Via Renewables Inc - VIASP STOCK NEWS

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.

Via Renewables, Inc. will be presenting its first quarter 2024 financial results on May 2, 2024. The conference call and webcast will provide insights into the company's performance as an independent retail energy services company.

Via Renewables, Inc. declared a quarterly cash dividend of $0.76051 per share on its 8.75% Series A Preferred Stock. The dividend will be paid on July 15, 2024, to shareholders of record on July 1, 2024. The Series A Preferred Stock transitioned to a floating rate period starting April 15, 2022, with a new benchmark rate of Three-Month CME Term SOFR plus a tenor spread adjustment of 0.26161%. The Company suspended its common stock dividend.

Via Renewables, Inc. reports financial results for 2023, showing improvements in Net Income, Adjusted EBITDA, Gross Profit, and Retail Gross Margin. The company achieved $26.1 million Net Income and $56.9 million Adjusted EBITDA for the year. Fourth quarter results included a Net Loss of $(0.9) million, $13.3 million Adjusted EBITDA, $25.4 million Gross Profit, and $33.7 million Retail Gross Margin. Via Renewables maintained total liquidity of $116.0 million as of December 31, 2023, aiming for organic growth and potential acquisitions in 2024.

Via Renewables, Inc. (NASDAQ:VIA) to present full-year and fourth quarter 2023 financial results in a conference call and webcast on February 29, 2024. The live webcast can be accessed on Via Renewables Investor Relations website.

Via Renewables, Inc. announced a quarterly cash dividend of $0.75960 per share on its 8.75% Series A Preferred Stock, to be paid on April 15, 2024. The floating rate period for the stock began on April 15, 2022. The dividend will be paid to holders of record on April 1, 2024. The company also specified the replacement benchmark rate following the end of Three-Month LIBOR's publication on June 30, 2023, as Three-Month CME Term SOFR, plus a tenor spread adjustment of 0.26161%. Additionally, the company suspended its common stock dividend.

Via Renewables, Inc. (NASDAQ:VIA)(NASDAQ:VIASP) has announced a merger agreement with Retailco, LLC, for $11.00 per share, representing a 17.0% premium to the closing share price on December 29, 2023. Retailco, owned by TxEx Energy Investments, LLC, will acquire all of Via Renewables' Class A common stock, except for certain shares. The transaction is expected to close in the second quarter of 2024.