Brenmiller Energy sells 2.487M units at $1.00 per unit in private placement

Brenmiller Energy announced 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, each unit consisting of one ordinary share of the company, par value NIS 0.02 per share and one non-tradeable warrant to purchase one ordinary share, at a price per unit of $1.00, for aggregate gross proceeds of approximately $2.5M. 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 Nasdaq at the close on June 12. 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.