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Genie Energy Announces Accelerated Redemption of Preferred Stock

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").

Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&P company with an active exploratory program in Northern Israel.
Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&P company with an active exploratory program in Northern Israel.

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.

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SOURCE Genie Energy Ltd.