Retail Supplier Announces Accelerated Redemption of Preferred Stock

Genie Energy Ltd. ("Genie Energy") 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," Genie said

After this redemption, Genie Energy will have 983,358 shares of Preferred Stock outstanding, the company said