Brenmiller Energy Ltd. Announces Pricing of $4 Million Offering
January 23 2024 - 7:00AM
Business Wire
Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy”, the
“Company”) (Nasdaq: BNRG), a global leader in thermal energy
storage (TES), announced today it entered into a securities
purchase agreement with a U.S. based institutional investor for the
issuance and sale of 888,890 units (“Units”), with each Unit
consisting of one ordinary share, no par value per share (“Ordinary
Share”), of the Company (or pre-funded warrant in lieu thereof) and
one warrant to purchase one Ordinary Share, at a price per Unit of
$4.50, for aggregate gross proceeds of approximately $4.0 million
before deducting placement agent fees and other offering expenses.
The warrants will be exercisable immediately at a price of $5.00
per share and will expire five years from the date of issuance.
The closing of the offering is expected to occur on or about
January 25, 2024, subject to the satisfaction of customary closing
conditions. The Company intends to use the net proceeds of this
offering for general and administrative corporate purposes,
including working capital and capital expenditures.
A.G.P./Alliance Global Partners is acting as the sole placement
agent for the offering.
The securities described above are being offered pursuant to a
registration statement on Form F-1 (File No. 333-275115) previously
filed with the Securities and Exchange Commission (“SEC”), which
became effective on January 22, 2024. The offering is being made
only by means of a prospectus forming part of the effective
registration statement. A preliminary prospectus relating to the
offering has been filed with the SEC. An electronic copy of the
final prospectus will be filed with the SEC and may be obtained,
when available, on the SEC’s website located at http://www.sec.gov
and may also be obtained from A.G.P./Alliance Global Partners, 590
Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at
(212) 624-2060, or by email at prospectus@allianceg.com.
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 other jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
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 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 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 of the offering, the intended use of net
proceeds from the offering and the adoption of new technologies
like Brenmiller’s bGen™. 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; risks
associated with the adequacy of existing cash resources; 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;
trade, legal, social and economic risks; and political, economic
and military instability in the Middle East, specifically in
Israel. 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 Registration
Statement on Form F-1, as amended, which was declared effective by
the SEC on January 22, 2024, 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/20240123839242/en/
Media: Tori Bentkover
brenmillerenergy@antennagroup.com
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