NEWARK, N.J., Feb. 9, 2022 /PRNewswire/ -- The board of
directors of Genie Energy Ltd., (NYSE: GNE, GNEPRA) today announced
the resumption of a regular dividend on its common stock, declaring
a cash dividend of $0.075 per share
of common stock for the fourth quarter of 2021, and authorized the
gradual repurchase of its Series 2012-A Preferred Stock
(GNEPRA).
The fourth quarter's common stock dividend will be paid on or
about March 1, 2022 to Class A and
Class B Common stockholders of record as of the close of business
on February 22nd.
The distribution will be treated as an ordinary
dividend for tax purposes.
In addition, the board of directors has authorized the company
to repurchase shares of its Series 2012-A Preferred Stock. The
authorization is to purchase up to $1.0
million per quarter at the liquidation preference of
$8.50 per share beginning in the
second quarter of 2022. There are approximately 2.3 million shares
of Series 2012-A Preferred Stock outstanding with an aggregate
liquidation preference of $19.7
million. Holders of Series 2012-A Preferred Stock will be
provided with details of the liquidation process. The
preferred stockholders' rights to dividends on outstanding shares
will not change during the buyback period.
"Approximately one year ago, we suspended our regular common
stock dividend in light of the financial impacts of Winter Storm Uri in Texas and announced a recovery plan," said
Genie's CEO, Michael Stein. "In the
past year, we generated strong operational results across our
businesses, refocused our retail supply business on robust cash
generation, and significantly strengthened our balance sheet. In
light of these developments, Genie's board of directors has resumed
payment of a quarterly dividend to our common stockholders and
authorized a gradual repurchase of our preferred shares."
ABOUT GENIE ENERGY LTD:
Genie Energy Ltd.
(NYSE: GNE, GNEPRA), is a provider of energy services. 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 certain European markets. Genie Renewables
comprises Genie Solar Energy, a provider of end-to-end customized
solar solutions primarily for commercial customers, Diversegy, a
commercial energy consulting business, CityCom Solar, a provider of
community solar energy solutions and Genie's interest in Prism
Solar, a supplier of solar panels and solutions. For more
information, visit Genie.com.
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.
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SOURCE Genie Energy Ltd.