Alternus issues up to $2.5M senior convertible notes; initial $700K to repay prior defaults

Alternus Clean Energy, Inc.

Issued initial $795,455 face value convertible note with 10% OID, netting $700K gross proceeds.
Notes bear 7% interest (18% on default), mature Oct 1, 2025; convertible at $0.08/share (floor $0.03).
Warrants to purchase up to 5,319,602 shares at $0.08, exercisable for 5.5 years.
Proceeds used to repay late fees/default interest on $2.16M prior note and for working capital.
Forbearance agreement waives existing defaults on prior note; parent (67% owner) to vote for shareholder approval if needed.

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