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Jones Energy, Inc. Forgoes Convertible Preferred Stock Dividend

1237 Days ago

AUSTIN, Texas, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Jones Energy, Inc. (OTCQX: JONE) (“Jones Energy” or “the Company”) is announcing that it will forgo payment of its previously declared contingent dividend on its 8% Series A Perpetual Convertible Preferred Stock (the “Preferred Stock”). The foregone dividend is for the period beginning on the last payment date of November 15, 2018 through February 14, 2019, payable to holders of Preferred Stock of record as of February 1, 2019. In order for the Company to pay the dividend in full in shares of Class A common stock, the average of the daily volume weighted average price per share of Class A Common Stock for each day during the five consecutive day trading period ending today, February 14, 2019 (the “Dividend Valuation Price”), must be at or above $15.20 (the “Floor Price”)1. The Dividend Valuation Price did not meet the Floor Price. The right to receive this dividend will accrue for holders of Preferred Stock. Future Preferred Stock dividend payments will continue to be evaluated on a quarterly basis.

About Jones Energy

Jones Energy, Inc. is an independent oil and natural gas company engaged in the exploration and development oil and natural gas properties in the Anadarko basin of Oklahoma and Texas. Additional information about Jones Energy may be found on the Company’s website at: www.jonesenergy.com.

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1 As defined in the Certificate of Designations for the Preferred Stock and as adjusted in accordance with the terms of the Certificate of Designations, including in connection with the Company’s 1-for-20 reverse stock split that was effective on September 7, 2018.

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