Alternus Clean Energy, Inc.: debt financing — Alternus Clean Energy closes $2.16M private placement of convertible note and warrant

Alternus Clean Energy, Inc.

$2.16M principal convertible note with 8% OID; net proceeds to Alternus ~$2.0M before expenses.
Note matures April 20, 2025, bears 7% interest (12% upon default), convertible at $0.48/share (125% of 7-day avg pre-closing).
Investor receives 5.5-year warrant for 2,411,088 shares at $0.48; anti-dilution full ratchet with $0.07 floor.
Beneficial ownership cap of 4.99% (electable to 9.99%); shareholder approval needed if conversion exceeds 19.99% of outstanding.
Proceeds for working capital and capex; Maxim Group as placement agent; resale registration statement to be filed within 5 days.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Alternus Clean Energy, Inc. incurred senior notes of $2,160,000 with institutional investor at 7% per annum (12% upon default) maturing April 20, 2025.

Instrument: senior notes
Principal: $2,160,000
Counterparty: institutional investor
Rate: 7% per annum (12% upon default)
Maturity: April 20, 2025
Event: incurrence

Exact text from the filing

On April 19, 2024, Alternus Clean Energy, Inc. (the “ Company ”), a company incorporated under the laws State of Delaware, entered into a Securities Purchase Agreement (the “ Purchase Agreement ”), by and between the Company and an institutional investor (the “ Investor ”), pursuant to which the Company agreed to issue to the Investor a senior convertible note in the principal amount of $2,160,000, issued with an eight percent (8.0%) original issue discount (the “ Convertible Note ”), and a warrant (the “ Warrant ”) to purchase up to 2,411,088 shares of the Company’s common stock, $0.0001 par value per share (the “ Common Stock ”), equal to 50% of the face value of the Convertible Note divided by the volume weighted average price, at an exercise price of $0.480 per share (the “ Exercise Price ”).

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

Alternus Clean Energy, Inc. entered into Securities Purchase Agreement with Institutional Investor valued at $2,160,000 senior convertible note with 8% OID and warrant to purchase up to 2,411,088 shares of com (effective 2024-04-19).

Action: entry
Agreement: equity purchase
Counterparty: Institutional Investor
Value: $2,160,000 senior convertible note with 8% OID and warrant to purchase up to 2,411,088 shares of com
Effective: 2024-04-19

Exact text from the filing

On April 19, 2024, Alternus Clean Energy, Inc. (the “ Company ”), a company incorporated under the laws State of Delaware, entered into a Securities Purchase Agreement (the “ Purchase Agreement ”), by and between the Company and an institutional investor (the “ Investor ”), pursuant to which the Company agreed to issue to the Investor a senior convertible note in the principal amount of $2,160,000, issued with an eight percent (8.0%) original issue discount (the “ Convertible Note ”), and a warrant (the “ Warrant ”) to purchase up to 2,411,088 shares of the Company’s common stock

View on SEC.gov

316 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001213900-24-035128

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