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In a recent move, Alternus Clean Energy, Inc. has made significant changes to the rights of its Series A Super Voting Preferred Stock, as reported in an 8-K filing with the Securities and Exchange Commission. The company, which operates in the electric services sector, filed the amendments on March 21, 2025. Currently trading at $0.04, the stock has experienced significant volatility, with a 52-week range of $0.02 to $12.97. According to InvestingPro, the company maintains an average daily trading volume of 1.2 million shares.
The adjustments involve a redesignation of its Series A Preferred Stock from one share to ten thousand shares. Moreover, the voting rights associated with these shares have been modified. Previously, the voting rights were proportionate to the percentage of ownership; however, now each share of Series A Preferred Stock will carry 10,000 votes, aligning with common stock in terms of voting on all matters.
Alternus Clean Energy, headquartered in New York City and incorporated in Delaware, is traded on the OTCQB Market under the ticker symbol ALCE. The company, formerly known as Clean Earth Acquisitions Corp., underwent a name change on September 20, 2021.
This development could potentially reshape the company’s governance structure, as holders of the Series A Preferred Stock now wield significantly more voting power. The filing did not include any commentary on the reasons behind these changes or their potential implications for the company’s future operations or strategy. InvestingPro data reveals concerning metrics, including a weak Financial Health Score of 1.22 and a substantial year-to-date decline of nearly 95% in share value.
Investors and market watchers should note that the information provided in this article is based on the statements from the company’s SEC filing. Forward-looking statements in the filing indicate that the company is aware of risks and uncertainties that could affect its financial performance, including the possibility of continued significant losses and the need for additional funding. For deeper insights into ALCE’s financial health and detailed analysis, investors can access comprehensive metrics and expert analysis through InvestingPro, which offers extensive coverage of risk factors and valuation metrics.
Alternus Clean Energy’s CEO, Vincent Browne, who also serves as the Interim Chief Financial Officer and Chairman of the Board of Directors, signed off on the SEC filing dated March 27, 2025. The company’s annual report for the year ended December 31, 2023, filed on April 15, 2024, contains a detailed discussion of risk factors and other important information for investors.
In other recent news, Alternus Clean Energy, Inc. has encountered significant financial challenges, as detailed in a recent SEC filing. On March 10, 2025, the company breached a payment obligation, resulting in an immediate debt of approximately $5.5 million to Sunrise Development LLC. Additionally, Alternus faces a legal complaint from SPAC Sponsor Capital Access for $1.5 million, with potential further liabilities. Alternus is also facing potential delisting from Nasdaq for failing to meet the minimum bid price and market value requirements, with a hearing conducted on January 9, 2025. In a strategic move, the company announced the construction of a solar project in Italy, expected to generate over $2 million in annual revenue upon completion in mid-2026. Alternus has appointed Rolf S. Wikborg as a new independent director, enhancing its board’s expertise in renewable energy. Furthermore, the company terminated an agreement with Meteora Capital Partners (WA:CPAP) and issued a $500,000 promissory note. These developments reflect ongoing efforts by Alternus to navigate financial and operational challenges while pursuing growth opportunities.
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