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DUBAI - Brooge Energy Limited (NASDAQ: BROG), a provider of storage services for clean petroleum products, biofuels, and crude oil, with a market capitalization of $461.36 million, has announced its decision to voluntarily delist its ordinary shares from the Nasdaq Capital Market. The company’s stock has shown remarkable performance, delivering a 216.44% return over the past year. The company plans to file the necessary paperwork with the Securities and Exchange Commission (SEC) and Nasdaq around June 9, 2025, with the expectation that the last day its shares will be quoted on Nasdaq will be approximately June 19, 2025.
Following the delisting, Brooge Energy does not intend to list its shares on any other securities exchange. The company will move forward with filing a Form 15 with the SEC around the same date as the delisting to suspend its reporting obligations under the Securities Exchange Act of 1934. This action will immediately cease its obligation to file certain reports with the SEC, including Forms 20-F and 6-K, and other filing requirements will terminate upon the deregistration becoming effective, which is expected to be 90 days post the Form 15 filing.
The decision by Brooge Energy’s Board of Directors to withdraw its shares from listing and registration was made after considering several factors. Among these were the absence of an active trading market for the company’s securities, the resources and expenses associated with maintaining SEC and Nasdaq reporting requirements, and the regulatory burdens that have led to significant operating expenses and management focus.
The company, through its subsidiary BPGIC FZE, operates out of the strategic location of the Port of Fujairah in the UAE, just outside the Strait of Hormuz. It differentiates itself from competitors by offering quick order processing, excellent customer service, and precise blending services with minimal product losses. According to InvestingPro data, the company maintains impressive gross profit margins of 60.82% and generates annual revenue of $76.47 million. With 16 additional exclusive ProTips available, investors can gain deeper insights into BROG’s performance metrics and growth potential.
The documents related to the delisting and deregistration process will be available on the SEC’s website, and this move is based on the belief that it is in the best interest of the company and its shareholders. Notably, InvestingPro analysis shows the stock typically moves counter to market trends with a beta of -0.27, and maintains a FAIR financial health score. The information in this article is based on a press release statement from Brooge Energy Limited.
In other recent news, Brooge Energy Limited has announced a significant transaction involving the sale of its subsidiaries, BPGIC FZE and BPGIC Phase III FZE, to Gulf Navigation Holding PJSC (GulfNav). The agreement, valued at approximately USD 884 million, includes a cash component of around USD 125.3 million and the issuance of 358,841,476 ordinary shares in GulfNav, along with mandatory convertible bonds. This strategic move is expected to deliver substantial value to Brooge Energy’s stakeholders, pending customary shareholder and regulatory approvals. The transaction is anticipated to be finalized shortly after these conditions are met. Brooge Energy’s board has expressed confidence in the deal, emphasizing its potential to ensure long-term value creation for shareholders. GulfNav views this acquisition as a critical step in expanding its storage and logistics capabilities, leveraging Brooge Energy’s advanced infrastructure. This development is part of GulfNav’s broader strategy to become a leader in integrated energy logistics. The market is keeping a close eye on the progress of this deal, which is expected to be completed by the third quarter of 2025.
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