TORONTO, March 22, 2021 (GLOBE NEWSWIRE) – Just Energy Group Inc. (Just Energy or the Company), a retail energy supplier specializing in electricity and natural gas products and providing customers with energy efficient solutions and renewable energy options, today announced that it has notified the New York Stock Exchange (NYSE) that the Company will not appeal the previously announced recommendation by NYSE staff that the Company be delisted after receiving creditor protection under the Companies’ Creditors Arrangement Act (Canada) of the Ontario Superior Court of Justice (Commercial List) and under Chapter 15 in the United States. Therefore, the company’s common stock will immediately be suspended from trading on the NYSE. The NYSE will file a delisting request with the Securities and Exchange Commission. The company’s common stock will begin trading on the OTC Pink Market in the United States.
The company also announced that it has applied to the TSX Venture Exchange (the “TSX-V”) to list the common shares of the company. While the Company anticipates that its TSX-V application will be processed within 30 to 60 days, there can be no assurance that TSX-V will approve listing.
Changes in the markets in which the Company’s common shares are traded do not affect the Company’s business operations or ongoing services to its customers across North America.
About Just Energy Group Inc.
Just Energy is a retail energy supplier specializing in electricity and natural gas products and providing energy efficient solutions and renewable energy options to customers. Currently present in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, Filter Group Inc., Hudson Energy, Interactive Energy Group, Tara Energy and terrapass. Visit https://investors.justenergy.com/ to learn more.
This press release may contain forward-looking statements, including statements regarding the delisting of the Company’s shares from the New York Stock Exchange and the listing of the shares on the Pink OTC Market and on the TSX-V and their moment; and changes in the markets in which the common shares are traded have not had an impact on the Company’s continued business or service to its customers. These statements are based on current expectations which involve several risks and uncertainties that could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks related to: the ability of the Company to continue to operate; the outcome of proceedings under the Companies’ Creditors Arrangement Act (Canada) and similar legislation in the United States; the outcome of any billing dispute with the Electric Reliability Council of Texas (ERCOT); obtain redress for delaying the payment of certain ERCOT settlement invoices; the outcome of a potential litigation related to the extreme weather event in Texas (the weather event); the amount of the financial loss suffered by the Company following the meteorological event and its impact on the liquidity of the Company; the Company’s discussions with key stakeholders regarding the weather event and its outcome; the impact of the evolution of the COVID-19 pandemic on the company’s business, operations and sales; dependence on suppliers; uncertainties relating to the ultimate spread, severity and duration of COVID-19 and the related negative effects on the economies and financial markets of the countries in which the Company operates; the company’s ability to successfully implement its business continuity plans with respect to the COVID-19 pandemic; the Company’s ability to access sufficient capital to provide liquidity to manage its cash requirements; general economic, business and market conditions; management’s ability to execute its business plan; customer consumption levels of natural gas and electricity; extreme weather conditions; customer addition and renewal rates; customer credit risk; customer attrition rate; fluctuations in the prices of natural gas and electricity; interest and exchange rates; actions taken by government authorities, including regulation of energy marketing; tax increases and changes in government regulations and incentive programs; changes in regulatory regimes; the results of litigation and decisions of regulatory authorities; competition; and dependence on certain suppliers. Additional information on these and other factors that could affect the business or financial results of Just Energys is included in Just Energys’ annual information form and in other reports filed with the Canadian securities regulatory authorities, available on the SEDAR website at the following address: www.sedar.com on the US Securities and Exchange Commissions website at www.sec.gov or through the Just Energys website at www.justenergygroup.com.
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Source: Just Energy Group