Retail Supplier Parent Announces Full Redemption of Its Preferred Stock
May 16, 2023
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Reporting by Paul Ring • email@example.com
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Genie Energy Ltd. announced that its Board of Directors has approved the redemption of all outstanding shares of its Series 2012-A Preferred Stock ("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, stated, "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 [sic] 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.
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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.
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