Welcome to our dedicated page for Via Renewables news (Ticker: VIASP), a resource for investors and traders seeking the latest updates and insights on Via Renewables stock.
Via Renewables Inc (VIASP) provides essential retail energy services across competitive U.S. markets, offering residential and commercial customers stable pricing models and green energy alternatives. This page serves as the definitive source for verified company announcements and market developments.
Access timely updates including earnings reports, regulatory filings, strategic partnerships, and operational milestones. Investors and industry observers will find curated press releases covering electricity market expansions, natural gas supply innovations, and sustainability initiatives.
Our news collection enables stakeholders to track Via Renewables' performance in key areas: energy procurement strategies, customer acquisition trends, and market expansion efforts. All content is sourced directly from company disclosures and reputable financial news outlets to ensure accuracy.
Bookmark this page for streamlined access to VIASP's evolving story in the retail energy sector. Regular updates to stay informed about pricing model innovations, regulatory compliance updates, and competitive positioning in sustainable energy markets.
Via Renewables (NASDAQ:VIA, NASDAQ:VIASP) has declared a quarterly cash dividend of $0.75881 per share on its 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock. The dividend will be paid on October 15, 2024 to shareholders of record as of October 1, 2024. This announcement follows the transition to a floating rate period for the Series A Preferred Stock, which began on April 15, 2022.
In line with the Adjustable Interest Rate (LIBOR) Act and Federal Reserve regulations, the replacement benchmark rate for the Series A Preferred Stock is now Three-Month CME Term SOFR plus a tenor spread adjustment of 0.26161%. This change was necessitated by the cessation of Three-Month LIBOR on June 30, 2023.
Via Renewables announced an optional conversion right for its 8.75% Series A Preferred Stock, allowing holders to convert shares into $8.07 per share in cash. This follows a merger agreement where NuRetailco merged into Via Renewables. The conversion is optional and can be exercised in full, in part, or not at all. Shares will remain outstanding if not converted. The closing price of the Series A Preferred Stock on June 26, 2024, was $24.04 per share. Holders have until July 26, 2024, to exercise this right, with settlements expected by July 31, 2024. Details are available in the company's Form 8-K filed with the SEC.
Via Renewables has completed its merger with NuRetailco under an Agreement and Plan of Merger dating from December 29, 2023. The merger was approved on June 7, 2024, and became effective on June 13, 2024.
Under the merger terms, each share of Via Renewables' Class A Common Stock was converted into $11 cash per share, except for certain excluded shares. The Class A Common Stock will be delisted from NASDAQ. The merger does not affect the listing of Series A Preferred Stock. Shareholders will receive instructions to exchange their shares for the merger consideration.
Via Renewables announced that its shareholders approved the merger with Retailco and its subsidiary NuRetailco At a special meeting, 83.3% of Class A and B common stock holders and 51.0% excluding certain insiders supported the merger. The executive compensation related to the merger was approved by 94.7% on a non-binding advisory basis. The merger is expected to be completed by the end of Q2 2024, leading to the de-listing of Via Renewables' Class A common stock from NASDAQ, while the Series A Preferred Stock will remain unaffected and continue trading on NASDAQ.
Via Renewables announced the adjournment of its Special Meeting of Shareholders to June 7, 2024, to allow additional time for voting on the Merger Proposal. Despite strong shareholder support, the proposal did not meet the 'majority of the minority' vote requirement. Over 81% of the common stock voted in favor, but only 44% of non-excluded and non-insider shares supported it. Shareholders are encouraged to vote promptly via phone, internet, or mail. The record date for voting eligibility remains March 25, 2024.
Via Renewables, Inc. reported strong financial results for the first quarter of 2024, with net income of $19.1 million, adjusted EBITDA of $15.1 million, gross profit of $45.1 million, and retail gross margin of $35.7 million. The total RCE count increased to 338,000, with an average monthly attrition of 3.9%. The company's CEO mentioned stable commodity prices and growth in RCEs despite higher attrition due to increased sales activity. Via Renewables also declared a dividend and announced an acquisition of 12,500 RCEs in existing markets.
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