Genius Group Shares Drop 51% After Public Offering Prices

Dow Jones01-12

By Chris Wack

Genius Group shares were down 51% to 25 cents after the company priced a public offering of 23.6 million shares, and warrants to buy up to 23.6 million shares at a combined offering price of 35 cents per share and associated warrants.

The closing of the offering is expected to occur on or about Wednesday.

The proceeds to the company from the offering are expected to be $8.25 million, before deducting the placement agent's fees and other offering expenses payable by the Company.

Roger Hamilton, Genius Group's chief executive and chairman of the board of directors, has agreed to convert $1 million of his outstanding loan to the company into the securities being offered in the public offering at the same terms and conditions, which amount included in the proceeds from the offering.

The company intends to use the proceeds from the offering for general corporate purposes, including working capital, operating expenses, debt repayment and to support acquisitions.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 12, 2024 10:24 ET (15:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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