NEW YORK, May 27, 2022 (GLOBE NEWSWIRE) — 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…
