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Alternus Clean Energy Receives Nasdaq Delisting Notice; Intends to Appeal and Regain Compliance Within Timeframes Allowed

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Alternus Clean Energy Inc. (NASDAQ: ALCE) received a Delisting Notice from Nasdaq for failing to meet the minimum closing bid price requirement. The company plans to appeal and intends to implement a reverse stock split of 1-for-10 to 1-for-50, subject to stockholder approval at the Annual Meeting on September 26, 2024. This action aims to ensure continued Nasdaq listing and access to equity for growth activities.

Alternus recently announced a joint venture with Hover Energy, , securing four Wind-Powered Microgrid™ installations in Honolulu valued at $3-$4 million. The joint venture has a 60MW project pipeline. CEO Vincent Browne emphasized that the reverse split doesn't change the company's fundamental value and highlighted ongoing efforts to improve the balance sheet and execute growth initiatives in microgrid solutions.

Alternus Clean Energy Inc. (NASDAQ: ALCE) ha ricevuto una notifica di esclusione da Nasdaq per non aver rispettato il requisito del prezzo minimo di chiusura delle azioni. L'azienda prevede di presentare ricorso e intende attuare un raggruppamento azionario da 1 per 10 a 1 per 50, soggetto all'approvazione degli azionisti nell'Assemblea Annuale del 26 settembre 2024. Questa azione mira a garantire la continuazione della quotazione su Nasdaq e l'accesso a capitali per le attività di crescita.

Recentemente, Alternus ha annunciato una joint venture con Hover Energy, assicurando quattro installazioni Wind-Powered Microgrid™ a Honolulu del valore di 3-4 milioni di dollari. La joint venture dispone di un pipeline di progetti da 60MW. Il CEO Vincent Browne ha sottolineato che il raggruppamento non cambia il valore fondamentale dell'azienda e ha evidenziato i continui sforzi per migliorare il bilancio e attuare iniziative di crescita nelle soluzioni microgrid.

Alternus Clean Energy Inc. (NASDAQ: ALCE) recibió un Aviso de Exclusión de Nasdaq por no cumplir con el requisito del precio mínimo de oferta de cierre. La empresa planea apelar e implementar un división de acciones inversa de 1 por 10 a 1 por 50, sujeto a la aprobación de los accionistas en la Reunión Anual del 26 de septiembre de 2024. Esta acción tiene como objetivo asegurar la continua cotización en Nasdaq y el acceso a capital para actividades de crecimiento.

Alternus anunció recientemente una empresa conjunta con Hover Energy, asegurando cuatro instalaciones Wind-Powered Microgrid™ en Honolulu valoradas entre 3 y 4 millones de dólares. La empresa conjunta tiene un pipeline de proyectos de 60MW. El CEO Vincent Browne enfatizó que la división de acciones no cambia el valor fundamental de la empresa y destacó los continuos esfuerzos para mejorar el balance y ejecutar iniciativas de crecimiento en soluciones microgrid.

Alternus Clean Energy Inc. (NASDAQ: ALCE)가 최저 종가 요구사항을 충족하지 못해 Nasdaq으로부터 상장 폐지 통지를 받았습니다. 회사는 항소할 계획이며, 2024년 9월 26일 연례 회의에서 주주 승인에 따라 1대 10에서 1대 50으로 주식 분할을 시행할 계획입니다. 이 조치는 Nasdaq 상장을 지속하고 성장 활동을 위한 자본 접근을 보장하기 위한 것입니다.

Alternus는 최근 Hover Energy와의 합작 투자로 하와이 호놀룰루에 300만~400만 달러 규모의 Wind-Powered Microgrid™ 설치를 확보했습니다. 이 합작 투자는 60MW 프로젝트 파이프라인을 보유하고 있습니다. CEO 빈센트 브라운은 주식 분할이 회사의 근본적인 가치를 변화시키지 않으며, 마이크로그리드 솔루션의 성장 이니셔티브를 실행하고 재무 상태를 개선하기 위한 지속적인 노력을 강조했습니다.

