Alternus Clean Energy Restates Financials
Ticker: ALCE · Form: 8-K · Filed: Aug 23, 2024 · CIK: 1883984
Sentiment: bearish
Topics: accounting-restatement, internal-controls, financial-reporting
TL;DR
ACE is ditching old financials due to control issues - expect restatements.
AI Summary
Alternus Clean Energy, Inc. announced on August 16, 2024, that it will not rely on previously issued financial statements for the periods ending December 31, 2023, and March 31, 2024, nor on any related audit report or interim review. This decision stems from an ongoing review of its internal controls and accounting practices.
Why It Matters
This indicates potential material weaknesses in financial reporting and could lead to significant adjustments in past financial performance, impacting investor confidence and stock valuation.
Risk Assessment
Risk Level: high — The non-reliance on previously issued financial statements suggests significant accounting or internal control issues that could lead to material restatements and uncertainty.
Key Numbers
- 001-41306 — SEC File Number (Identifies the company's filing with the SEC.)
Key Players & Entities
- Alternus Clean Energy, Inc. (company) — Registrant
- August 16, 2024 (date) — Date of earliest event reported
- December 31, 2023 (date) — Period affected by financial statement non-reliance
- March 31, 2024 (date) — Period affected by financial statement non-reliance
- Clean Earth Acquisitions Corp. (company) — Former company name
FAQ
What specific periods do the non-relied-upon financial statements cover?
The non-relied-upon financial statements cover the periods ending December 31, 2023, and March 31, 2024.
What is the primary reason for Alternus Clean Energy's decision?
The company is not relying on previously issued financial statements due to an ongoing review of its internal controls and accounting practices.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on August 16, 2024.
What was Alternus Clean Energy's former company name?
Alternus Clean Energy's former company name was Clean Earth Acquisitions Corp.
What is the company's SEC file number?
The company's SEC file number is 001-41306.
Filing Stats: 839 words · 3 min read · ~3 pages · Grade level 13.8 · Accepted 2024-08-22 21:50:33
Key Financial Figures
- $0.0001 — h registered Common Stock, par value $0.0001 per share ALCE The Nasdaq Stock Mar
Filing Documents
- ea0212224-8k_alternus.htm (8-K) — 27KB
- 0001213900-24-071995.txt ( ) — 200KB
- aclew-20240816.xsd (EX-101.SCH) — 3KB
- aclew-20240816_lab.xml (EX-101.LAB) — 33KB
- aclew-20240816_pre.xml (EX-101.PRE) — 22KB
- ea0212224-8k_alternus_htm.xml (XML) — 4KB
02. Results
Item 2.02. Results of Operations and Financial Condition. The information included in Item 4.02 below is incorporated into this Item 2.02 by reference.
02(a)
Item 4.02(a). Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. On August 16, 2024, the Audit Committee (the "Committee") of the Board of Directors of Alternus Clean Energy, Inc. (the "Company"), after meeting with management to consider the relevant facts and circumstances underlying the matters covered by Item 4.02 of this Report on Form 8-K, concluded that the Company's previously issued interim financial statements for the quarterly period ended March 31, 2024 included in its Quarterly Report on Form 10-Q, (the "Restatement Period") should be restated to correct historical errors, and should therefore no longer be relied upon. As a result, investors, analysts and all other persons should not rely on the Company's previously released financial statements, press releases, earnings releases, investor presentations or other financial information or communications describing the Company's consolidated financial statements, that cover any periods during the Restatement Period. The Company intends to promptly file restated financial statements for the three months ended March 31, 2024 on Form 10-Q/A. All estimates contained in this report are subject to change as management completes the Form 10-Q/A. The Audit Committee has discussed the matters described in this Form 8-K with its independent registered accounting firm, Forvis Mazars, LLP.
Forward Looking Statements
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 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 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. 1
SIGNATURES
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: August 22, 2024 ALTERNUS CLEAN ENERGY, INC. By: /s/ Vincent Browne Name: Vincent Browne Title: Chief Executive Officer and Chairman of the Board of Directors 2