Form 8-K - Current report
May 08 2024 - 5:00PM
Edgar (US Regulatory)
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0001883984
0001883984
2024-05-06
2024-05-06
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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):
May 6, 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) |
(803) 280-1468
(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 3.01. Notice of Delisting or Failure to Satisfy Continued Listing
Rule or Standard; Transfer of Listing.
On May 6, 2024, Alternus
Clean Energy, Inc. (the “Company”) received a letter from the listing qualifications department staff of The Nasdaq Stock
Market (“Nasdaq”) notifying the Company that for the last 30 consecutive business days, the Company’s minimum Market
Value of Listed Securities (“MVLS”) was below the minimum of $35 million required for continued listing on the Nasdaq Capital
Market pursuant to Nasdaq listing rule 5550(b)(2).
The notice has no immediate
effect on the listing of the Company’s common stock, and the Company’s common stock continues to trade on the Nasdaq Capital
Market under the symbol “ALCE.”
In accordance with Nasdaq
listing rule 5810(c)(3)(C), the Company has 180 calendar days, or until November 4, 2024, to regain compliance. The notice states that
to regain compliance, the Company’s MVLS must close at $35 million or more for a minimum of ten consecutive business days (or such
longer period of time as the Nasdaq staff may require in some circumstances, but generally not more than 20 consecutive business days)
during the compliance period ending November 4, 2024. The Company believes that it can also regain compliance by meeting the continued
listing standard of a minimum stockholders’ equity of at least $2.5 million.
If the Company does not
regain compliance by November 4, 2024, Nasdaq staff will provide written notice to the Company that its securities are subject to delisting.
At that time, the Company may appeal any such delisting determination to a Hearings Panel.
The Company intends to actively
monitor the Company’s MVLS between now and November 4, 2024 and may, if appropriate, evaluate available options to resolve the deficiency
and regain compliance with the MVLS rule. While the Company is exercising diligent efforts to maintain the listing of its common stock
on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards.
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.
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: May 8, 2024 |
ALTERNUS CLEAN ENERGY, INC. |
|
|
|
|
By: |
/s/ Vincent Browne |
|
Name: |
Vincent Browne |
|
Title: |
Chief Executive Officer and
Chairman of the Board of Directors |
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May 06, 2024 |
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Document Type |
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Document Period End Date |
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Entity File Number |
001-41306
|
Entity Registrant Name |
ALTERNUS CLEAN ENERGY, INC.
|
Entity Central Index Key |
0001883984
|
Entity Tax Identification Number |
87-1431377
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
360 Kingsley Park Drive
|
Entity Address, Address Line Two |
Suite 250
|
Entity Address, City or Town |
Fort Mill
|
Entity Address, State or Province |
SC
|
Entity Address, Postal Zip Code |
29715
|
City Area Code |
803
|
Local Phone Number |
280-1468
|
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Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
Trading Symbol |
ALCE
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Security Exchange Name |
NASDAQ
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