IDT Corporation (NYSE: IDT) said today that the New York Stock Exchange (NYSE) will list Genie Energy Ltd., (Genie) Class B common stock with the ticker symbol ‘GNE’ following the tax-free spin-off of Genie to IDT shareholders.
Genie, currently a division of IDT, is comprised of IDT Energy, a retail energy provider, and Genie Oil and Gas, which develops the Company’s unconventional energy initiatives, including its ongoing oil shale projects in Colorado and Israel.
IDT intends to spin-off Genie on or about October 28, 2011 (the ‘distribution date’) by way of a pro rata distribution of Genie Common Stock to IDT’s stockholders. The completion of the spin-off is subject to the Registration Statement on Form 10 for Genie being declared effective by the SEC.
On the distribution date, each IDT stockholder will receive one share of Genie Class A common stock for every share of IDT Class A common stock and one share of Genie Class B common stock for every share of IDT Class B common stock held on or about 5:00 Eastern Time on October 21, 2011 (the ‘record date’).
IDT stockholders who sell their shares of IDT Class B common stock in the ‘regular way’ market prior to or on the distribution date will also be selling their right to receive the distribution of shares of Genie Class B common stock. Stockholders are encouraged to consult with their financial advisors regarding the specific implications of selling IDT Class B common stock.
Genie will ring the opening bell at the New York Stock Exchange on the morning of October 31, 2011 following which IDT expects that Genie will begin trading ‘regular way’.
IDT will mail information statements to all stockholders of IDT as of the record date. The statements will include information regarding the procedure by which the distribution will be effected.