Retail Supplier Announces Completion of Preferred Stock Redemption

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