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Alternus Clean Energy Inc

Alternus Clean Energy Inc (ALCE)

2.4159
-0.00408
(-0.17%)
Closed November 01 4:00PM
2.42
0.00408
(0.17%)
After Hours: 7:30PM

Your Hub for Real-Time streaming quotes, Ideas and Live Discussions

Key stats and details

Current Price
2.42
Bid
2.42
Ask
2.52
Volume
36,393
2.35 Day's Range 2.5199
2.1401 52 Week Range 62.75
Market Cap
Previous Close
2.42
Open
2.49
Last Trade
25
@
2.48
Last Trade Time
Financial Volume
$ 87,531
VWAP
2.4052
Average Volume (3m)
2,784,374
Shares Outstanding
3,491,522
Dividend Yield
-
PE Ratio
-0.25
Earnings Per Share (EPS)
-19.9
Revenue
20.08M
Net Profit
-69.46M

About Alternus Clean Energy Inc

Alternus Clean Energy Inc. is a clean energy independent power producer. The Company develops, installs, owns and operates utility scale solar parks in United States of America and Europe. The Company¿s portfolio consists of approximately 168 megawatts (MW) in operation across Italy, Poland, Netherl... Alternus Clean Energy Inc. is a clean energy independent power producer. The Company develops, installs, owns and operates utility scale solar parks in United States of America and Europe. The Company¿s portfolio consists of approximately 168 megawatts (MW) in operation across Italy, Poland, Netherlands, Romania and Tennessee in the United States; over 98 MW under construction; and an acquisition pipeline of over one gigawatt (GW). The Company holds over 500-Megawatts peak (MWp) of organic development projects in pre-construction and late-stage development. Show more

Sector
Electric & Other Serv Comb
Industry
Electric & Other Serv Comb
Headquarters
Wilmington, Delaware, USA
Founded
-
Alternus Clean Energy Inc is listed in the Electric & Other Serv Comb sector of the NASDAQ with ticker ALCE. The last closing price for Alternus Clean Energy was $2.42. Over the last year, Alternus Clean Energy shares have traded in a share price range of $ 2.1401 to $ 62.75.

Alternus Clean Energy currently has 3,491,522 shares outstanding. The market capitalization of Alternus Clean Energy is $8.45 million. Alternus Clean Energy has a price to earnings ratio (PE ratio) of -0.25.

ALCE Latest News

Alternus Clean Energy set to Acquire Over 80 MWp of Operating Solar PV across eight states in the U.S.

FORT MILL, S.C., May 01, 2024 (GLOBE NEWSWIRE) -- Alternus Clean Energy, Inc. (NASDAQ: ALCE) (“Alternus” or the “Company”), a leading utility-scale transatlantic, clean energy independent power...

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”...

Alternus Clean Energy, Inc. Reports FY 2023 Financial Results

•  Revenue up by 17.5% YoY•  Gross profit up by 25% YoY FORT MILL, S.C., April 15, 2024 (GLOBE NEWSWIRE) -- Utility-scale transatlantic clean energy independent power producer Alternus Clean...

Alternus Clean Energy and Acadia Energy Announce JV to Develop 200 MW of Microgrid Projects in New York State

FORT MILL, S.C., April 04, 2024 (GLOBE NEWSWIRE) -- Alternus Clean Energy (NASDAQ: ALCE) (“Alternus” or the “Company”), a leading utility-scale transatlantic, clean energy independent power...

Alternus Clean Energy to Participate in Upcoming Investor Conferences and Industry Events

FORT MILL, S.C., March 07, 2024 (GLOBE NEWSWIRE) -- Alternus Clean Energy (NASDAQ: ALCE) (“Alternus” or the “Company”), a leading utility-scale transatlantic, clean energy independent power...

Alternus Clean Energy Celebrates Activation of Omohundro Solar Project at Ceremony with Mayor of Nashville, TN

--Project Represents Completion of the Third Stage of First U.S. Based Installation for Alternus Clean Energy with More Planned in Tennessee-- --New Solar Installation Will Help Power Operations...

Alternus Clean Energy Enters Strategic Alliance with Hover Energy

--Alliance to offer differentiated 24x7 zero-carbon power to customers-- FORT MILL, S.C., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Utility-scale transatlantic clean energy independent power producer...

