[6-K] Brenmiller Energy Ltd Current Report (Foreign Issuer)
Rhea-AI Filing Summary
Brenmiller Energy Ltd. disclosed an amendment to a securities purchase agreement with Alpha Capital Anstalt that affects an initial financing closing and the broader financing framework. Under the SPA the company may issue up to $25 million of securities across multiple tranches including preferred shares, pre-funded warrants and ordinary warrants. On July 28, 2025 an initial PFW Closing took place for a subscription amount of $1.2 million, when Brenmiller issued pre-funded warrants to purchase 631,579 ordinary shares at an exercise price of $0.00001 per share and ordinary warrants to purchase 631,579 ordinary shares at an exercise price of $2.09 per share.
On August 11, 2025 the parties amended the SPA to increase the aggregate subscription amount related to the Pre-Funded Warrants and Ordinary Warrants in connection with the PFW Closing to $1,395,790. The securities were offered under an exemption from registration (Section 4(a)(2) and Rule 506(b) of Regulation D) and remain unregistered and subject to transfer restrictions. The Amendment is filed as Exhibit 10.1 and the report references the company’s Form 20-F risk factors.
Positive
- Access to committed financing framework up to $25 million through the SPA across multiple tranches
- Initial PFW Closing completed, with the aggregate amount related to the PFW Closing increased to $1,395,790
- Clear exercise prices disclosed for issued instruments: pre-funded warrants at $0.00001 and ordinary warrants at $2.09
Negative
- Potential dilution to existing shareholders if the pre-funded and ordinary warrants are exercised
- Securities are unregistered (offered under Section 4(a)(2) and Rule 506(b)), which imposes transfer restrictions and resale limitations
- Terms and timing of additional tranches under the $25M commitment are not specified in this report
Insights
TL;DR: Amendment raises the initial PFW closing to $1,395,790 and preserves access to up to $25M of capital via warrants and preferred securities.
The amendment increases the effective proceeds tied to the July 28 PFW Closing from the originally disclosed $1.2M to $1,395,790, confirming near-term incremental financing. The filing documents explicit exercise prices: pre-funded warrants at $0.00001 and ordinary warrants at $2.09, which define potential cash inflows and dilution dynamics if exercised. Offering under Section 4(a)(2) and Rule 506(b) signals reliance on private-placement exemptions rather than a registered public raise. For investors, this is a liquidity-positive development but introduces potential share count dilution depending on exercise behavior.
TL;DR: The amendment is formally filed and incorporated by reference; disclosure follows standard SEC private-placement and incorporation practices.
The company attached the Amendment as Exhibit 10.1 and incorporated the report into its Form F-3 and Form S-8 registration statements to the extent not superseded. The filing includes the standard safe-harbor language and references the Form 20-F risk factors for additional context. Signature and authorization are provided by the CFO, consistent with routine corporate disclosures. Material terms for future tranches and full documentation of other securities types (preferred shares) are not detailed in this report.