Company: BNRG
Filing Date: 2025-04-09
Form Type: DRS
Source: 0001213900-25-030015
Chunk: 31

Company: Brenmiller Energy Ltd.
Filing Date: 2025-04-09
Form: DRS
Chunk 31
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, service providers and employees; and                                                                                                   |

| ● | an aggregate of 1,371,495 Ordinary Shares issuable upon the exercise                                                                         
 of outstanding warrants to purchase Ordinary Shares, at exercise prices ranging between $5.0 to $16.66 per Ordinary Share, issued to certain 
 investors in connection with private placements.                                                                                             |

A $0.20 increase (decrease)
in the assumed public offering price of $ per Ordinary Share and accompanying Warrant would increase (decrease)
the pro forma as adjusted amount of each of cash and cash equivalents by approximately $ million and increase
(decrease) shareholders’ equity by approximately $ million, assuming the offering of
Ordinary Shares and accompanying Warrants in this offering and no sale of Pre-Funded Warrants.

<div align='center'>17

DILUTION</div>

If you invest in our securities,
your interest will be diluted immediately to the extent of the difference between the public offering price per Ordinary Share you will
pay in this offering and the pro forma as adjusted net tangible book value per Ordinary Share after this offering. As of December 31,
2024, we had a net tangible book value of $4.5 million, corresponding to a net tangible book value of $0.55 per Ordinary Share. Net tangible
book value per Ordinary Share represents the amount of our total tangible assets less our total liabilities, divided by 8,094,791, the
total number of Ordinary Shares issued and outstanding as of December 31,2024.

Our pro forma net tangible
book value as of December 31, 2024, would have been approximately $5.7 million, representing approximately $0.64 per Ordinary Share. Pro forma net tangible book value per Ordinary Share represents the amount of our total tangible assets less our total liabilities, divided
by 8,806,619 the total number of Ordinary Shares issued and outstanding on , 2025, after giving effect to (i) the issuance and sale of
477,627 Ordinary Shares from December 31, 2024 to the date of this prospectus under a sales agreement pursuant to an “at-the-market”
offering; and (ii) the issuance of an aggregate of 234,201 Ordinary Shares with respect to 234,201 restricted share units we have granted
to employees from December 31, 2024 to the date of this prospectus.

After giving effect to
the sale of the Ordinary Shares and accompanying Warrants offered by us in this offering and