Alternus Clean Energy to Present at The Microcap Conference

FORT MILL, S.C., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Utility-scale transatlantic clean energy independent power producer Alternus Clean Energy (NASDAQ: ALCE) (“Alternus”) announced today that it...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1-0.16-6.20155038762.582.832.261626272.59153055CS
4-1.565-39.27227101633.98582.140177419823.45682212CS
12-3.455-58.80851063835.87510.1052.140127843743.57707512CS
26-7.08-74.52631578959.512.4552.140113844183.94407082CS
52-57.58-95.96666666676062.752.140110267736.31393083CS
156-57.58-95.96666666676062.752.140110267736.31393083CS
260-57.58-95.96666666676062.752.140110267736.31393083CS

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ALCE Discussion

View Posts
Klinsmann Klinsmann 1 week ago
The next big banger imo
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Awl416 Awl416 2 weeks ago
don’t blink
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Monksdream Monksdream 2 weeks ago
ALCE new 52 week low
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TrendTrade2016 TrendTrade2016 3 weeks ago
ALCE ANOTHER BEAUTY POST SPLIT CALL WHEN NOBODY HAS EYES ON IT
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TrendTrade2016 TrendTrade2016 3 weeks ago
ALCE...ALICE...POST SPLIT...TO THE MOON ALICE!!!
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Enterprising Investor Enterprising Investor 3 weeks ago
Alternus Clean Energy, Inc. Announces 1-for-25 Reverse Stock Split as Part of Nasdaq Compliance Plan (10/09/24)

Fort Mill, South Carolina--(Newsfile Corp. - October 9, 2024) - Alternus Clean Energy Inc. (NASDAQ: ALCE) ("Alternus"), a leading utility-scale transatlantic, clean energy independent power producer (IPP), today announced that it will effect a 1-for-25 reverse stock split of its common stock. The reverse stock split will become effective at 12:01 a.m. Eastern Time on Friday, October 11, 2024, and the Company's common stock will commence trading on the Nasdaq Capital Market on a post-split basis at the opening of the market on October 11, 2024, pending confirmation by the Depository Trust Company and the Nasdaq. The Company's common stock will continue to trade on the Nasdaq Capital Market under the Company's existing trading symbol, "ALCE," and a new CUSIP number 02157G 200 has been assigned as a result of the reverse stock split.

The Company expects that the reverse stock split, which was approved by the Company's stockholders at the Annual Meeting of Stockholders held on September 26, 2024, will increase the price per share of the Company's common stock, and is part of the Company's strategy to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market.

At the effective time of the reverse stock split, each twenty-five (25) shares of the Company's issued and outstanding common stock will be automatically converted into one (1) issued and outstanding share of common stock without any change in the par value of $0.0001 per share or the total number of authorized shares. The reverse stock split will reduce the Company's number of shares outstanding common stock from approximately 87,288,070 shares to approximately 3,491,522 shares. No fractional shares of common stock will be issued in connection with the reverse stock split, and stockholders who would otherwise be entitled to receive a fractional share will receive a cash payment in lieu thereof.

Stockholders of record as of October 10th, 2024, will be receiving information regarding their share ownership following the reverse stock split from the Company's transfer agent, Equiniti Trust Company, LLC (formerly known as American Stock Transfer & Trust Company). Equiniti can be reached at (833) 656-0637. Additional information about the reverse stock split can be found in the Company's definitive proxy statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission (the "SEC") on September 6, 2024, and available free of charge at the SEC's website sec.gov.

Vincent Browne, Chief Executive Officer of Alternus: "Effecting this 1-for-25 reverse split was required to regain compliance with Nasdaq. This capital restructuring does not change the fundamental value of the Company, but along with recent actions to de-lever our balance sheet, it does increase our access to the capital we need to execute our long-term growth strategies. These strategies include partnerships and acquisitions to build our presence in high growth renewable energy segments that will complement our existing utility-scale solar IPP business. Our recent announcement of binding terms for a JV with Hover Energy, LLC is an example of this strategy. We are targeting additional joint ventures and investments in other energy segments that are accretive to the group both operationally and financially. We are confident that executing these strategies will provide a strong foundation for long-term shareholder value."

