BNRG Brenmiller Energy Ltd.
Price Chart
Executive Summary
Brenmiller Energy closed a $1M additional funding tranche with Alpha Capital Anstalt on June 1, 2026, issuing 1,000 convertible preferred shares (conversion price $1.67) and warrants for 598,802 ordinary shares at $14.56. The filing also triggered anti-dilution adjustments that lowered the conversion price on all previously issued preferred shares under the SPA to $1.67, increasing potential dilution for existing common shareholders.
Actionable Insight
The company is funding operations through repeated dilutive tranches with a single investor at progressively lower conversion prices. With a $1M market cap and $1M new funding, the dilution overhang is severe. Monitor for further tranche closings under the $25M SPA and any registration statement filing for resale of underlying shares, which could accelerate selling pressure.
Key Facts
- Closed $1,000,000 sixth subsequent funding with Alpha Capital Anstalt on June 1, 2026.
- Issued 1,000 preferred shares with stated value $1,000 each, convertible at $1.67 per ordinary share.
- Issued warrants to purchase 598,802 ordinary shares at $14.56 per share, exercisable immediately, expiring in 5 years.
- Anti-dilution provisions lowered conversion price of all prior SPA preferred shares to $1.67.
- Post-closing: 1,895,638 ordinary shares and 3,047 preferred shares outstanding.
- Company has $1M market cap; the $1M funding is effectively 100% of market cap in new capital.
- Proceeds for general corporate purposes, working capital, and commercial TES projects.
Financial Impact
Dilution from preferred share conversion at $1.67 could add up to ~598,802 ordinary shares (warrants) plus conversion of 1,000 preferred shares (each $1,000 stated value / $1.67 = ~598.8 shares per preferred, total ~598,802 shares). Combined potential dilution: ~1.2M new shares vs 1.9M outstanding — roughly 63% dilution at current conversion prices.
Risk Factors
- Massive dilution from preferred share conversion and warrant exercise — potential 63%+ share count increase.
- Anti-dilution ratchet creates a downward spiral: each new tranche lowers conversion price, increasing dilution for existing holders.
- Reliance on a single investor (Alpha Capital Anstalt) for all funding — any disruption could halt operations.
- Proceeds used for working capital and general corporate purposes — no clear path to profitability or revenue growth disclosed.
- Registration statement to be filed for resale of underlying shares — could lead to near-term selling by Alpha.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-063801 |
| Document: 0001213900-26-063801-index-headers.html | 0001213900-26-063801 |
| Document: 0001213900-26-063801-index.html | 0001213900-26-063801 |
| Document: 0001213900-26-063801.txt | 0001213900-26-063801 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
1d ago
|
6-K
| $1.32 awaiting T+1 | awaiting T+1 | — | $1.22 (−7.58%) |
|
Jun 2, 2026
10d ago
|
6-K
| $1.35 $1.82 | ▼ −34.81% | ▼ −35.51% | $1.22 (+9.63%) |
|
May 18, 2026
26d ago
|
EFFECT
| $1.72 $1.57 | ▲ +8.72% | ▲ +8.07% | $1.22 (+29.07%) |
|
Apr 27, 2026
6w ago
|
6-K
| $3.06 $2.80 | ▲ +8.66% | ▲ +8.65% | $1.22 (+60.13%) |
|
Mar 31, 2026
10w ago
|
6-K
| $3.02 $3.17 | ▲ +5.14% | ▲ +4.39% | $1.22 (−59.54%) |
|
Mar 23, 2026
11w ago
|
EFFECT
| $3.38 $3.45 | ▲ +2.07% | ▲ +2.43% | $1.22 (−63.85%) |
US Market Status
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