Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 106

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 106
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 rule 5550(b)(1), with the requirement to have at least $2,500,000 in stockholders’ equity (the “ Minimum Stockholders’ Equity Rule”), instead of the MVLS Rule. While the appeal process is pending, the suspension of trading of our common stock will be stayed. The Company intends to evaluate available options to resolve the deficiency and regain compliance with the quoted deficiency and is exercising diligent efforts to maintain the listing of its common stock on Nasdaq. Our common stock will continue to trade on Nasdaq until the hearing process concludes and the Panel issues its final written determination, however, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards. The Company is currently working on several processes to address the going concern issue. We are working with multiple global banks and funds to secure the necessary project financing to execute our transatlantic business plan. Financing Activities In January 2021, one of the Company’s subsidiaries, Solis Bond Company DAC (“Solis”), issued a series of 3-year senior secured green bonds in the maximum amount of $242.0 million (€200 million) with a stated coupon rate of 6.5% + EURIBOR and quarterly interest payments (the “ Solis Bonds”). On October 3, 2024, 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. 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 EUR 10 million, and such assets will be divested to ensure repayment of up to EUR 10 million should it not be fully repaid by the maturity date of the Solis Bonds, which is currently set for November 17, 2024. 72 On December 21, 2022, the Company’s wholly owned Irish subsidiaries, AEG JD 01 LTD and AEG MH 03 LTD entered in a financing facility with Deutsche Bank AG (“ Lender”). This is an uncommitted revolving debt financing of up to €500,000,000 to finance eligible project costs for the acquisition, construction, and operation of installation/ready to build solar PV