About Alternus Clean Energy:

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 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.

https://www.newsfilecorp.com/release/226118
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Enterprising Investor Enterprising Investor 3 weeks ago
Short Squeeze Quote™
Alternus Clean Energy Inc. - Class A Common Stock $ 0.31
Short Interest Ratio (Days To Cover) 0.9
Short Interest (Shares Short) 151,200

I suspect that this number is understated.

I have owned this company since it was a SPAC. Failed to redeem for cash. My position has been lent out by my broker for a very long time.
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Enterprising Investor Enterprising Investor 3 weeks ago
Alternus Sheds $100 Million of Debt and Payables, Improves Shareholder Equity Position By Circa $45 Million From Disposal Of Certain Subsidiaries (10/08/24)

Fort Mill, South Carolina--(Newsfile Corp. - October 8, 2024) - Alternus Clean Energy, Inc. (NASDAQ: ALCE) ("Alternus"), announces that on October 3, 2024, by mutual agreement and in furtherance of the Company's balance sheet improvement activities, Solis Bond Company DAC ("Solis"), a company formed under the laws of Ireland and an indirect wholly owned subsidiary of the Company, was sold, along with its subsidiaries in Romania, to Solis Trustee Special Vehicle Limited, the Solis Bondholders' ownership vehicle, for one Euro (€1.00) in accordance with the terms of the Solis Bonds, as amended.

As a result of the sale, Alternus has removed approximately $100 million in debt and payables related to Solis activities and will improve shareholders equity by approximately $45 million. Solis accounted for 98% of group revenues for the six months ended June 30, 2024. Alternus will record the sale as discontinued activities as it has no business activities in Romania.

Vincent Browne, Chief Executive Officer of Alternus, stated: "The sale of Solis aligns with our on-going activities to significantly reduce debt and strengthen our balance sheet as we reposition the business from an exclusive focus on utility scale solar to that of a more comprehensive energy provider going forward. Our recent announcement of binding terms to establish a joint venture with Hover Energy to deliver state-of-the-art clean energy microgrids, is the first such example of entering additional exciting high-value complementary segments to our existing utility activities."

"We are also at advanced discussions in acquiring battery storage capabilities and customer base to strengthen both our utility and microgrid businesses and are targeting additional joint ventures and investments in other energy segments that are accretive to the group both operationally and financially in the short and long term and supporting our wider energy provision growth strategy."

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 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.

https://www.newsfilecorp.com/release/225974/Alternus-Sheds-100-Million-of-Debt-and-Payables-Improves-Shareholder-Equity-Position-By-Circa-45-Million-From-Disposal-Of-Certain-Subsidiaries
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glenn1919 glenn1919 3 weeks ago
ALCE.................................https://stockcharts.com/h-sc/ui?s=ALCE&p=W&b=5&g=0&id=p86431144783
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Awl416 Awl416 3 weeks ago
Yikes
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Monksdream Monksdream 3 months ago
ALCE new 52 week low
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Awl416 Awl416 6 months ago
Alternus Clean Energy set to Acquire Over 80 MWp of Operating Solar PV across eight states in the U.S.
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Lilman72003 Lilman72003 8 months ago
Cashed out 7s

EZ $$$$
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TheFinalCD TheFinalCD 8 months ago
$SELX= $$ + $ALCE CHART RECOVERY STARTING SAME WAY

https://finviz.com/quote.ashx?t=ALCE&ty=c&ta=1&p=d

https://stockcharts.com/sc3/ui/?s=ALCE

AND LOW LOW DILUTION RISK
https://dilutiontracker.com/app/search/ALCE?a=dbb88c
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Lilman72003 Lilman72003 8 months ago
Turned my .3s into .6s

Hold this L
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Lilman72003 Lilman72003 8 months ago
bulls are now in control.
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Lilman72003 Lilman72003 8 months ago
I nailed it once again. Get wrecked shorty
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Disquisition Disquisition 8 months ago
See you at 10 cents
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Lilman72003 Lilman72003 8 months ago
We doing this again?

