Brooge Energy Voluntarily Delists from Nasdaq
Brooge Energy Limited (NASDAQ: BROG) has announced its voluntary delisting from the Nasdaq Capital Market. The company plans to file Form 25 with SEC and Nasdaq around June 9, 2025, with the last trading day expected to be around June 19, 2025. Following delisting, Brooge will file Form 15 to suspend SEC reporting obligations, with formal deregistration becoming effective 90 days later.
The Board's decision for delisting was based on factors including lack of active trading market and the significant operating expenses related to maintaining SEC and Nasdaq compliance. The company will not seek listing on another securities exchange.
Brooge Energy Limited (NASDAQ: BROG) ha annunciato la sua volontaria esclusione dal Nasdaq Capital Market. La società prevede di presentare il Modulo 25 alla SEC e al Nasdaq intorno al 9 giugno 2025, con l'ultimo giorno di negoziazione previsto intorno al 19 giugno 2025. Dopo la delisting, Brooge presenterà il Modulo 15 per sospendere gli obblighi di segnalazione alla SEC, con la cancellazione formale che diventerà effettiva 90 giorni dopo.
La decisione del Consiglio di Amministrazione di procedere con la delisting si basa su fattori quali la mancanza di un mercato attivo per le negoziazioni e i significativi costi operativi legati al mantenimento della conformità con la SEC e il Nasdaq. La società non cercherà di quotarsi in un altro mercato azionario.
Brooge Energy Limited (NASDAQ: BROG) ha anunciado su exclusión voluntaria del Nasdaq Capital Market. La compañía planea presentar el Formulario 25 ante la SEC y Nasdaq alrededor del 9 de junio de 2025, con el último día de negociación previsto alrededor del 19 de junio de 2025. Tras la exclusión, Brooge presentará el Formulario 15 para suspender las obligaciones de reporte ante la SEC, con la cancelación formal que se hará efectiva 90 días después.
La decisión de la Junta para la exclusión se basó en factores como la falta de un mercado activo de negociación y los significativos gastos operativos relacionados con el mantenimiento del cumplimiento con la SEC y Nasdaq. La compañía no buscará cotizar en otra bolsa de valores.
Brooge Energy Limited (NASDAQ: BROG)는 나스닥 자본 시장에서 자발적으로 상장 폐지를 발표했습니다. 회사는 2025년 6월 9일경에 SEC와 나스닥에 Form 25를 제출할 계획이며, 마지막 거래일은 2025년 6월 19일경으로 예상됩니다. 상장 폐지 후 Brooge는 SEC 보고 의무를 중단하기 위해 Form 15를 제출할 예정이며, 공식 등록 취소는 90일 후에 효력이 발생합니다.
이사회가 상장 폐지를 결정한 이유는 활성 거래 시장의 부재와 SEC 및 나스닥 규정 준수를 유지하는 데 따른 상당한 운영 비용 등 여러 요인에 기반합니다. 회사는 다른 증권 거래소에 상장하려 하지 않을 것입니다.
Brooge Energy Limited (NASDAQ : BROG) a annoncé son retrait volontaire du Nasdaq Capital Market. La société prévoit de déposer le formulaire 25 auprès de la SEC et du Nasdaq aux alentours du 9 juin 2025, la dernière journée de cotation étant prévue aux alentours du 19 juin 2025. Après le retrait, Brooge déposera le formulaire 15 pour suspendre ses obligations de reporting auprès de la SEC, la radiation officielle devenant effective 90 jours plus tard.
La décision du conseil d'administration de procéder au retrait s'est basée sur des facteurs tels que l'absence d'un marché actif et les coûts opérationnels importants liés au respect des exigences de la SEC et du Nasdaq. La société ne cherchera pas à être cotée sur une autre bourse.
Brooge Energy Limited (NASDAQ: BROG) hat seinen freiwilligen Delisting vom Nasdaq Capital Market angekündigt. Das Unternehmen plant, um den 9. Juni 2025 herum das Formular 25 bei der SEC und Nasdaq einzureichen, wobei der letzte Handelstag voraussichtlich um den 19. Juni 2025 liegen wird. Nach dem Delisting wird Brooge das Formular 15 einreichen, um die Meldepflichten bei der SEC auszusetzen, wobei die formelle Abmeldung 90 Tage später wirksam wird.