Alternus Clean Energy Inc. (NASDAQ: ALCE) a reçu un avis de radiation de Nasdaq pour ne pas avoir respecté l'exigence du prix minimal de clôture. L'entreprise prévoit de faire appel et envisage de mettre en œuvre un scindement d'actions inversé de 1 pour 10 à 1 pour 50, sous réserve de l'approbation des actionnaires lors de l'Assemblée Générale Annuelle du 26 septembre 2024. Cette action vise à garantir la continuité de la cotation sur Nasdaq et l'accès à des capitaux pour les activités de croissance.

Alternus a récemment annoncé un partenariat avec Hover Energy, sécurisant quatre installations Wind-Powered Microgrid™ à Hawaï, d'une valeur de 3 à 4 millions de dollars. Le partenariat dispose d'un pipeline de projets de 60MW. Le PDG Vincent Browne a souligné que le scindement d'actions n'affecte pas la valeur fondamentale de l'entreprise et a mis en avant les efforts continus pour améliorer le bilan et mettre en œuvre des initiatives de croissance dans les solutions de micro-réseaux.

Alternus Clean Energy Inc. (NASDAQ: ALCE) erhielt eine Abmeldebenachrichtigung von Nasdaq, da das Unternehmen die Anforderungen an den minimalen Schlusskurs nicht erfüllt hat. Das Unternehmen plant, Berufung einzulegen und beabsichtigt, eine Umkehraktienkontrolle im Verhältnis 1 zu 10 bis 1 zu 50 durchzuführen, vorbehaltlich der Zustimmung der Aktionäre auf der Jahreshauptversammlung am 26. September 2024. Diese Maßnahme zielt darauf ab, die fortgesetzte Listung bei Nasdaq und den Zugang zu Eigenkapital für Wachstumsaktivitäten sicherzustellen.

Alternus gab kürzlich eine gemeinsame Unternehmung mit Hover Energy bekannt und sicherte sich vier Wind-Powered Microgrid™ Installationen in Honolulu im Wert von 3 bis 4 Millionen Dollar. Die gemeinsame Unternehmung hat eine Pipeline von 60MW Projekten. CEO Vincent Browne betonte, dass die Umkehraktienkontrolle den grundlegenden Wert des Unternehmens nicht verändert und hob die fortlaufenden Bemühungen zur Verbesserung der Bilanz und zur Umsetzung von Wachstumsinitiativen im Bereich der Mikronetzlösungen hervor.

Positive
  • Plans to appeal Nasdaq delisting notice and implement reverse stock split to regain compliance
  • New joint venture with Hover Energy, for Wind-Powered Microgrid™ installations
  • Secured four microgrid orders in Honolulu worth $3-$4 million
  • Joint venture has a 60MW project pipeline
  • Microgrid solutions offer shorter time to revenue and inbound cashflows
Negative
  • Received Nasdaq delisting notice for failing to meet minimum closing bid price requirement
  • Potential shareholder dilution due to proposed reverse stock split
  • Need for shareholder approval for reverse split implementation

Insights

The Nasdaq delisting notice for Alternus Clean Energy is a significant concern for investors. The company's plan to appeal and implement a reverse stock split is a standard response but carries risks. While a reverse split doesn't directly impact company value, it often signals financial distress and can lead to negative market perception. The company's focus on microgrid projects, particularly the $3-$4 million Hawaii installations, shows potential for revenue diversification. However, the need for continued access to equity markets suggests ongoing capital requirements, which could pressure future share prices. Investors should closely monitor the outcome of the shareholder meeting and any subsequent capital raising activities.

Alternus's pivot towards distributed energy microgrids is a strategic move in a rapidly evolving energy landscape. The joint venture with Hover Energy and the Hawaii projects demonstrate a shift towards smaller, more agile installations with potentially faster revenue generation. This diversification from utility-scale projects could provide more stable cash flows and reduce dependency on large, complex developments. The 60MW project pipeline for the joint venture is promising, but execution will be key. The company's ability to leverage this new direction to improve its financial position and regain Nasdaq compliance will be important for long-term success in the competitive clean energy sector.

The delisting notice reflects broader market challenges for small-cap renewable energy companies. Alternus's situation highlights the ongoing consolidation in the sector, where scale and financial stability are increasingly important. The company's focus on microgrids aligns with the growing trend towards decentralized energy systems, which could provide a competitive edge. However, the need for a reverse split indicates potential dilution risks for current shareholders. The market's response to these developments will likely depend on Alternus's ability to execute its new strategy and demonstrate improved financial metrics in the near term. Investors should weigh the company's growth potential against the immediate compliance challenges.

