NEWARK,
N.J., May 16, 2023 /PRNewswire/ -- Genie
Energy Ltd., (NYSE: GNE, GNEPRA), ("Genie Energy") a leading retail
energy and renewable energy solutions provider, announced that its
Board of Directors has approved the redemption of all outstanding
shares of its Series 2012-A Preferred Stock (CUSIP: 372284307)
("Preferred Stock").
On June 16, 2023 (the "Redemption
Date"}, Genie Energy will exercise its right to redeem all 748,064
outstanding shares of its Preferred Stock for $8.50 per share, together with an amount equal to
all dividends accrued and unpaid up to, but not including, the
Redemption Date.
Michael Stein, CEO of Genie
Energy, commented, "The redemption of our remaining outstanding
Preferred Stock reflects our strong financial position - with over
$105 million in cash and cash
equivalents, over $142 million in
working capital, and no debt as of March
31, 2023. With the proven cash generative power of our
retail energy supply business, and our expectations that both our
retail and renewable energy businesses will create significant
shareholder value, holders of our our common stock are best served
by the retirement of this expensive preferred
instrument."
The aggregate redemption payment amount will be approximately
$6.4 million, plus the aggregate
accrued but unpaid dividend amount.
Following the redemption, there will be no shares of Genie
Energy Preferred Stock outstanding, all rights of Preferred
Stockholders will terminate, and the Preferred Stock (currently
listed on the NYSE with the symbol GNEPRA) will no longer
trade.
The notice of redemption and related materials will be mailed to
holders of record of Series 2012-A Preferred Stock as of
May 16, 2023. As specified in
the notice of redemption, payment of the applicable redemption
price will be made only upon presentation and surrender of the
certificates representing the Preferred Stock to the redemption
agent, American Stock Transfer & Trust Company, LLC.
Questions regarding the redemption of the Series A Preferred
Stock may be directed to the company's redemption agent:
American Stock Transfer & Trust Company,
LLC
6201 15th Avenue
Brooklyn, NY 11219
Attention: Corporat Actions
Tel.: (800) 937-5449
(718) 921-8317
In this press release, all statements that are not purely
about historical facts, including, but not limited to, those in
which we use the words "believe," "anticipate," "expect," "plan,"
"intend," "estimate, "target" and similar expressions, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. While these
forward-looking statements represent our current judgment of what
may happen in the future, actual results may differ materially from
the results expressed or implied by these statements due to
numerous important factors, including, but not limited to, those
described in our most recent report on SEC Form 10-K (under the
headings "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations"), which may be
revised or supplemented in subsequent reports on SEC Forms 10-Q and
8-K. We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press
release, whether as a result of new information, future events or
otherwise.
About Genie Energy
Genie Energy Ltd., (NYSE:
GNE, GNEPRA) is a retail energy and renewable energy solutions
provider. The Genie Retail Energy division supplies electricity,
including electricity from renewable resources, and natural gas to
residential and small business customers in the United States. The Genie Retail Energy
International division supplies customers in selected markets in
Europe. The Genie Renewables
division is a vertically-integrated provider of commercial,
community, and utility-scale solar energy solutions. For more
information, visit Genie.com.
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SOURCE Genie Energy Ltd.
