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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): April 30, 2024
ALTERNUS CLEAN ENERGY, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41306 |
|
87-1431377 |
(State
or other jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification Number) |
360 Kingsley Park Drive, Suite 250
Fort Mill, South Carolina |
|
29715 |
(Address
of registrant’s principal executive office) |
|
(Zip
code) |
(800)
581-1531
(Registrant’s telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
ALCE |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01. Regulation FD Disclosure.
As
previously disclosed, (i) in 2021, Solis Bond Company, Designated Activity Company (“Solis”), a company formed under the
laws of Ireland and an indirect, wholly owned subsidiary of Alternus Clean Energy, Inc. (the “Company”), issued certain 3-year
FRN senior secured green bonds 2021/2024 (ISIN NO0010914914) (the “Solis Bonds”) in the maximum amount of €200 million
(approximately $218 million) with a stated coupon rate of 6.5% plus EURIBOR and quarterly interest payments and (ii) Solis previously
breached certain financial covenants of the Solis Bonds, and the holders of the Solis Bonds approved, among other things, temporary waivers
of such covenants and related extensions of such waivers in each of April 2023, June 2023, October 2023, January 2024 and March 2024.
On
April 30, 2024 AEG and Solis announced that the Bond Trustee has granted a technical extension of the Maturity Date until 31 May 2024.
As was previously disclosed on 26 February 2024, the Bond Trustee, with approval from a majority of the Bondholders, may further extend
the Bonds on a month to month basis to 29 November 2024.
Due to the seasonality of Solis’
business, approximately 70% of its revenues are received during the summer period. Therefore, first quarter incomes are normally insufficient
to pay the full interest amount that is due. As a result, Solis will now make an interest payment of EUR 1,000,000 (€1 million),
which is approximately 50% of the total interest due for the first quarter of 2024. The remaining interest amount will be paid alongside,
and in addition to, the next interest payment due 6 July 2024 from Solis’ ongoing business operations. Solis will incur a late payment
penalty in accordance with the Bond Terms, which will also be paid on 6 July 2024.
A
copy of the notice is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: April 30, 2024 |
ALTERNUS
CLEAN ENERGY, INC. |
|
|
|
|
By: |
/s/
Vincent Browne |
|
Name: |
Vincent Browne |
|
Title: |
Chief Executive Officer
and Chairman of the Board of Directors |
2
Exhibit 99.1
Affiliate
Solis Bond Company Notice
Dublin,
April 30 2024
Reference
is made to the updates issued by Alternus Energy Group Plc (OSE: ALT) (“AEG”) and Solis Bond Company DAC (“Solis”),
an indirect wholly owned subsidiary of Alternus Clean Energy, Inc. (NASDAQ: ALCE) (“Alternus”), a majority owned subsidiary
of AEG, on 9 March 2023, 21 March 2023, 27 March 2023, 18 April 2023, 24 April 2023, 16 May 2023, 19 September 2023, 16 October 2023,
18 December 2023, 3 January 2024 , 31 January 2024, 26 February 2024 and 12 March 2024 regarding the waivers of the financial covenants
and extension of the maturity date sought from the bondholders in Solis’ FRN senior secured EUR 200,000,000 green bonds 2021/2024
(ISIN NO0010914914) (the “Bonds”).
AEG and Solis announce that the
Bond Trustee has granted a technical extension of the Maturity Date until 31 May 2024. As was previously disclosed on 26 February
2024, the Bond Trustee, with approval from a majority of the Bondholders, may further extend the Bonds on a month to month basis to 29
November 2024.
Due to the seasonality of Solis’ business, approximately 70% of its
revenues are received during the summer period. Therefore, first quarter incomes are normally insufficient to pay the full interest amount
that is due. As a result, Solis will now make an interest payment of EUR 1,000,000 (€1 million), which is approximately 50% of the
total interest due for the first quarter of 2024. The remaining interest amount will be paid alongside, and in addition to, the next interest
payment due 6 July 2024 from Solis’ ongoing business operations. Solis will incur a late payment penalty in accordance with the
Bond Terms, which will also be paid on 6 July 2024.
About
Alternus Energy Group:
The
Company is a transatlantic clean energy independent power producer (IPP). We currently develop, install, own and operate utility scale
solar parks in 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 5 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.
AEG
operates primarily through Alternus Clean Energy, Inc. (Nasdaq: ALCE). AEG is listed on the Euronext Growth Oslo exchange and headquartered
in Ireland, while Alternus Clean Energy, Inc. is listed on Nasdaq and headquartered in the US. They remain as two separate legal entities.
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