Die Entscheidung des Vorstands zum Delisting basierte auf Faktoren wie dem Mangel an einem aktiven Handelsmarkt und den erheblichen Betriebskosten für die Einhaltung der Anforderungen von SEC und Nasdaq. Das Unternehmen wird keine Notierung an einer anderen Börse anstreben.
- None.
- Voluntary delisting from Nasdaq Capital Market indicates reduced market accessibility for investors
- Loss of access to U.S. capital markets could limit future funding opportunities
- Reduced transparency due to termination of SEC reporting obligations
- Lack of active trading market for company securities
Insights
Brooge Energy's voluntary Nasdaq delisting signals reduced transparency and liquidity for shareholders, likely driven by cost-cutting priorities.
Brooge Energy's decision to voluntarily delist from Nasdaq and deregister with the SEC represents a significant corporate action with material implications for shareholders. The company has explicitly cited cost concerns and management attention as key drivers, indicating that the regulatory burden of maintaining a Nasdaq listing outweighs the perceived benefits of public market access.
The timing is noteworthy - the company plans to file Form 25 on June 9, 2025, with expected final trading around June 19, 2025. Following delisting, Brooge intends to file Form 15 to suspend SEC reporting obligations, which will become fully effective 90 days later. This creates a clear timeline for the reduction in transparency and public information flow.
The Board's rationale highlights two critical issues: 1) "lack of an active trading market" suggesting insufficient liquidity in the shares, and 2) the regulatory costs and management bandwidth required for compliance. Notably, the company does not plan to list on any alternative exchange, meaning shareholders will likely experience significantly reduced liquidity and potentially face challenges in price discovery and trading efficiency.
For existing shareholders, this transition typically carries negative implications. Without exchange listing requirements or SEC reporting obligations, shareholders will receive substantially less information about the company's operations, financial performance, and governance. The decision suggests management values operational flexibility and cost reduction over the market visibility and access to capital that come with public listing status.
DUBAI, May 28, 2025 (GLOBE NEWSWIRE) -- Brooge Energy Limited, ("BEL" or the “Company”) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services, today announced that it has provided notification to The Nasdaq Stock Market, LLC (“Nasdaq”) of its intent to voluntarily delist the Company’s ordinary shares (the “Shares”), from the Nasdaq Capital Market and subsequently deregister with the Securities and Exchange Commission (the “SEC”). The Company intends to file a Form 25 (Notification of Removal from Listing) with the SEC and Nasdaq relating to the delisting of its Shares on or about June 9, 2025. As a result, the Company expects the last day of quotation of its Shares on Nasdaq will be on or about June 19, 2025. The Company does not intend to list the Shares on another securities exchange.
Following the termination of the quotation of the Company’s Shares from Nasdaq, the Company intends to file a Form 15 with the SEC on or about June 19, 2025 to suspend its reporting obligations under the Exchange Act. As a result of the filing of the Form 15, the Company’s obligation to file certain Exchange Act reports and forms with the SEC, including Forms 20-F and 6-K, will immediately cease. Other SEC filing requirements will terminate upon the effectiveness of the deregistration. Although the Company will have no continuing requirement to file periodic reports with the SEC after June 19, 2025, the Company expects that the formal deregistration of its Securities will become effective 90 days after the filing of the Form 15 with the SEC. The documents filed with the SEC will be available at www.sec.gov.
The withdrawal of the Shares from listing and registration is being undertaken following a determination by the Company’s Board of Directors (the “Board”) that such delisting and deregistration is in the best interest of the Company and the holders of its Shares. The Board’s decision was based on a careful review of numerous factors, including but not limited to, the lack of an active trading market for the Company’s securities, the required resources and expenses relating to continued Securities Exchange Act of 1934 and Nasdaq disclosure and reporting requirements and related regulatory burdens which have resulted and would continue to result in significant operating expense and attention of the Company’s management team.
About Brooge Energy Limited
BEL is a Cayman Islands-based infrastructure provider which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services. BEL conducts the business and operations through its subsidiary BPGIC FZE. BPGIC FZE 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.
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 BEL with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEL 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, Managing Director
+1 212-896-1254
BROG@kcsa.com
FAQ
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