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Brenmiller Energy Announces Pricing of $1.05 Million Private Placement with Existing Institutional Shareholder
ROSH HAAYIN, Israel--(BUSINESS WIRE)-- Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a leading global provider
About this update from Brenmiller Energy Ltd
[{"type":"text","content":" ROSH HAAYIN, Israel--(BUSINESS WIRE)--\nBrenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a leading global provider of thermal energy storage (“TES”) solutions for industrial and utility markets, today announced it entered into a securities purchase agreement with one of the Company’s existing institutional investors for aggregate gross proceeds of approximately $1.05 million.\n\n\nIn connection with the private placement, the Company will issue to the investor 1,000,000 ordinary shares of the Company at a price of $1.05 per share (reflecting a 52% premium to the closing price for the Company’s ordinary shares on Nasdaq on August 2, 2024). The closing of the private placement is subject to certain conditions, including the Company obtaining consent from an existing lender within 90 days of signing the securities purchase agreement. Under the terms of the securities purchase agreement, the investor will also have the right to make a further investment for 1,000,000 additional ordinary shares (or ordinary share equivalents) in the event that the Company’s ordinary shares close at or above $2.50 per share within the next 12 months.\n\n\nThe Company intends to use the net proceeds from the private placement for general corporate purposes, including working capital.\n\n\nThe securities described above are being sold in a private placement and have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities purchase agreement with the investor provides for registration rights for the ordinary shares and the Company has agreed to file a registration statement with the SEC to register the resale of the ordinary shares within thirty (30) days of closing.\n\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\n\n\nAbout bGen™\n\n\nBrenmiller’s TES system, bGen™, con...