This subject will also be on the final exam lol just like $wrnt
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Monksdream Monksdream 8 months ago
ALCE new 52 week low
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Disquisition Disquisition 8 months ago
UNMITIGATED DUMPING
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Lilman72003 Lilman72003 8 months ago
Loading this junk before the crowd arrives
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Monksdream Monksdream 8 months ago
ALCE new 52 week low
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Monksdream Monksdream 9 months ago
ALCE new 52=week low
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Monksdream Monksdream 9 months ago
ALCE new 52 week low
👍️0
Monksdream Monksdream 9 months ago
ALCE new 52 week low
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Monksdream Monksdream 9 months ago
ALCE new 52 week low
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Enterprising Investor Enterprising Investor 10 months ago
Alternus Energy Group Plc Completes Business Combination with Clean Earth Acquisitions Corp. (12/22/23)

Transatlantic clean energy independent power producer (“IPP”) Alternus Energy Group Plc (OSE: ALT) (“AEG”) has today completed its previously announced business combination with Clean Earth Acquisitions Corp. (NASDAQ: CLIN) (“Clean Earth”), a special purpose acquisition company. The business combination was approved by Clean Earth shareholders in a Special Meeting of Clean Earth shareholders on December 4, 2023.
The newly combined company will operate under the name “Alternus Clean Energy Inc.” (“Alternus Clean Energy” or the “Company”). Under the terms of the amended business combination agreement, AEG owns approximately 80% of the Company with the remaining shares owned by Clean Earth sponsors and public shareholders. The Company has acquired a majority of AEG’s assets while AEG will continue to exist as a separate legal entity and will continue to trade on the Euronext Growth stock market in Oslo under the ticker (OSE: ALT). The assets acquired comprise 168 megawatts (MW) in operation, 98 MW under construction, over 300 MW in various stages of development and an acquisition pipeline of over 1 GW.

Alternus Clean Energy’s common stock is expected to begin trading on the NASDAQ Stock Market on or about December 26, 2023 under the ticker symbol “ALCE”.

"This is a momentous step forward for Alternus and its stakeholders. The completion of the business combination with Clean Earth and resultant listing on Nasdaq, is a key strategic pillar in our commitment towards a sustainable future,” commented Alternus Clean Energy CEO, Vincent Browne. “Following a year of consolidation and reshaping the business to best capture the opportunities in hand, that deliver higher margins with lower equity requirements, we are now very well positioned to accelerate our impact, extend our reach, and drive significant growth in the business towards our goal of having 3 GW of operating assets within the next five years.”

Clean Earth CEO Aaron Ratner stated, “We are thrilled with the completion of our business combination with AEG. This strategic alignment of expertise and values positions us to make an enduring impact on the renewable energy sector. As part of Alternus Clean Energy, we are excited to leverage our combined resources to build a leading Transatlantic clean energy IPP.”

Advisors

Clean Earth was advised by Jones Group Ventures LLC as financial advisors with Winston & Strawn LLP, Proskauer Rose LLP serving as legal counsel on the transaction.

AEG was advised by Sichenzia Ross Ference Carmel LLP as their legal counsel.

About Alternus Energy Group

Alternus is a transatlantic clean energy independent power producer. Headquartered in Ireland, we currently develop, install, own, and operate utility scale solar parks in Europe and the US. 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.

About Clean Earth Acquisitions Corp.

Clean Earth Acquisitions Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities, focused on identifying and developing a strategic partnership with a business that participates in the global energy transition ecosystem that is facilitating the way that energy is produced, stored, transmitted, distributed, and consumed, all while reducing or mitigating greenhouse gas emissions. For more information visit www.cleanearthacquisitions.com.

https://www.globenewswire.com/news-release/2023/12/22/2800844/0/en/Alternus-Energy-Group-Plc-Completes-Business-Combination-with-Clean-Earth-Acquisitions-Corp.html
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Enterprising Investor Enterprising Investor 11 months ago
Clean Earth and Alternus Energy Announce Continuation of Business Combination Close Process (12/12/23)

