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Genie Energy Launches Exchange Offer

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July 20, 2012

Genie Energy Ltd., (GNE) announced its intention to launch an offer to exchange outstanding shares of Class B Common Stock for a new series of Preferred Stock. The offer will cover approximately one-third of the outstanding common stock, and Howard Jonas will not be exchanging any shares of common stock he owns or controls.

The exchange will be on a one for one basis, and the preferred stock will have a liquidation preference currently anticipated to be $8.50 per share, and dividend right that is senior to dividends on the ...

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