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. 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock (NASDAQ: VIASP) is a preferred equity security issued by Via Renewables, Inc., an independent retail energy services company. The company’s news flow around VIASP focuses on dividend declarations, tender offers, and partial redemptions of the Series A Preferred Stock, providing investors with regular updates on how this preferred class is being managed.
Company press releases describe Via Renewables as a retail energy provider founded in 1999 that offers residential and commercial customers in competitive markets across the United States an alternative choice for natural gas and electricity. These releases often combine information about the underlying energy business with detailed announcements regarding VIASP, such as quarterly cash dividend amounts, the start of the floating rate period, and benchmark rate changes under the Adjustable Interest Rate (LIBOR) Act.
News items for VIASP frequently cover capital actions, including tender offers to purchase a specified number of preferred shares at a stated cash price and partial redemptions at $25.00 per share plus any applicable accumulated and unpaid dividends. Disclosures explain how these transactions are conducted through The Depository Trust Company, with Equiniti Trust Company serving as transfer agent or depositary, and they reference related SEC filings such as Schedule TO and Form 8-K.
Investors following the VIASP news page can review these announcements to understand the timing and terms of dividends, tender offers, and redemptions, as well as broader information about Via Renewables’ retail energy operations and financing arrangements. This context helps holders and prospective investors see how the preferred stock fits within the company’s overall capital and funding strategy.
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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