Genie Energy Ltd., (NYSE:GNE) announced the expiration of its previously
disclosed exchange offer of shares of its Class B Common Stock for
shares of Series 2012-A Preferred Stock on a one-for-one basis.
The exchange offer expired, as scheduled, at 5:00 p.m., EDT, on Monday,
June 23, 2014. All shares that were validly tendered and not properly
withdrawn have been accepted by Genie for exchange.
American Stock Transfer & Trust Company LLC, the exchange agent for the
offer, has advised Genie that, based on the preliminary results of the
exchange offer, 407,771 shares of Class B Common Stock were tendered and
not withdrawn (including 115,282 shares tendered using the procedures
for guaranteed delivery), representing approximately 2% of the total
outstanding shares of Class B Common Stock. These amounts are
preliminary and subject to verification by the exchange agent. Genie
expects to announce final results on or about June 27, 2014.
After the results have been verified, the exchange agent will issue the
shares of the Series 2012-A Preferred Stock in exchange for the shares
of Class B Common Stock accepted in the exchange offer.
ABOUT GENIE ENERGY LTD.
Genie Energy Ltd. (NYSE:GNE, GNEPRA) is comprised of IDT Energy and
Genie Oil and Gas (GOGAS). IDT Energy is a retail energy provider
supplying electricity and natural gas to residential and small business
customers primarily in the Eastern United States. GOGAS is pioneering
technologies to produce clean and affordable transportation fuels from
the world's abundant oil shales and other fuel resources. GOGAS resource
development projects include a conventional oil and gas exploration
program in Israel and in-situ oil shale projects in Colorado, Israel and
Mongolia. For more information, visit www.genie.com.
Copyright Business Wire 2014