Clean Earth Acquisition Corp. (Nasdaq: CLIN) (“Clean Earth” or the “Company”), announced today that the conditions to closing the business combination (the “Business Combination”) between Clean Earth and Alternus Energy Group Plc, a public limited company incorporated under the laws of Ireland, (OSE: ALT, “Alternus”) have not yet been satisfied and the business combination has not closed, as described in the definitive proxy statement/prospectus filed by the Company with the SEC on November 14, 2023 (the “Proxy Statement/Prospectus”). The parties are working together to expeditiously satisfy such closing conditions, including obtaining the approval of Nasdaq to list the post-combination company’s common stock following the closing of the business combination. There can be no assurance that the business combination will be consummated within the time period required by Clean Earth’s governing documents, which currently provide that Clean Earth must consummate its initial consummation by May 28, 2024.
About Clean Earth Acquisitions Corp.

Clean Earth Acquisitions Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities, focused on identifying and developing a strategic partnership with a business that participates in the global energy transition ecosystem that is facilitating the way that energy is produced, stored, transmitted, distributed, and consumed, all while reducing or mitigating greenhouse gas emissions. For more information visit www.cleanearthacquisitions.com.

About Alternus Energy Group

Alternus is a transatlantic clean energy independent power producer. Headquartered in Ireland, we currently develop, install, own, and operate utility scale solar parks in Europe and the US. 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.

https://www.globenewswire.com/news-release/2023/12/12/2794760/0/en/Clean-Earth-and-Alternus-Energy-Announce-Continuation-of-Business-Combination-Close-Process.html
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Enterprising Investor Enterprising Investor 11 months ago
Submission of Matters to a Vote of Security Holders (12/05/23)

As previously announced, on October 12, 2022, Clean Earth Acquisitions Corp. (the “Company”) and Alternus Energy Group Plc (“Alternus”) entered into a Business Combination Agreement (the “Business Combination Agreement”), as amended by that certain First Amendment to the Business Combination Agreement, dated as of April 12, 2023, by and among the Company, Alternus and the Clean Earth Acquisitions Sponsor, LLC (the “Sponsor”) (the “First Amendment to the Business Combination Agreement” or the “BCA Amendment”).

On December 4, 2023, the Company held a special meeting of stockholders (the “Special Meeting”), at which holders of 14,418,460 shares, composed of 6,751,793 shares of Class A common stock, par value $0.0001 per share (“Class A Common Stock”), and 7,666,667 Class B common stock, par value $0.0001 per share (the “Class B Common Stock” together with the Class A Common Stock, the “Common Stock”), were present in person or by proxy, representing approximately 86.32% of the voting power of the 16,704,230 issued and outstanding Common Stock (“Outstanding Shares”) entitled to vote at the Special Meeting as of the close of business on November 8, 2023, which was the record date for the Special Meeting. The final voting results for each proposal submitted to the stockholders of record of the Company at the Special Meeting are included below. Each of the proposals described below was approved by the Company’s stockholders of record.

In connection with the Special Meeting, stockholders properly elected to redeem an aggregate of 2,647,190 Class A Common Stock at a redemption price of approximately $10.68 per share (the “Redemption”), for an aggregate redemption amount of approximately $28,271,989.20.

https://www.sec.gov/ix?doc=/Archives/edgar/data/1883984/000110465923123744/tm2332284d1_8k.htm
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Enterprising Investor Enterprising Investor 11 months ago
Clean Earth and Alternus Energy Announce Shareholder Approval of Business Combination (12/05/23)

NEW YORK & DUBLIN, 5 December 2023 - Clean Earth Acquisition Corp. (Nasdaq: CLIN) (“Clean Earth” or the “Company”), a publicly traded special purpose acquisition company and Transatlantic clean energy independent power producer Alternus Energy Group Plc, a public limited company incorporated under the laws of Ireland, (OSE: ALT, “Alternus” or the “Company”), announced today that at a special meeting (the “Special Meeting”) held on December 4, 2023, the Company’s shareholders voted to approve the previously announced business combination between the Company and Alternus (the “Business Combination”) as well as other proposals related to the Business Combination as described in the definitive proxy statement/prospectus filed by the Company with the SEC on November 14, 2023 (the “Proxy Statement/Prospectus”). The Company plans to file the results of the Special Meeting on a Form 8-K with the Securities and Exchange Commission today.

