TORONTO, March 10, 2021 (GLOBE NEWSWIRE) – Just Energy Group Inc. (âJust Energyâ or the âCompanyâ) (TSX: JE; NYSE: JE), a retail energy supplier specializing in electrical products and natural gas and providing energy efficient solutions and renewable energy options to customers, today announced that it has received a notice from the Toronto Stock Exchange (the “TSX”) that a meeting of the Maintenance Committee TSX listing is scheduled for March 15, 2021 to consider whether or not to delist the company’s securities from the TSX.
The Company has also received a notice from the New York Stock Exchange (the âNYSEâ) indicating that NYSE Regulation staff have decided to initiate proceedings to delist Just Energy shares from the NYSE. NYSE regulatory staff determined that the company was no longer suitable for listing due to creditor protection via an initial order under the Companies’ Creditors Arrangement Act of the Ontario Superior Court of Justice (Commercial List) and under Chapter 15 of the Bankruptcy Code in the United States. The Company has the right to have this decision reviewed by a committee of the NYSE Board of Directors (the âCommitteeâ). The NYSE will announce a suspension date and suspend trading at the time that (i) the Company does not request a review by the Committee within 10 business days of the NYSE’s notification to the Company, (ii) the Company determines that she does not intend to appeal, (iii) the committee’s subsequent review determines that the company should be suspended, or (iv) there are other significant developments. After the suspension was announced, the NYSE would then ask the Securities and Exchange Commission to delist the shares of Just Energy. If the Company’s shares are delisted from the NYSE, they will begin trading on the OTC Pink Market in the United States.
About Just Energy Group Inc.
Just Energy is a retail energy supplier specializing in electricity and natural gas products, providing customers with energy efficient solutions and renewable energy options. 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 relating to and at the time of delisting of the Company’s shares from the TSX and NYSE. 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 relating to: the ability of the Company to continue as a going concern; the outcome of proceedings under the CCAA and similar bankruptcy laws in the United States; the outcome of any invoice dispute with ERCOT; obtain redress for delaying the payment of certain ERCOT settlement invoices; the outcome of a potential dispute related to the weather event; the amount of the financial loss to the company as a result of the weather 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 Energy is included in Just Energy’s annual information form and in other reports filed with Canadian securities regulators, available on the SEDAR website at www.sedar.com on the US Securities and Exchange Commission website at www.sec.gov or through the Just Energy website at www.justenergygroup.com.
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