UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 7.01 Regulation FD.
On January 26, 2024 Genie Energy Ltd. (the “Company”) issued the attached release (the “Release”) announcing the Company’s expansion of its consumer product portfolio and enhanced risk management initiatives. A copy of the Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The Company is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item 7.01 of Form 8-K promulgated by the Securities and Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.
Item 8.01 Other Events.
The Company’s internal operations now include a wholly-owned “captive” insurance subsidiary. In the fourth quarter of 2023, the Company paid $51 million in premiums to its captive self-insurance entity, providing coverage for a variety of risks. On January 23, 2024, the Company concluded that it will need to record a one-time, non-recurring, non-cash charge, which is currently estimated to be approximately $45.0 million in the fourth quarter of 2023, as an insurance loss reserve related to the coverage provided to the Company by the captive entity.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Document | |
| 99.1 | Press Release, dated January 26, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GENIE ENERGY LTD. | |||
| By: | /s/ Michael Stein | ||
| Name: | Michael Stein | ||
| Title: | Chief Executive Officer | ||
Dated: January 26, 2024
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EXHIBIT INDEX
| Exhibit Number | Document | |
| 99.1 | Press Release, dated January 26, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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