Alternus Clean Energy Inc. announced on September 20, 2024, that it received a Delisting Notice from the Nasdaq Stock Market. The notice indicated that the company had not regained compliance with the minimum closing bid price requirement for continued listing on The Nasdaq Capital Market.
In response, Alternus plans to appeal the decision within the allowed seven-day period, aiming to maintain its Nasdaq listing. As part of its compliance plan, the company intends to implement a reverse stock split of its common stock, with a ratio between 1-for-10 and 1-for-50, subject to stockholder approval.
The plan for a reverse split was included in a Definitive Proxy Statement filed with the SEC on September 6, 2024, ahead of the Annual Meeting of Stockholders on September 26, 2024. The company's majority shareholder, Alternus Energy Group, PLC, has expressed support for the reverse split, which is deemed necessary to ensure continued access to equity for growth initiatives.
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