Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 68

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 Agreement (see Footnote 5). The rescission was driven by the discovery of certain
material issues not known at the time of closing including questions surrounding the perceived value of certain assets or relationships
acquired as well as NASDAQ’s delisting of the Company’s equity in February 2025. The agreement to rescind the transaction
was finalized on April 29,2025, resulting in the unwinding of all consideration transferred and legal ownership.

The Company has evaluated the rescission in accordance
with ASC 855, Subsequent Events, and determined it to be a non-recognized subsequent event, as the rescission did not change the condition
of “control” that existed as of the acquisition date or the reporting period end. As such, no adjustments have been made to
the financial statements for the period ended December 31, 2024. The rescission will be reflected in the Company’s financial statements
in the future accounting period in which the sale or disposal criteria are met (i.e., either the first or second quarterly period of the
year ending December 31, 2025).

Development Cost

The Company depends heavily on government policies that support our
business and enhance the economic feasibility of developing and operating solar energy projects in regions in which we operate or plan
to develop and operate renewable energy facilities. The Company can decide to abandon a project if there is material change in budgetary
constraints, political factors or otherwise, governments from time to time may review their laws and policies that support renewable energy
and consider actions that would make the laws and policies less conducive to the development and operation of renewable energy facilities.
Any reductions or modifications to, or the elimination of, governmental incentives or policies that support renewable energy or the imposition
of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for
the development and/or financing of new renewable energy projects, our abandoning the development of renewable energy projects, a loss
of our investments in the projects, and reduced project returns, any of which could have a material adverse effect on our business, financial
condition, results of operations and prospects. Refer to Footnote 13 to the accompanying financial statements for more detail of development
cost.

    Three Months Ended March 31, 

    2025  
    2024  
    Change  ($)  
    Change (%) 

    (in thousands) 
  
    Development Cost 
    $            -  
    $