Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 500

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1A
Chunk 500
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 connection with the Agreement, when aggregated with all other shares of Common Stock then
beneficially owned by SPC and its affiliates (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules and regulations thereunder), result in the beneficial ownership by SPC and its affiliates
(as calculated pursuant to Section 13(d) of the Exchange Act and the rules and regulations thereunder) at any time of more than 4.99%
of the Common Stock.

Subsequent to December 31,
2024, the Company and LiiON LLC mutually agreed to rescind the Asset Purchase Agreement (see Footnote 5). The primary driver that led
the Parties to discuss alternative plans was the February 2025 Nasdaq notice that the Company’s equity had been delisted. Prior
to receiving the notice, the Company expected Nasdaq to provide an extension of time to correct the matters that resulted in delisting.
 Although the acquisition Agreement permitted the Company to issue restricted common stock (i.e., active listing was not necessary
to fulfill the requirements), questions around the timing of the Company’s ability to raise additional equity funding to support
it’s integration plan, caused by the delisting, led the Parties to discussions regarding the path forward which, ultimately, culminated
with the Parties’ mutual decision to rescind the Agreement. 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.

On May 1, 2025 the Company
issued 1,000,000 shares of restricted common stock to Assure Power, LLC for services pursuant to a consulting agreement, valued at $43,000.

On May 2, 2025, CFGI LP and
the Company entered into a settlement agreement for a contractual amount owed for services rendered in the amount of $358,000, whereby
the Company shall pay to CFGI approximately $10,000 per month commencing June 2, 2025 for a period of