NEWARK,
N.J., Oct. 27, 2022 /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 an accelerated redemption of its Series
2012-A Preferred Stock ("Preferred Stock").
On November 15, 2022, Genie Energy
will exercise its right to redeem 986,400 shares of its Preferred
Stock for $8.50 per share for an
aggregate cost of approximately $8.3
million, together with an amount equal to all dividends
accrued and unpaid up to, but not including, the redemption date.
This quarter's redemption is significantly higher than the
Company's previously announced intention to redeem $1 million per quarter of its Preferred Stock.
After this redemption, Genie Energy will have 983,358 shares of
Preferred Stock outstanding.
Information about the accelerated redemption was included in a
Form 8-K filed with the SEC on October 13,
2022.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/genie-energy-announces-accelerated-redemption-of-preferred-stock-301661811.html
SOURCE Genie Energy Ltd.