Alternus Clean Energy, Inc. Announces Closing of $2.16 Million Private Placement of Convertible Notes and Warrants
22 April 2024 - 10:57PM
Utility-scale transatlantic clean energy independent power producer
Alternus Clean Energy, Inc. (NASDAQ: ALCE) (“Alternus” or the
“Company”) today announced the closing of an approximately $2.16
million private placement pursuant to the terms of a securities
purchase agreement, dated April 19, 2024, with a certain
institutional investor (the “Investor”).
The investment is in the form of a Senior
Unsecured Original Issue 8% Discount Convertible Note (the “Note”),
resulting in proceeds before expenses to Alternus of approximately
$2.0 million. The Company expects to use the proceeds from this
offering to continue executing on its business plan, including
funding planned capital expenditures and working capital. The Note
has a 12-month maturity. In addition, the Note will be convertible
into shares of common stock of the Company at an initial conversion
price equal to $0.48 per share of common stock, which represents
125% of the average closing price over the seven trading days prior
to closing, subject to adjustment as further specified in the Note.
The Note will be fully repayable in cash upon maturity if not fully
converted prior. In addition, the institutional investor has the
option of prepayment of up to 20% of the issuance amount of a
subsequent financing.
As part of the investment, the investor was also
granted a five and a half year warrant to purchase an aggregate of
2,411,088 shares of common stock at an exercise price equal to
$0.48 per share, subject to adjustment (the “Warrant”).
Maxim Group LLC acted as the exclusive placement
agent for the private placement.
Alternus has agreed to file a registration
statement registering for the resale of the shares of common stock
issuable upon conversion of the Note and upon exercise of the
Warrants.
The securities offered in the private placement
have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or applicable state securities
laws, and accordingly may not be offered or sold in the United
States except pursuant to an effective registration statement
or an applicable exemption from the registration requirements of
the Securities Act and such applicable state securities
laws. The securities purchase agreement includes
representations, warranties, covenants and other terms typical of a
transaction of this type, the full description of which can be
reviewed in documents attached to the Company’s Current Report on
Form 8-K to be filed with the SEC. You may also obtain these
documents for free when they are available by visiting the SEC's
web site at www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sales of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such
jurisdiction.
About Alternus Clean Energy,
Inc.
Alternus is a transatlantic clean energy
independent power producer. Headquartered in the United States, we
currently develop, install, own, and operate utility-scale solar
parks in the North America and Europe. Our highly motivated and
dynamic team at Alternus have achieved rapid growth in recent
years. Building on this, our goal is to reach 3GW of operating
projects within five years through continued organic development
activities and targeted strategic opportunities. Our vision is to
become a leading provider of 24/7 clean energy delivering a
sustainable future of renewable power with people and planet in
harmony. For more information visit www.alternusenergy.com.
Forward-Looking Statements
Certain information contained in this release,
including any information on the Company’s plans or future
financial or operating performance and other statements that
express the Company’s management’s expectations or estimates of
future performance, constitute forward-looking statements. When
used in this notice, words such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions, as they relate to us or
our management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management,
as well as assumptions made by, and information currently available
to, the Company’s management. Such statements are based on a number
of estimates and assumptions that are subject to significant
business, economic and competitive uncertainties, many of which are
beyond the control of the Company. The Company cautions that such
forward-looking statements involve known and unknown risks and
other factors that may cause the actual financial results,
performance, or achievements of the Company to differ materially
from the Company’s estimated future results, performance or
achievements expressed or implied by the forward-looking
statements. These statements should not be relied upon as
representing Alternus’ assessments of any date after the date of
this release. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
For More Information:
Alternus Investors:Alternus
Clean Energyir@alternusenergy.com+1 (913) 815-1557
Alternus Media:The Blueshirt
Groupalternus@blueshirtgroup.com+1 (323) 240-5796
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