Alternus Clean Energy Faces Delisting Concerns
Ticker: ALCE · Form: 8-K · Filed: Jan 31, 2025 · CIK: 1883984
Sentiment: bearish
Topics: delisting, compliance, listing-standards
TL;DR
Alternus Clean Energy might get delisted - stock exchange rules are a problem.
AI Summary
Alternus Clean Energy, Inc. filed an 8-K on January 30, 2025, reporting a notice of delisting or failure to satisfy a continued listing rule. The company, formerly known as Clean Earth Acquisitions Corp., is incorporated in Delaware and has its principal executive offices in New York City.
Why It Matters
This filing indicates potential issues with Alternus Clean Energy's compliance with stock exchange listing standards, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's continued trading on an exchange.
Key Players & Entities
- Alternus Clean Energy, Inc. (company) — Registrant
- Clean Earth Acquisitions Corp. (company) — Former company name
- January 30, 2025 (date) — Date of earliest event reported
- 17 State Street, Suite 4000 (location) — Principal executive offices address
- New York, NY 10004 (location) — Principal executive offices city, state, zip
- 001-41306 (other) — SEC File Number
FAQ
What specific listing rule or standard has Alternus Clean Energy failed to satisfy?
The filing does not specify the exact rule or standard that Alternus Clean Energy has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is January 30, 2025.
What was Alternus Clean Energy, Inc. previously named?
Alternus Clean Energy, Inc. was formerly named Clean Earth Acquisitions Corp.
In which state is Alternus Clean Energy, Inc. incorporated?
Alternus Clean Energy, Inc. is incorporated in Delaware.
What is the address of Alternus Clean Energy, Inc.'s principal executive offices?
The address of Alternus Clean Energy, Inc.'s principal executive offices is 17 State Street, Suite 4000, New York, NY 10004.
Filing Stats: 903 words · 4 min read · ~3 pages · Grade level 14.8 · Accepted 2025-01-31 17:25:07
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share ALCE The Nasdaq Stock Mar
- $1.00 — nies to maintain a minimum bid price of $1.00 per share (the "Minimum Bid Price Requi
- $35 million — any's listed securities to be more than $35 million for the previous 30 consecutive busines
- $2,500,000 — ing standards, to maintain a minimum of $2,500,000 in stockholders' equity for continued l
- $500,000 — for continued listing or net income of $500,000 from continuing operations in the most
Filing Documents
- ea0229465-8k_alternus.htm (8-K) — 36KB
- 0001213900-25-008956.txt ( ) — 208KB
- alce-20250130.xsd (EX-101.SCH) — 3KB
- alce-20250130_lab.xml (EX-101.LAB) — 33KB
- alce-20250130_pre.xml (EX-101.PRE) — 22KB
- ea0229465-8k_alternus_htm.xml (XML) — 4KB
From the Filing
UNITED 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): January 30, 2025 ALTERNUS CLEAN ENERGY, INC. (Exact name of registrant as specified in charter) Delaware 001-41306 87-1431377 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 17 New York , NY 10004 (Address of principal executive offices) (Zip Code) ( 212 ) 739-0727 (Registrant's telephone number, including area code) Not Applicable (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 (The Nasdaq Capital Market) 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 mart 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 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On January 30, 2025, Alternus Clean Energy, Inc., a Delaware corporation (the "Company") received a letter (the "Minimum Bid Price Deficiency Letter") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) which requires listed companies to maintain a minimum bid price of $1.00 per share (the "Minimum Bid Price Requirement"). Normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the Minimum Bid Price Requirement. However, pursuant to Listing Rule 5810(c)(3)(A)(iv) the Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) because the Company has effected a reverse stock split over the prior one-year period or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one. The Staff directed the Company to provide the Nasdaq Hearings Panel (the "Panel") with information on the Company's plan for compliance with the Minimum Bid Price Requirement and advised that the Panel will consider the submission in their decision regarding the Company's continued listing on The Nasdaq Capital Market. The Company intends to present its views with respect to this additional deficiency to the Panel in writing no later than February 6, 2025 Item 8.01 Other Events. As previously disclosed, on November 8, 2024, the Company received a letter (the "MVLS Letter" and together with the Minimum Bid Price Deficiency Letter, the "Deficiency Letters") from the Staff of Nasdaq notifying the Company that it was not in compliance with Nasdaq Listing Rule 5550(b)(2), which requires the market value of the Company's listed securities to be more than $35 million for the previous 30 consecutive business days (the "MVLS Rule"), nor is it in compliance with either of the alternative listing standards, to maintain a minimum of $2,500,000 in stockholders' equity for continued listing or net income of $500,000 from continuing operations in the most recently completed fiscal year, or in two of the three most recently completed fiscal years. As previously disclosed, the Company timely appealed the determination of the Staff to delist the Company's securities from Nasdaq, and is currently pending decision of the Panel to the hearing which was conducted on January 9, 2025. At the hearing, we requested that we be allowed to reflect our compliance with the Nasdaq listing rule 5550(b)(1), with the requirement to have at least $2,500,000 in stockholders' equity, instead of the MVLS Rule. While the appeal process is pending, the suspension of trading of our common stock will be stayed. The Company intends to evaluate available opt