Brooge energy ltd. announces receipt of nasdaq non-compliance letter

New york, dec. 30, 2021 (globe newswire) -- brooge energy ltd. (“brooge energy” or the “company”) (nasdaq: brog), a midstream oil storage and service provider strategically located outside the strait of hormuz, announced today that it has received a letter from the nasdaq stock market dated december 27, 2021 (the “notice”), following a notification delivered to nasdaq by the company, confirming that the company is not in compliance with listing rule 5605 with respect to nasdaq's independent director requirement.  the non‑compliance was triggered due to two directors nominated for re-election failing to be elected to serve on the board of directors at the annual meeting of shareholders of the company held on december 16, 2021. as a result, brooge energy is no longer in compliance with nasdaq listing rule 5605(b)(1), which requires the company's board of directors to be comprised of a majority of independent directors. brooge energy's board of directors presently has six members, including three independent directors.
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