, 2024,
the Company was notified by the staff of The Nasdaq Stock Market (“Nasdaq”) that the Company did not meet the market value
of listed securities requirement in Listing Rule 5550(b)(2) (the “MVLS Rule”) for continued listing on The Nasdaq Capital
Market (the “Staff Determination”). The Company requested a hearing before the Nasdaq Hearings Panel (the “Panel”)
to appeal the Staff Determination.

F-10

On February 10, 2025, the
Company received a determination letter (the “Delisting Notification”) from the Nasdaq Hearings Advisor stating that the Panel
has determined to delist the Company’s common stock, par value $0.0001 per share (the “Common Stock”) from the Nasdaq
Capital Market, and Nasdaq suspended trading in the Company’s Common Stock on February 12, 2025 because the Company has not demonstrated
compliance with the MVLS Rule, nor does it meet any of the alternative requirements under Nasdaq Listing Rule 5550(b) and has failed to
demonstrate that additional time to regain compliance is appropriate. The Company was additionally in violation of the bid price requirement
of Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”), as disclosed recently on January 31, 2025, which was taken into
consideration by the Panel in its Delisting Notification.

The Company’s Common
Stock is currently quoted on an over-the-counter