22.04.2024 14:57:38 - dpa-AFX: GNW-Adhoc: Alternus Clean Energy, Inc. Announces Closing of $2.16 Million Private Placement of Convertible Notes and Warrants
FORT MILL, S.C., April 22, 2024 (GLOBE NEWSWIRE) -- 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 (http://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
(http://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 Energy
ir@alternusenergy.com (mailto:ir@alternusenergy.com)
(mailto:ir@alternusenergy.com)+1 (913) 815-1557
Alternus Media:
The Blueshirt Group
alternus@blueshirtgroup.com (mailto:alternus@blueshirtgroup.com)
(mailto:alternus@blueshirtgroup.com)+1 (323) 240-5796
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