As previously disclosed in the Quarterly Report on Form 10-Q of Genie Energy Ltd. (the 'Company') for the quarter ended March 31, 2021, filed on May 7, 2021 with the Securities and Exchange Commission, on April 26, 2021, a subsidiary of the Company entered into an Equity Purchase Agreement with Hanhwa Q Cells Japan Co., Ltd. ('Hanhwa') providing for the sale of the equity interests in Genie Japan to Hanhwa. The sale was consummated on May 10, 2021. Hanwha paid ¥570.0 million (equivalent to approximately $5.2 million on the closing date) and assumed the obligation to repay Genie Japan's existing credit facility in an amount of approximately ¥150.0 million (equivalent to approximately $1.38 million on the closing date).
Genie Energy Ltd. published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 17:26:08 UTC.