Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 2324

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 7
Chunk 2324
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% per month until the Note is fully repaid. The Purchase Agreement
contains customary representations and warranties by the Company, and closed on the same date thereof. The Purchase Agreement resulted
in net proceeds of $250,000 to the Company, which the Company intends to use for working capital purposes.

The 2025 Note, issued pursuant
to the Purchase Agreement, is convertible at the option of the Holder at any time after the Maturity Date, including with registration
rights, at a conversion price per share equal to ninety percent (90%) of the Company’s common stock’s VWAP (which is the
three (3) Trading Days immediately prior to such Conversion Date (or the nearest preceding date)) as of the date of such conversion (the
“Conversion Date”). The current 2025 Note is a senior direct debt obligation of the Company ranking pari passu with all other
Notes, but subordinate and junior in right of payment to the Senior Convertible Notes originally issued to 3i, LP., and other senior
or pari passu Indebtedness (as defined in the Purchase Agreement) of the Company.

F-60

Item 9. Changes in and Disagreements with
Accountants on Accounting and Financial Disclosures  

On November 5, 2024, the Company’s
Audit Committee dismissed Forvis Mazars, LLP (“Forvis Mazars”) as the Company’s independent registered public accounting
firm. Also on November 5, 2024, the Company’s Audit Committee approved, and the Company’s Board of Directors (the “Board”)
ratified, the engagement of Kreit & Chiu CPA LLP (the “New Auditor”), and appointed the New Auditor as
the Company’s independent registered public accounting firm as of November 5, 2024.

Prior to the New Auditor’s
appointment, on November 5, 2024, the Audit Committee of the Company dismissed Forvis Mazars as the Company’s independent
registered public accounting firm. From June 1, 2024 through November 5, 2024, the period during which Forvis Mazars was engaged as the
Company’s independent registered public accounting firm, there were no disagreements with Forvis Mazars on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction
of Forvis Mazars, would have caused Forvis Mazars to make reference to the