Algonquin Power & Utilities Corp. Announces Results of Exercise of Conversion Rights of Cumulative Rate Reset Preferred Shares, Series D

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Algonquin Power & Utilities Corp. (AQN) announced that none of its outstanding 4,000,000 Cumulative Rate Reset Preferred Shares, Series D will be converted into Cumulative Floating Rate Preferred Shares, Series E. Less than 1,000,000 Series D Preferred Shares were tendered for conversion during the notice period, resulting in no issuance of Series E Preferred Shares.

OAKVILLE, ON, March 19, 2024 /PRNewswire/ - Further to the press releases of Algonquin Power & Utilities Corp. ("AQN" or the "Company") (TSX: AQN) (NYSE: AQN) dated February 20, 2024 and March 4, 2024, the Company announced today that none of its outstanding 4,000,000 Cumulative Rate Reset Preferred Shares, Series D (the "Series D Preferred Shares") will be converted on April 1, 2024 into Cumulative Floating Rate Preferred Shares, Series E (the "Series E Preferred Shares") of the Company.

During the conversion notice period which ran from March 4, 2024 to March 18, 2024, less than 1,000,000 Series D Preferred Shares were tendered for conversion into Series E Preferred Shares. As a result, and consistent with the terms and conditions of the Series D Preferred Shares, no Series E Preferred Shares will be issued and holders of Series D Preferred Shares who tendered their Series D Preferred Shares for conversion will not be entitled to convert their Series D Preferred Shares into Series E Preferred Shares.

About Algonquin Power & Utilities Corp.

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $18 billion of total assets. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity.

AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNB, and AQNU, respectively.

Visit AQN at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.

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SOURCE Algonquin Power & Utilities Corp.

FAQ

How many Cumulative Rate Reset Preferred Shares, Series D does Algonquin Power & Utilities Corp. have outstanding?

Algonquin Power & Utilities Corp. has 4,000,000 outstanding Cumulative Rate Reset Preferred Shares, Series D.

What is the conversion of Cumulative Rate Reset Preferred Shares, Series D into?

The Cumulative Rate Reset Preferred Shares, Series D were supposed to be converted into Cumulative Floating Rate Preferred Shares, Series E.

How many Series D Preferred Shares were tendered for conversion into Series E Preferred Shares?

Less than 1,000,000 Series D Preferred Shares were tendered for conversion into Series E Preferred Shares.

Will holders of Series D Preferred Shares be able to convert them into Series E Preferred Shares?

Holders of Series D Preferred Shares who tendered their shares for conversion will not be entitled to convert them into Series E Preferred Shares.