Brooge Energy Ltd. Announces Receipt of Nasdaq Non-Compliance Letter
27 Mai 2022 - 9:29PM
Brooge Energy Ltd, (“Brooge Energy” or the “Company”), is a Cayman
Islands-based infrastructure provider which is engaged in Clean
Petroleum Products and Biofuels and Crude Oil storage and related
services. The Company conducts the business and operations through
its subsidiary Brooge Petroleum and Gas Investment Company FZE
(BPGIC). BPGIC is strategically located outside the Strait of
Hormuz at the Port of Fujairah in the Emirate of Fujairah in the
UAE. The Company announced today that it has received a letter from
The Nasdaq Stock Market dated May 23, 2022 (the “Notice”), stating
that the Company is not in compliance with Listing Rule 5250(c)(1)
The Company is not in compliance as it has not yet filed its Form
20-F for the period ended December 31, 2021 (the “Filing”). The
Company has not been able to file the 2021 Form 20-F due to an
ongoing non-public examination being conducted by the SEC regarding
the financial statements of the Company. The Company is cooperating
with the SEC fully.
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 5250(c)(1)
within the time period specified by the applicable rule.
Consistent with Nasdaq Listing Rule 5250(c)(1), and as set forth in
the Notice, the Company has 60 calendar days to submit a plan to
regain compliance and if accepted, Nasdaq can grant an exception of
up to 180 calendar days from the Filing’s due date, or until
October 28, 2022, to regain compliance.
The Company is making all efforts to file the 2021 Form 20-F as
soon as possible.
About Brooge Energy
LimitedBrooge Energy Ltd, (“Brooge Energy” or the
“Company”), is a Cayman Islands-based infrastructure provider which
is engaged in Clean Petroleum Products and Biofuels and Crude Oil
storage and related services. The company conducts the business and
operations through its subsidiary Brooge Petroleum and Gas
Investment Company FZE (BPGIC). BPGIC is strategically located
outside the Strait of Hormuz at the Port of Fujairah in the Emirate
of Fujairah in the UAE Its business differentiates itself from
competitors by providing customers with fast order processing
times, excellent customer service and high accuracy blending
services with low product losses. For more information, please
visit at www.broogeenergy.com.
Forward-Looking Statements This
press release contains statements 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
Brooge Energy (NASDAQ:BROG)
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