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Alternus Clean Energy, Inc. (NASDAQ:ALCE), a company specializing in electric and other services, is currently facing delisting challenges from The Nasdaq Stock Market. On Thursday, January 30, 2025, Alternus received a notice from Nasdaq’s Listing Qualifications Department for failing to meet the minimum bid price requirement, which is set at $1.00 per share.
According to InvestingPro data, ALCE’s stock currently trades at $0.33, having declined 95% over the past six months. The company is not eligible for the usual 180-day grace period to regain compliance due to previous reverse stock splits.
The Nasdaq Hearings Panel has requested information from Alternus on their compliance plan by Wednesday, February 6, 2025. The company intends to submit its plan and present its case to maintain its listing on The Nasdaq Capital Market.
This notice follows a previous warning received by the company on November 8, 2024. The initial letter indicated that Alternus did not meet Nasdaq’s minimum market value of listed securities rule, which requires a value of more than $35 million over 30 consecutive business days. InvestingPro analysis reveals a concerning financial health score of 0.04, labeled as WEAK, with the stock trading near its 52-week low of $0.30. Alternus also failed to satisfy alternative standards related to stockholders’ equity or net income.
Alternus appealed the initial delisting determination, and the hearing was conducted on January 9, 2025. The company requested to demonstrate compliance with a different requirement, having at least $2,500,000 in stockholders’ equity. While the appeal is pending, trading of Alternus’s common stock on Nasdaq continues, but there is no guarantee that the company will be able to regain or maintain compliance with the Nasdaq listing standards.
This information is based on a press release statement from Alternus Clean Energy, Inc. For comprehensive analysis and additional insights about ALCE’s financial health, including exclusive ProTips about the company’s cash flow and profit margins, visit InvestingPro.
In other recent news, Alternus Clean Energy, Inc. has announced significant operational and financial developments. The company has initiated construction on an Italian solar project, expected to generate over $2 million in annual revenue upon completion in mid-2026. In addition, Alternus has acquired the advanced energy storage solution provider, LiiON, for $5 million, anticipated to increase shareholder equity by approximately $3 million.
The company also terminated a Forward Purchase Agreement with Meteora Capital Partners (WA:CPAP), issuing a $500,000 Promissory Note to the same entity. On the corporate front, Alternus Clean Energy has seen a change in its board of directors with the resignation of John McQuillan and the appointment of Rolf S. Wikborg as a new independent director.
Moreover, the company recently enacted a 1-for-25 reverse stock split and expanded its renewable energy pursuits with the acquisition of an 80 MWp solar portfolio across the United States, a transaction valued at $60 million, projected to yield an average annual revenue of $6.7 million.
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