Genie Energy Ltd. (GNE): M&A transaction — Howard Jonas gains 61% voting control via children's trust share transfer to his partnership

Genie Energy Ltd.

Seven trusts for children of Howard Jonas transferred 1,377,535 Class A shares (87% of Class A) to a limited partnership.
Howard Jonas is sole manager of general partner, gaining sole voting/dispositive power over those shares.
Following transfer, Mr. Jonas holds approximately 61% of aggregate voting power of all capital stock.
Company now qualifies as a 'controlled company' under NYSE Section 303A listed company manual.

item 5.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Genie Energy Ltd. underwent a change of control involving Howard S. Jonas (closed 2023-11-15).

Action: change of control
Counterparty: Howard S. Jonas
Closing: 2023-11-15

Exact text from the filing

On November 15, 2023, seven trusts, each for the benefit of a child of Howard S. Jonas, the Company’s Executive Chairman and Chairman of the Board, with independent trustees, transferred an aggregate of 1,377,535 shares of Class A common stock of Genie Energy Ltd. (the “Company”) (representing 87% of the issued and outstanding shares of the Class A common stock of the Company, and 56% of the aggregate voting power of all issued and outstanding shares of capital stock of the Company) to a limited partnership.

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Source: SEC EDGAR

accession 0001213900-23-088058

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