0001213900-24-016972.txt : 20240227 0001213900-24-016972.hdr.sgml : 20240227 20240226173716 ACCESSION NUMBER: 0001213900-24-016972 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240226 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240227 DATE AS OF CHANGE: 20240226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Alternus Clean Energy, Inc. CENTRAL INDEX KEY: 0001883984 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 871431377 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41306 FILM NUMBER: 24680493 BUSINESS ADDRESS: STREET 1: 360 KINGSLEY PARK DRIVE STREET 2: SUITE 250 CITY: FORT MILL STATE: SC ZIP: 29715 BUSINESS PHONE: 800-508-1531 MAIL ADDRESS: STREET 1: 360 KINGSLEY PARK DRIVE STREET 2: SUITE 250 CITY: FORT MILL STATE: SC ZIP: 29715 FORMER COMPANY: FORMER CONFORMED NAME: Clean Earth Acquisitions Corp. DATE OF NAME CHANGE: 20210920 8-K 1 ea0200750-8k_alternus.htm FORM 8-K
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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): February 26, 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 x

 

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 and January 3, 2024.

 

On February 26, 2024, Solis disclosed in a notice filed on the Euronext Growth Oslo stock exchange (the “Euronext”) details related to the further extension and waiver of the Solis Bonds. Solis also disclosed details relating to the Repayment (as defined below) of the Solis Bonds. A copy of such notice is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 8.01.Other Events.

 

As previously disclosed, in 2021, Solis Bond Company Designated Activity Company (“Solis”), a company incorporated under the laws of Ireland and indirect wholly owned subsidiary of 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).

 

On February 26, 2024, Solis provided notice that the Bond Trustee has granted a technical extension in order for Solis to exercise its call option, and in accordance with the terms of the Solis Bonds, Solis provided notice to the trustee of the Solis Bonds of its intent to exercise call options to repay €5.7 million (approximately $6.2 million) of amounts outstanding under the bonds (the “Repayment”). The Repayment will be funded by transactions relating to the divestiture of certain of Solis’ assets in the Netherlands, as previously disclosed in Current Reports on Form 8-K on February 21, 2024. The settlement date of the Repayment is expected to be March 11, 2024, the date that is ten business days after the Repayment notice date.

 

Solis also announced that it and a representative group of the bondholders have agreed to an additional extension of the temporary waivers and the maturity date until 30 April 2024, with the right to further extend to May 31 2024 at the Bond Trustee’s discretion, and thereafter on a month to month basis to 29 November 2024 at the Bond Trustee’s discretion and approval from a majority of Bondholders.

 

 

 

Forward Looking Statements

 

All statements contained in this Current Report on Form 8-K other than statements of historical facts, including any information on the Company’s plans or future financial or operating performance and other statements that express the Company’s management’s expectations or estimates of future performance, constitute forward-looking statements. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to the Company or its management team. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Such statements are based on a number of estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the control of the Company. The Company cautions that such forward-looking statements involve known and unknown risks and other factors that may cause the actual financial results, performance or achievements of the Company to differ materially from the Company’s estimated future results, performance or achievements expressed or implied by the forward-looking statements. These statements should not be relied upon as representing the Company’s assessments of any date after the date of this Current Report on Form 8-K. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

Item 9.01.Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
99.1   Euronext notice related to Repayment, extension and waiver, dated February 26, 2024
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

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: February 26, 2024 ALTERNUS CLEAN ENERGY, INC.
     
  By: /s/ Vincent Browne
  Name: Vincent Browne
  Title: Chief Executive Officer and Chairman of the Board of Directors

 

EX-99.1 2 ea0200750ex99-1_alternus.htm EURONEXT NOTICE RELATED TO REPAYMENT, EXTENSION AND WAIVER, DATED FEBRUARY 26, 2024

 

Exhibit 99.1

 

Solis Bond Partial Repayment and Update

Dublin, 26 February 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 and 31 January 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).

 

AEG and Solis are pleased to announce that the Bond Trustee has granted a technical extension in order for Solis to exercise its call option, and Solis has provided notice to the Bond Trustee of its intent to exercise call options to repay €5,700,000 of amounts outstanding under the bonds (the “Repayment”). The Repayment will be funded by transactions relating to the divestiture of certain of Solis’ assets in the Netherlands. The settlement date of the Repayment is expected to be March 11, 2024, the date that is ten business days after the Repayment notice date.

 

AEG and Solis are also pleased to announce that Solis and a representative group of the bondholders have agreed to an extension of the temporary waivers and the maturity date until 30 April 2024 with the right to further extend to May 31 2024 at the Bond Trustee’s discretion, and thereafter on a month to month basis to 29 November 2024 at the Bond Trustee’s discretion and approval from a majority of Bondholders.

 

For further information about the proposal and the terms and conditions of the extension of the temporary waivers and maturity date, please refer to the attached notice to written resolution.

 

 

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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