ROSH HA’AYIN, Israel, August 12, 2024–(BUSINESS WIRE)–Brenmiller Energy Ltd. (“Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a global leader in thermal energy storage (“TES”) solutions for industrial and utility markets, today announced that it has received written notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company has failed to meet the minimum bid price requirement for continued listing under Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share for publicly traded securities. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a grace period of 180 calendar days to regain compliance with the minimum bid price requirement. The announcement will have no immediate impact on the Company’s listing on Nasdaq or trading of its common stock. During the grace period, which may be extended, the Company’s common stock will continue to trade on Nasdaq under the symbol “BNRG.”
According to the notice, the company has until February 3, 2025 to regain compliance with the minimum bid price requirement. The company may regain compliance if, at any time during that 180-day period, the closing bid price of its common stock is at least $1.00 for at least ten consecutive business days, in which case the company will receive written confirmation of compliance and the matter will be closed. In the event that the company does not regain compliance after the first 180-day period, the company may be entitled to an additional 180-day compliance period if it meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except the minimum bid price requirement, in which case the company must provide written notice of its intent to cure the deficiency during the second compliance period.
If the Company fails to demonstrate compliance within the allotted compliance period(s), Nasdaq personnel will notify the Company that its common stock will be delisted.
The continued listing of Brenmiller Energy on Nasdaq remains the Company’s highest priority. Should the situation not resolve itself within the time period outlined above, the Company intends to evaluate the available options to remedy the deficiency and restore compliance with the minimum bid price requirement within the compliance period.
About bGen™
Brenmiller’s bGen™ TES system converts electricity into heat to power sustainable industrial processes at a price competitive with natural gas. The bGen recharges by taking low-cost electricity from renewables or the grid and storing it in crushed rock. It then releases steam, hot water, or hot air, depending on the customer’s needs. The bGen also supports the development of utility-scale renewable energy by providing critical flexibility and grid balancing capabilities. In 2023, bGen™ was named one of TIME Magazine’s Best Inventions in the Green Energy category.
About Brenmiller Energy Ltd.
Brenmiller Energy helps energy-intensive industries and power generators end their dependence on fossil fuel boilers. Brenmiller’s patented bGen™ thermal battery is a modular and scalable energy storage system that converts renewable electricity into zero-emissions heat. It charges with low-cost renewable electricity and releases a continuous amount of heat on demand and according to the needs of its customers. Brenmiller is the most experienced thermal battery developer on the market, operates the world’s only Gigafactory for thermal battery production and is trusted by leading multinational energy companies. For more information, visit the company’s website at https://bren-energy.com/. Follow the company on X (formerly Twitter) and LinkedIn.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal and Israeli securities laws. Statements that are not historical facts may be deemed to be forward-looking statements. For example, we use forward-looking statements when discussing regaining compliance with Nasdaq’s continued listing requirements and the timing and impact thereof. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” are intended to identify forward-looking statements. Readers are cautioned that certain important factors could affect the Company’s actual results and cause such results to differ materially from those contained in this press release. Factors that may affect the Company’s results include, among others: the Company’s projected levels of revenues and capital expenditures; risks related to the adequacy of cash on hand; demand for and market acceptance of its products; impact of competitive products and pricing; product development, commercialization or technological difficulties; the success or failure of negotiations; trade, legal, social and economic risks; and political, economic and military instability in the Middle East, particularly in Israel. The forward-looking statements contained or implied by this press release are subject to other risks and uncertainties, many of which are beyond the Company’s control, including those listed in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, which was filed with the SEC on March 18, 2024 and is available on the SEC’s website at www.sec.gov. The Company undertakes no obligation to update these statements after the date of this release, unless required by law.
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Contacts
Media contact:
Tori Bentkover
[email protected]
