Genie Energy To Renew Exchange Offer for its Preferred Stock
Genie Energy Ltd., (NYSE: GNE) will renew an offer to exchange up to 7,145,409 shares of its outstanding Class B Common Stock for shares of its Series 2012-A Preferred Stock.
The Company's offer will be on the same terms as the previous exchange offer, which closed on October 10, 2012 with the exchange of 1,604,591 shares of Class B Common Stock for an equal number of shares of Preferred Stock. The renewed offer will cover approximately one-third of the outstanding common stock, and Howard Jonas, Chairman and controlling stockholder, will not exchange any shares of common stock he owns or controls. The exchange will again be on a one-for-one basis.
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