Alternus Clean Energy Receives Notice of Nasdaq Delisting; Plans to Appeal and Regain Compliance Within Allowable Timeframes

Fort Mill, South Carolina–(Newsfile Corp. – September 20, 2024) – Alternus Clean Energy Inc. (NASDAQ: ALCE) (“Alternus”, “the Company”) has received a notice of delisting from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”), informing the Company that Nasdaq has determined that the Company no longer meets the minimum closing price requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).

Alternus intends to appeal the decision under Nasdaq rules and intends to file an appeal within the 7-day period allowed. This process should provide the Company with sufficient time to complete the necessary steps to ensure continued listing on Nasdaq, including, subject to shareholder approval, implementing a reverse stock split of the Company’s common stock in a ratio of between 1-for-10 and 1-for-50, as determined by the Board of Directors. This plan is contained in a definitive proxy statement filed with the Securities and Exchange Commission on September 6, 2024 in advance of Alternus’ annual meeting of shareholders on September 26, 2024. Alternus Energy Group, PLC, the Company’s majority shareholder, has already informed the Company that it will vote in favor of the reverse split.