Brenmiller Energy Ltd.’s (NASDAQ:BNRG) shares fell 41.04% in Thursday’s after-hours trading as the company became BrenX Ltd. and expanded beyond energy storage into integrated industrial energy solutions.
The stock closed Thursday’s regular session up 23.46% at $3.46 before falling 41.04% to $2.04 in after-hours trading.
BrenX is focused on thermal energy storage and integrated industrial energy solutions, combining power, heat, storage and energy optimization for industrial customers.
BrenX Expands Strategy
The company said its name change became effective Aug. 11, while trading under the new BRNX ticker is expected to begin Aug. 14.
BrenX said its strategy builds on its bGen thermal energy storage technology while expanding into integrated energy solutions.
The company has also expanded beyond energy storage through the purchase of a 1.2 MWp solar facility in Hungary and plans involving renewable generation, battery storage, thermal energy storage and potential data center infrastructure.
Reverse Split Takes Effect
BrenX’s 6-for-1 reverse share split became effective at the market open on Aug. 13. The company’s Aug. 13 Form S-8 filing presents historical share figures on a post-split basis.
The company had announced the expected implementation of the reverse split on Aug. 7.
Incentive Shares Increase
BrenX also filed a Form 6-K on Aug. 13 regarding its 2013 Global Incentive Equity Scheme.
The company’s board approved an increase of 395,031 ordinary shares reserved under the plan, bringing the total reserved shares to 405,338 from 10,357.
Price Action
BrenX has a market capitalization of approximately $14.87 million.
The stock has a 52-week high of $512.40 and a 52-week low of $2.06. BNRG shares were down 99.16% over the past year.
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