Alternus issues 7.77M shares to retire €8M convertible note; strategic investor Greenlight onboard

Alternus Clean Energy, Inc.

Issued 7,765,000 shares of common stock to settle ~$10M convertible note (€8M principal + 10% interest, due March 2024).
Noteholder Greenlight Asset Management (formerly AVG Group) becomes strategic investor; note cancelled and all obligations released.
Deleveraging frees up borrowing capacity; CEO says cash will fund accelerated growth, especially North America with IRA tailwinds.
Shares issued under Section 4(a)(2)/Reg D exemption; unregistered and subject to transfer restrictions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Alternus Clean Energy, Inc. entered into Settlement Agreement with Nordic ESG and Impact Fund SCSp valued at 7,765,000 shares of common stock in settlement of €8,000,000 convertible note plus accrued interest (effective 2024-01-11).

Action: entry
Agreement: settlement
Counterparty: Nordic ESG and Impact Fund SCSp
Value: 7,765,000 shares of common stock in settlement of €8,000,000 convertible note plus accrued interest
Effective: 2024-01-11

Exact text from the filing

On January 11, 2024 (the “Effective Date”), Alternus Clean Energy, Inc., a Delaware corporation (the “Company”) entered into that certain Settlement Agreement (the “Agreement”) by and among the Company, Alternus Energy Group plc (OSE: ALT), a company formed under the laws of Ireland and majority stockholder of the Company (“AEG”), Nordic ESG and Impact Fund SCSp, a special limited partnership formed under the laws of Luxembourg (“AVG”), and AVG Group S.a.r.l., a private limited liability company formed under the laws of Luxembourg and the general partner of AVG (“GP,” and together with the Company, AEG and AVG, the “Parties”).

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Alternus Clean Energy, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-003539

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