Item 2.01 Completion of Acquisition or Disposition of Assets.
On October 8, 2020, certain subsidiaries of Genie Energy Ltd. (the "Registrant")
entered into an agreement (the "Agreement") with Energy Global Investments Pty
Ltd ("EGC") Energy Global Company Pty Ltd., Timothy Szakacs. Tom Gilpin (Szakacs
and Gilpin, the "EGC Principals") and Shoreditch Energy Limited ("Shoreditch")
whereby Genie Energy UK Ltd. ("GEUK") purchased EGC's interest in Shoreditch,
the joint venture that offers electricity and natural gas service to residential
and small business customers in the U.K., under the trade name Orbit Energy, in
exchange for a cash payment of One Million Two Hundred Eighty Eight Thousand One
Hundred Forty Nine Pounds (£1,288,149) (US$1,666,794 on the date of closing)
offset by One Hundred Eighty Six Thousand Nine Hundred Twelve Pounds (£186, 912)
(US$241,854 on the date of closing) in amounts owing from EGC to Genie under a
loan provided to EGC in 2018 related to EGC's capital contributions to
Shoreditch. Following the transaction, Shoreditch is a wholly-owned subsidiary
of GEUK.
Following the transaction, EGC has no rights in management of Shoreditch, the
EGC Principals have resigned as directors of Shoreditch, and GEUK has complete
control over the activities of Shoreditch.
The transaction was announced in a press release, a copy of which is attached
hereto as Exhibit 99.1 and incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not filed with this report. Pursuant to Item 9.01(a)(4) of Form 8-K, the
Registrant hereby undertakes to file such information by amendment to this
report by December 22, 2020.
(b) Pro Forma Financial Information.
Not filed with this report. Pursuant to Items 9.01(b)(2) 9.01(a)(4) of Form 8-K,
the Registrant hereby undertakes to file such information by amendment to this
report as soon as it is available and in any event by December 22, 2020.
(d) Exhibits.
Exhibit No. Document
99.1 Press Release, dated October 9, 2020.
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