Brooge Energy Ltd. Announces Receipt of Nasdaq Non-Compliance Letter
30 Diciembre 2021 - 3:10PM
Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (NASDAQ:
BROG), a midstream oil storage and service provider strategically
located outside the Strait of Hormuz, announced today that it has
received a letter from The Nasdaq Stock Market dated December 27,
2021 (the “Notice”), following a notification delivered to Nasdaq
by the Company, confirming that the Company is not in compliance
with Listing Rule 5605 with respect to Nasdaq’s independent
director requirement. The non‑compliance was triggered due to
two directors nominated for re-election failing to be elected to
serve on the board of directors at the annual meeting of
shareholders of the Company held on December 16, 2021. As a result,
Brooge Energy is no longer in compliance with Nasdaq Listing Rule
5605(b)(1), which requires the Company's board of directors to be
comprised of a majority of independent directors. Brooge Energy’s
board of directors presently has six members, including three
independent directors.
The Notice does not impact the Company’s listing
on the Nasdaq Capital Market at this time, provided that the
Company cures the deficiency under Nasdaq Listing Rule 5605(b)(1)
within the time period specified by the applicable rule.
Consistent with Nasdaq Listing Rule 5605(b)(1)(A), and as set forth
in the Notice, the Company is required to regain compliance as
follows: 1) by the earlier of the Company’s next annual
shareholders’ meeting or December 16, 2022; or 2) if the next
annual shareholders’ meeting is held before June 14, 2022, then to
evidence compliance by no later than June 14, 2022.
The Company intends to regain compliance as soon
as possible by actively searching for an additional independent
member of the board. The Company’s search will focus on individuals
within the oil and gas sector with a renewable energy
understanding, which new board member is intended to complement the
existing expertise in the Company’s board of directors in order to
position Brooge Energy for the future growth, including possible
expansion into the renewable energy sector.
About Brooge Energy
LimitedBrooge Energy conducts all its business and
operations through its wholly owned subsidiaries, Brooge Petroleum
and Gas Investment Company FZE and Brooge Petroleum and Gas
Investment Company Phase III FZE, Fujairah Free Zone Entities.
Brooge Energy is a midstream oil storage and service provider
strategically located outside the Strait of Hormuz in the Port of
Fujairah in the United Arab Emirates. Its oil storage business
differentiates itself from competitors by providing customers with
fast order processing times, excellent customer service and high
accuracy blending services with low oil losses. For more
information, please visit at www.broogeenergy.com.
Forward-Looking StatementsThis
press release contains statements, including statements regarding
the anticipated timing of the Company regaining compliance with
Nasdaq Listing Rule 5605(b), the qualifications of any future board
members and statements about the Company’s proposed expansion into
the renewable energy sector, that are not historical facts and
constitute “forward-looking statements” within the meaning of the
safe harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995. Such statements reflect management’s current
views based on certain assumptions, and they involve risks and
uncertainties. Actual results, events or performance may differ
materially from the forward-looking statements due to a number of
important factors, and will be dependent upon a variety of factors,
including risks described in public reports filed by Brooge Energy
with the SEC. Readers are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Brooge Energy does not undertake any obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
Investor Contact KCSA Strategic Communications
Valter Pinto or Kathleen Heaney +1 212-896-1254
BROG@kcsa.com
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