Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 157

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 157
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note holder converted $150,000 of the October Convertible Note into 200,000 shares of unrestricted common stock valued at $0.075 per share.

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Preferred Stock

As of March 31, 2025 and December
31, 2024, the Company had a total of 1,000,000 shares of preferred stock authorized. There were no preferred shares issued or outstanding
as of December 31, 2024. There were 10,000 shares of Series A Super Voting Preferred Stock (the “Series A”) issued and outstanding
as of March 31, 2025.

The board of directors of
the Company has the authority to establish one or more series of preferred stock, fix the voting rights, if any, designations, powers,
preferences and any other rights, if any, of each such series and any qualifications, limitations and restrictions thereof.

Series A Super Voting Preferred Stock

Each share of the Series A
is entitled to have the right to vote in an amount equal to 10,000 votes per share, voting with the common stock on all matters as a single
class. Each share of Series A has a par value of $0.0001 per share. The Series A is not convertible into, or exchangeable for, shares
of any other class or series of stock or other securities of the Company. The Series A has no stated maturity and is not subject to any
sinking fund. The holders of Series A shall not be entitled to receive any distributions in the event of any liquidation, dissolution
or winding up of the Company.

Series A Super Voting Preferred Stock Issuance

On March 21, 2025 the Company
issued 10,000 shares of Series A Super Voting Preferred Stock to the Company’s CEO, Mr. Vincent Browne, which gave Mr. Browne controlling
voting rights over all Company matters requiring a shareholder vote. The Company recorded employee stock compensation expense of $60,000
representing the fair value of the shares issued.

Warrants

As of March 31, 2024, warrants to purchase up
to 497,400 shares of common stock were issued and outstanding. These warrants were related to financing activities. During the three months
ended March 31, 2025, the Company issued 76,303 additional warrants exercisable at $0.4059 per share with a five-year term to Maxim as
compensation for placement agent services related to the January 21,