Brooge Energy (BROG) Newsfilter·2024-06-05 20:30Core Viewpoint - Brooge Energy Ltd is currently facing compliance issues with Nasdaq due to the failure to file its Form 20-F for the year ended December 31, 2023, but has a timeframe to rectify this situation [1][2][3] Company Overview - Brooge Energy Ltd is a Cayman Islands-based infrastructure provider engaged in Clean Petroleum Products, Biofuels, and Crude Oil storage services [1][4] - The company operates through its subsidiary, Brooge Petroleum and Gas Investment Company FZE (BPGIC), located strategically at the Port of Fujairah in the UAE [1][4] - BPGIC differentiates itself by offering fast order processing, excellent customer service, and high accuracy blending services with low product losses [4] Compliance and Regulatory Issues - The company received a notice from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Form 20-F [1][2] - Brooge Energy has 60 calendar days to submit a plan to regain compliance, with a potential extension of up to 180 days if the plan is accepted [2] - The delay in filing is attributed to a board restructure and involvement in a proposed acquisition process [3] Proposed Acquisition - Brooge Energy is evaluating a proposal from a company listed on the Dubai Financial Market to acquire all its businesses and assets [3] - If the acquisition is successful, the closing is estimated to occur in the 3rd or 4th quarter of 2024 [3]