Brenmiller Announces Pricing of $2.5 Million Private Placement
13 Junho 2023 - 8:00AM
Business Wire
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy”, the
“Company”) (TASE: BNRG, Nasdaq: BNRG), a global leader in thermal
energy storage (TES), announced today it entered into a securities
purchase agreement with one of the Company’s institutional
shareholders, a Switzerland-based fund, for the issuance and sale,
in private placement offering, of 2,487,778 units ( “Units”), each
Unit consisting of one ordinary share of the Company, par value NIS
0.02 per share (the “Ordinary Shares”), and one non-tradeable
warrant to purchase one ordinary share, at a price per Unit of
$1.00, for aggregate gross proceeds of approximately
$2,500,000.
The warrants are exercisable at a price of $1.20 per share,
reflecting a 33% premium over the market price of the Company’s
Ordinary Shares on The Nasdaq Stock Market LLC at the close on June
12, 2023. The warrants are exercisable beginning on June 12, 2024
and are exercisable until June 12, 2029.
The private placement offering is expected to close on June 15,
2023, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the sale of the
Units for working capital and general corporate purposes.
The securities described above are being sold in a private
placement and have not been registered under the 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 or an applicable exemption from such registration
requirements.
This 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.
About Brenmiller Energy Ltd.
Brenmiller Energy delivers scalable thermal energy storage
solutions and services that allow customers to cost-effectively
decarbonize their operations. Its patented bGen thermal storage
technology enables the use of renewable energy resources, as well
as waste heat, to heat crushed rocks to very high temperatures.
They can then store this heat for minutes, hours, or even days
before using it for industrial and power generation processes. With
bGen, organizations have a way to use electricity, biomass and
waste heat to generate the clean steam, hot water and hot air they
need to mold plastic, process food and beverages, produce paper,
manufacture chemicals and pharmaceuticals or drive steam turbines
without burning fossil fuels. For more information visit the
company’s website at https://bren-energy.com/ and follow the
company on 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 securities laws.
Statements that are not statements of historical fact may be deemed
to be forward-looking statements. For example, the Company is using
forward-looking statements in this press release when it discusses
the expected closing and the intended use of proceeds from the
private placement offering. 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 may affect the Company’s actual results and could
cause such results to differ materially from any forward-looking
statements that may be made in this press release. Factors that may
affect the Company’s results include, but are not limited to, the
Company’s planned level of revenues and capital expenditures, the
demand for and market acceptance of our products, impact of
competitive products and prices, product development,
commercialization or technological difficulties, the success or
failure of negotiations and trade, legal, social and economic risks
and the risks associated with the adequacy of existing cash
resources. The forward-looking statements contained or implied in
this press release are subject to other risks and uncertainties,
many of which are beyond the control of the Company, including
those set forth in the Risk Factors section of the Company’s Annual
Report on Form 20-F for the year ended December 31, 2022 filed on
March 22, 2023 with the U.S. Securities and Exchange Commission
("SEC"), which is available on the SEC’s website, www.sec.gov. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230613919046/en/
Media: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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