Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 320

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 320
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asers.
The transaction closed on January 23, 2025 (the “Closing Date”).

The
aggregate gross proceeds to the Company were expected to be $2,250,000, before deducting placement agent fees and expenses. $580,000 of
such proceeds were released on the Closing Date and the remaining amount were held in escrow, to be released to the Company upon the later
of: i) filing the registration statement referenced below and ii) the date on which the Company receives a written communication from
the Nasdaq Stock Market (“Nasdaq”) that Nasdaq has granted the Company an extension to meet the continued listing requirements
of the Nasdaq. Because the Company received a delisting determination from the Nasdaq on February 10, 2025, the Escrow Agent disbursed
the funds back to the Purchasers as provided below against cancellation of a proportional portion of each Purchaser’s Note (inclusive
of original issue discount).

55

The
Notes were issued with an original issue discount of 20%. No interest shall accrue on the Notes unless and until an Event of Default (as
defined in the Notes) has occurred, upon which interest shall accrue at a rate of twenty percent (20.0%) per annum. The Notes matured
on April 23, 2025, have not been repaid as of June 30, 2025 and are therefore in default. Upon the occurrence of any Event of Default
and at any time thereafter, the Purchasers shall have the right to exercise all of the remedies under the Notes.

Maxim
served as the placement agent in the Offering, pursuant to the terms of a Placement Agency Agreement and received 8% of the gross proceeds
of the Offering, and placement agent warrants to purchase up to 381 shares of common stock at $81.18
per share (the “Placement Agent Warrants”) and reimbursement of the legal fees of its counsel of up to $50,000. The Placement
Agent Warrants will be exercisable on the six (6) month anniversary of issuance and will expire on the five (5) year anniversary of issuance.

On April 28, 2025, the Company
entered into a Note Purchase Agreement (the “Purchase Agreement”), by and between the Company and an institutional investor
(the “Investor”), pursuant to which the Company agreed to issue to the Investor promissory notes in the aggregate total principal
amount of up to $558,000, with the