HOUSTON, June 19, 2017 (GLOBE NEWSWIRE) -- Spark Energy, Inc. (NASDAQ:SPKE), a Delaware corporation ("Spark" or the "Company) has received regulatory approval under the Hart-Scott-Rodino Act ("HSR") for its pending acquisition of Verde Energy ("Verde"). In addition, as of today, shares of the Company's Common Stock will begin trading on a split-adjusted basis reflecting the Company's two-for-one stock split. The Company has also begun repurchases of its common stock under the previously announced share buyback program implemented in May.
"We are pleased to have received HSR approval for Verde," said Nathan Kroeker, Spark's President and Chief Executive Officer. "We continue to work with the Verde team to facilitate a smooth transition at close, which we still expect to occur early in the third quarter."
Spark completed the two-for-one stock split through a share dividend to holders of its Class A and Class B Common Stock after the close of the market on Friday, June 16, 2017. Beginning today, Spark's Common Stock will trade on a split-adjusted basis. The stock split does not change a shareholder's proportional ownership in the Company.
"We want to thank our customers, employees, and shareholders for being so supportive of Spark over the last three years to get us to where we are today in terms of size and success,"
added Mr. Kroeker. "We believe that with our improved capital structure, including our new credit facility and our preferred stock, we are well positioned to continue this growth into the future."
About Spark Energy, Inc.
Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 91 utility
territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.
Contact: Spark Energy, Inc.
Christian Hettick, 832-200-3727
Eric Melchor, 281-833-4151
Source: Spark Energy, Inc.
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