NEWARK,
N.J., June 20, 2023 /PRNewswire/ -- Genie Energy
Ltd., (NYSE: GNE), ("Genie Energy") a leading retail energy and
renewable energy solutions provider, announced today that it
completed the scheduled redemption of all outstanding shares of its
Series 2012-A Preferred Stock ("Preferred Stock") on June 16, 2023.
The Preferred Stock was redeemed for $8.50 per share and an additional $0.1349 per share in accrued dividends.
The aggregate redemption payment was $6.5 million.
Following the redemption, there are no shares of Preferred Stock
outstanding, all rights of Preferred Stockholders have terminated,
and the Preferred Stock's ticker symbol, GNEPRA, has been
retired.
Michael Stein, CEO of Genie
Energy, commented, "With the redemption of our preferred shares
complete, and no debt outstanding, our common stockholders will now
capture the undiluted value of Genie's dynamic, rapidly growing
retail energy supply and renewable energy businesses."
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: Corporate Actions
Tel.: (800) 937-5449
(718) 921-8317
About Genie Energy Ltd.
Genie Energy Ltd., (NYSE: GNE)
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 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.