Alternus Clean Energy Inc (NASDAQ:ALCE, OTC:ACLEW) announced that it will be implementing a 1-for-25 reverse stock split as part of its efforts to regain compliance with the $1 minimum bid price requirement for the Nasdaq Capital Market.
It is expected the company’s stock will start trading on a post-split basis at the opening of the market on October 11 under its existing ticker symbol “ALCE.”
“This capital restructuring does not change the fundamental value of the company, but along with recent actions to de-lever our balance sheet, it does increase our access to the capital we need to execute our long-term growth strategies,” Alternus Energy CEO Vincent Browne said in a statement.
“These strategies include partnerships and acquisitions to build our presence in high-growth renewable energy segments that will complement our existing utility-scale solar IPP business.”
He highlighted the company’s recently announced joint venture (JV) with Hover Energy as an example of this strategy.
“We are targeting additional joint ventures and investments in other energy segments that are accretive to the group both operationally and financially,” Browne said. “We are confident that executing these strategies will provide a strong foundation for long-term shareholder value."