Brenmiller Energy Ltd., a prominent player in thermal energy storage, has announced a postponement in the voluntary delisting of its securities from the Tel Aviv Stock Exchange (TASE). The decision is intended to provide holders of the company’s series 3 tradable warrants, known as the Warrants, with an opportunity to exercise their warrants to shares that will be traded on the Nasdaq.
Originally, the delisting was scheduled to occur on July 10, 2023. However, in light of the need to finalize the procedure for changing the terms of the Warrants, the company has extended the delisting date to September 11, 2023. This additional time will allow Brenmiller Energy to complete the necessary steps to ensure a smooth transition.
Earlier this month, the Israeli District Court approved the company’s request to hold a meeting of the Warrants holders in order to discuss a reduction in the exercise price of the Warrants and a shorter exercise period. The proposed arrangement outlined a reduction from NIS 70 per ordinary share to NIS 3.30 per share, along with a change in the exercise period to July 6, 2023.
Following discussions between Brenmiller Energy and the Warrants holders, a decision was made to modify the proposal. The exercise price of the Warrants will be reduced to NIS 1.30 per ordinary share instead of the initially proposed NIS 3.30. In light of this change, the date of the Warrant Holders Meeting has been moved to July 3, 2023.
In order to accommodate the adjustment of the Warrants and complete the process before delisting from the TASE, Brenmiller Energy canceled the original Warrant Holders Meeting. Instead, the company will request the Israeli Court to approve a new Warrant Holder Meeting on July 3, 2023. Once approved, Warrants holders will have at least 7 days to exercise their Warrants.
With the new timeline in place, Brenmiller Energy’s securities are set to be delisted from trading on the TASE on September 11, 2023. Following the delisting, the company’s Ordinary Shares issuable upon exercise of the Warrants will be traded on the Nasdaq Capital Market alongside the rest of the company’s shares under the trading symbol BNRG.
Brenmiller Energy is a leader in delivering scalable thermal energy storage solutions that enable customers to decarbonize their operations in a cost-effective manner. The company’s patented bGen thermal storage technology allows for the use of renewable energy resources and waste heat to generate and store heat at high temperatures. This heat can be utilized in various industrial and power generation processes, negating the need for fossil fuels.
By extending the delisting date, Brenmiller Energy aims to provide its Warrants holders with ample time to exercise their rights and participate in the company’s future endeavors. The decision aligns with the company’s commitment to sustainable solutions and further positions them as a global leader in thermal energy storage.
For more information on Brenmiller Energy and its innovative solutions, visit the company’s website at https://bren-energy.com/. Additionally, the company can be followed on Twitter and LinkedIn for updates and news.
Please note that this news article has been generated using artificial intelligence and may not reflect the views or opinions of Brenmiller Energy or any relevant stakeholders.
