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Brenmiller Energy Ltd. Announces a Delay of Voluntary Delisting of Its Securities From the Tel Aviv Stock Exchange in Order to Allow Holders of Series 3 Tradable Warrants to Exercise Their Warrants to Shares to Be Traded on Nasdaq
ROSH HA’AYIN, Israel--(BUSINESS WIRE)-- Brenmiller Energy Ltd. ( “Brenmiller Energy” or the “Company”) (Nasdaq: BNRG; TASE: BNRG), a global leader in thermal
About this update from Brenmiller Energy Ltd
[{"type":"text","content":" ROSH HA’AYIN, Israel--(BUSINESS WIRE)--\nBrenmiller Energy Ltd. ( “Brenmiller Energy” or the “Company”) (Nasdaq: BNRG; TASE: BNRG), a global leader in thermal energy storage, announced today that it will postpone the date of the voluntary delisting of the Company's securities from the Tel Aviv Stock Exchange (“TASE”), to September 11, 2023 (instead of July 10, 2023 as previously reported), in order to allow the Company to complete the procedure for changing the terms of the series 3 tradable warrants (the \"Warrants\") by the date of delisting of the Company's securities from trading on the TASE.\n\n\nAs reported by the Company on June 19, 2023, the Company requested the Israeli District Court to approve the Company's request to convene a meeting of the Warrants holders (the \"Warrant Holders Meeting\") to approve a reduction in the exercise price of the Warrants from NIS 70 per one ordinary share, par value NIS 0.02 per share, of the Company (the “Ordinary Shares”) to NIS 3.30 per share and to shorten the exercise period of the Warrants to July 6, 2023 instead of November 15, 2024 (the “Proposed Arrangement\"). The Israeli Court approved the Company's request, and on June 19, 2023, the Company issued a notice of the Warrant Holders Meeting.\n\n\nAfter discussions between the Company and the Warrants holders, it was decided that the Company should change the proposal in relation to reducing the exercise price of the Warrants, to NIS 1.30 per Ordinary Share1 instead of NIS 3.30 as the Company initially proposed. Accordingly, the Company published an update to the original meeting summons and postponed the date of the Warrant Holders Meeting to July 3, 2023.\n\n\nFollowing discussions with the TASE regarding the last trading day of the Warrants and in order to complete the process to reduce the Warrants exercise price and shorten the exercise period before the delisting from the TASE, on June 28, 2023 the Company decided to cancel the original Warrant Holders Meeting, to amend the request to the Israeli Court and to request the Israeli Court to approve the Company to convene a Warrant Holder Meeting on July 3, 2023. The adjusted exercise price of the Warrants will be NIS 1.302 per Ordinary Share and the Warrants holders will have at least 7 days to exercise the Warrants after the date of approval of the new arrangement by the Isr...