Chris Wack
Genius Group Ltd.’s share price rises to 40 after the company’s board announced it had approved a plan to offer all shareholders a blockchain-based digital discount coupon, a $10 non-fungible token per common share. % surged to $7.44.
The company said the coupon was a move to reward shareholders and is part of ongoing prevention measures being implemented by the company’s Illegal Trade Task Force.
Under the proposed plan, the company will issue compensation to shareholders of $10 per share, following a three-step process.
The first step is the dual listing of Genius Group shares on Upstream, a digital securities and NFT trading app provided by Horizon Fintex and MERJ Exchange Ltd.
Upon completion of the dual listing process, Genius Group will issue an NFT coupon of $10 per share to Upstream shareholders. Shareholders will receive coupons through the process of downloading the Upstream app.
The record date for verifying all shareholders is set for February 28th, and coupons issued will be determined based on the shares each shareholder owns on that date.
Once shareholders receive a $10 NFT coupon, the tokens can be redeemed for Genius Education Merits on Genius Group’s Edtech platform GeniusU. GEMs act as a digital credit system similar to air miles, allowing students to earn her GEMs and redeem them for discounts on subsequent courses and products.
Shareholders will be given 90 days to convert their $10 NFT coupon to GEM and another 90 days to redeem their GEM through a simple login and credit process on GeniusU. The GEM is for the use of each named investor, and the $10 NFT Tokens or his GEM cannot be transferred, traded, or sold.
Genius Group shares hit a 52-week low of 30 cents on Jan. 3 and are up 721% in the past three months.
Write to Chris Wack at chris.wack@wsj.com.
(Closed) Dow Jones Newswire
February 2, 2023 12:19 ET (17:19 GMT)
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