On October 12, 2022, Clean Earth entered into a definitive business combination agreement (as amended on April 12, 2023) with Alternus and Clean Earth Acquisitions Sponsor LLC, which, upon stockholder approval, will result in Alternus becoming a publicly traded company. Upon closing of the transaction, which is expected to occur shortly after the Special Meeting and subject to the terms of the business combination agreement, Clean Earth will be renamed “Alternus Clean Energy Inc.” An application for listing on the Nasdaq Global Market of the combined company’s common stock and warrants under the new ticker symbols “ALCE” and ”ALCEW,” respectively, is expected to be effective upon consummation of the Business Combination.

About Clean Earth Acquisitions Corp.

Clean Earth Acquisitions Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities, focused on identifying and developing a strategic partnership with a business that participates in the global energy transition ecosystem that is facilitating the way that energy is produced, stored, transmitted, distributed, and consumed, all while reducing or mitigating greenhouse gas emissions. For more information visit www.cleanearthacquisitions.com.

About Alternus Energy Group

Alternus is a transatlantic clean energy independent power producer. Headquartered in Ireland, we currently develop, install, own, and operate utility scale solar parks in Europe and the US. 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.

https://www.sec.gov/Archives/edgar/data/1883984/000110465923123744/tm2332284d1_ex99-1.htm
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Enterprising Investor Enterprising Investor 11 months ago
Submission of Matters to a Vote of Security Holders (11/28/23)

On November 24, 2023, the Company held a special meeting of stockholders (the “Special Meeting”), at which holders of 13,076,044 shares, composed of 5,409,377 Class A common stock, par value $0.0001 per share (“Class A Common Stock”), and 7,666,667 Class B common stock, par value $0.0001 per share (the “Class B Common Stock” together with the Class A Common Stock, the “Common Stock”), were present in person or by proxy, representing approximately 78.28% of the voting power of the 16,704,230 issued and outstanding Common Stock (“Outstanding Shares”) entitled to vote at the Special Meeting as of the close of business on November 2, 2023, which was the record date for the Special Meeting.

In connection with the Special Meeting, stockholders properly elected to redeem an aggregate of 5,351,009 Class A Common Stock at a redemption price of approximately $10.62 per share (the “Redemption”), for an aggregate redemption amount of approximately $56,808,987. Following the Redemption, approximately $29,689,612 will remain in the Company’s trust account (the “Trust Account”), not including any Extension Payments, as described below.

At the Special Meeting, the Company’s stockholders approved the proposal (the “Extension Amendment Proposal”) to amend the Company’s second amended and restated certificate of incorporation (the “Charter”) to give the Company the right to extend the date by which it has to consummate a business combination (the “Extension”), from November 28, 2023 (the “Termination Date”) to May 28, 2024, (the “Extended Date”).

As a result of the approval of the Extension Amendment Proposal, the Company’s sponsor (the “Sponsor”) exercised the Extension and agreed that for each month following the Termination Date, or pro rata portion thereof if less than a month, until the earlier of (i) the date of the special meeting held in connection with the stockholder vote to approve an initial business combination and (ii) May 28, 2024 (or any earlier date of termination, dissolution or winding up of the Company in accordance with its governing documents), the Sponsor will deposit, on or before the 28th day of each such month, $78,303.51 (each such deposit, an “Extension Payment”), which is equal to the lesser of (i) $120,000 and (ii) $0.028 for each Public Share that was not redeemed in connection with the Extension Amendment Proposal, into the Trust Account for the aggregate benefit of holders of the Company’s Public Shares that were not redeemed, in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of the Company’s initial business combination. The Sponsor will not be repaid in the event that the Company is unable to consummate an initial business combination, unless there are funds available outside the Trust Account to do so.

https://www.sec.gov/ix?doc=/Archives/edgar/data/1883984/000110465923121696/tm2331691d1_8k.htm
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Enterprising Investor Enterprising Investor 11 months ago
Alternus Energy Reports Third Quarter 2023 Financial Results (11/28/23)

https://www.sec.gov/Archives/edgar/data/1883984/000110465923121639/tm2331628d1_ex99-1.htm
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