Fort Mill, South Carolina--(Newsfile Corp. - September 20, 2024) - Alternus Clean Energy Inc. (NASDAQ: ALCE) ("Alternus", "The Company") received a Delisting Notice from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") informing the Company that Nasdaq has determined the Company had not regained compliance with the minimum closing bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).

In response, Alternus plans to appeal the decision under Nasdaq rules and intends to file such appeal within the 7-day period allowed. This process should allow the Company sufficient time to complete the necessary steps to ensure continued listing on Nasdaq, which includes, subject to stockholder approval, implementing a reverse stock split of the Company's common stock at a ratio of between 1-for-10 and 1-for-50, as to be determined by the Board of Directors. This plan is included in a Definitive Proxy Statement that was filed with the Securities and Exchange Commission on September 6, 2024 in advance of Alternus' Annual Meeting of Stockholders on September 26, 2024. Alternus Energy Group, PLC, the Company's majority shareholder, has already informed the Company that it will vote for the reverse split.

A reverse split does not impact the value of a company, only the number of shares outstanding.

A successful capital restructuring will ensure the Company has continued access to equity to pursue its current growth activities, particularly in distributed energy microgrids. Recent announcements have highlighted several initiatives in this area. In early August, Alternus disclosed binding terms for the creation of a joint venture with Hover Energy, LLC. An initial four orders were secured in Honolulu with Hawaii Construction and Development Consultants. The value of these Wind-Powered Microgrid™ installations is expected to be in the $3-$4 million range, depending on final configuration. The joint venture, expected to be formalized in October, has nearly 60MW of project pipeline.

Vincent Browne Chief Executive Officer of Alternus stated: "Implementing a reverse split is a necessary step to regain compliance with Nasdaq, but it's important to understand that such action does not change the fundamental value of our company or its day-to-day operations. We will continue our ongoing activities to de-lever and improve the balance sheet and also to execute on some of the exciting growth initiatives such as our new joint venture in microgrid solutions. This new segment of the company opens exciting near term growth opportunities beyond our traditional utility-scale business. These projects provide a shorter time to revenue, and subsequent inbound cashflows for the business. With global power demands rapidly increasing, Alternus is well-positioned to meet these needs through both large-scale solar and storage projects plus innovative on-site solutions adding wind and power management. We are confident that our current activities and increasing access to capital will provide a strong foundation for long-term shareholder value. Our next step is to seek the approval of our shareholders for the reverse split, whose support is crucial. We are committed to transparent communication at all times."

About Alternus Clean Energy:
Alternus is a transatlantic clean energy independent power producer. Headquartered in the United States, we currently develop, install, own, and operate utility scale solar parks in North 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 five 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.

Forward-Looking Statements

Certain information contained in this release, 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. When used in this notice, 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 us or our management team, identify forward-looking statements. 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 Alternus' assessments of any date after the date of this release. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact: Cal Collier. cec@alternusenergy.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224014

FAQ

Why did Alternus Clean Energy (ALCE) receive a Nasdaq delisting notice?

Alternus Clean Energy (ALCE) received a Nasdaq delisting notice for failing to regain compliance with the minimum closing bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).

What is Alternus Clean Energy's (ALCE) plan to address the Nasdaq delisting notice?

Alternus Clean Energy (ALCE) plans to appeal the decision and implement a reverse stock split of 1-for-10 to 1-for-50, subject to stockholder approval at the Annual Meeting on September 26, 2024, to regain compliance and maintain Nasdaq listing.

What new business venture did Alternus Clean Energy (ALCE) recently announce?

Alternus Clean Energy (ALCE) recently announced a joint venture with Hover Energy, for Wind-Powered Microgrid™ installations, securing four orders in Honolulu valued at $3-$4 million and having a 60MW project pipeline.

How does the proposed reverse stock split affect Alternus Clean Energy (ALCE) shareholders?

The reverse stock split doesn't change the fundamental value of Alternus Clean Energy (ALCE), but it reduces the number of shares outstanding. It may lead to potential shareholder dilution and requires shareholder approval for implementation.

Alternus Clean Energy, Inc.

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