Company: BNRG
Filing Date: 2025-11-25
Form Type: 424B3
Source: 0001213900-25-114795
Chunk: 8

Company: Brenmiller Energy Ltd.
Filing Date: 2025-11-25
Form: 424B3
Chunk 8
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 | a determination that our                                                                                                  
 ordinary shares are a “penny stock” which will require brokers trading in our Ordinary Shares to adhere to more stringent 
 rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities.      |

Substantial future sales or other issuances of our Ordinary Shares could depress the market for our Ordinary Shares.

Sales of a substantial number
of Ordinary Shares and any future sales of a substantial number of Ordinary Shares in the public market, including the issuance of shares
or any shares issuable upon the conversion of the Preferred Shares or the exercise of the Ordinary Warrants, or the perception by the
market that those sales could occur, could cause the market price of our Ordinary Shares to decline or could make it more difficult for
us to raise funds through the sale of equity and equity-related securities in the future at a time and price that our management deems
acceptable, or at all. In addition, as opportunities present themselves, we may enter into financing or similar arrangements in the future,
including the issuance of debt securities, preferred shares or Ordinary Shares, which could also depress the market for our Ordinary
Shares. We cannot predict the effect, if any, that market sales of those Ordinary Shares or the availability of those shares for sale
will have on the market price of our Ordinary Shares.

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In connection with the July
2025 Private Placement, under the terms of the July 2025 Securities Purchase Agreement, subject to certain conditions and as long as
any Preferred Shares or and accompanying ordinary warrants are outstanding, Alpha has the right to purchase additional preferred shares
and warrants from the Company, which will result in further dilution as well.

We have outstanding warrants and preferred shares, some of which contain “full-ratchet” anti-dilution protection, which may cause significant dilution to our shareholders.

We have outstanding warrants,
which are exercisable into ordinary shares, and preferred shares, which are convertible into ordinary shares. The issuance of the ordinary
shares upon the exercise of the warrants or the conversion of such preferred shares would dilute the percentage ownership interest of
all shareholders, might dilute the book value per share of our ordinary shares and would increase the number of our publicly traded shares,
which could depress the market price of our ordinary shares. The warrants issued to Alpha on July 28, 2025 and on September 29, 2025
and the Preferred Shares issued to Alpha contain a “full-ratchet”