Intel stock spikes after report of possible US government stake
SINGAPORE - Genius Group Limited (NYSE American:GNS), which has seen its stock price surge 129% year-to-date according to InvestingPro data, today provided information to shareholders about directly registering their shares with the company’s transfer agent to prevent unauthorized share lending for short selling purposes.
The AI-powered education company, currently trading above its InvestingPro Fair Value with a healthy current ratio of 3.65, explained that shareholders can request their brokers to transfer shares via the Direct Registration System (DRS) to Vstock Transfer LLC, the company’s transfer agent, where shares would be held under the shareholder’s name rather than in "Street Name" under a broker’s control.
According to Board Advisor Kevin Malone, most brokerage agreements do not require brokers to notify shareholders when lending out their shares or to share financial benefits from such lending activities. Malone, who advises on market manipulation issues, compared the practice to buying a house that a real estate broker then rents out without the owner’s knowledge.
The company reported that approximately 14.8 million shares, representing 18.2% of issued shares, are currently held at Vstock, with the remaining 81.8% in broker accounts. Genius Group stated it will track and provide updates on the number of shares held directly with its transfer agent.
Shareholders wishing to transfer shares to Vstock must instruct their brokers to initiate a DRS transfer. The company noted that shares can be transferred back to brokers through the same system if desired.
Genius Group describes itself as serving 5.8 million users in over 100 countries through its digital marketplace offering AI training, tools, and talent solutions. With an average daily trading volume of 7.93 million shares and notably high price volatility, detailed analysis of GNS is available through InvestingPro’s comprehensive research reports, which provide essential insights for informed investment decisions.
This information was provided in a press release issued by Genius Group Limited.
In other recent news, Genius Group Limited has made notable financial moves, including the repurchase of 1 million of its ordinary shares at an average price of $1.30 each. This buyback, representing 7% of the total shares permitted under a mandate approved by 98.8% of shareholders, was executed to preserve shareholder value. Additionally, the company has increased its Bitcoin holdings by 23%, now possessing 148 Bitcoin, following a recent legal ruling that allowed them to resume purchases. This aligns with their expanded treasury target of 10,000 Bitcoin over the next 12 to 24 months.
Genius Group also announced the appointment of Kevin Malone as a board advisor, who will aid in addressing alleged market manipulation. Furthermore, CEO Roger Hamilton increased his stake in the company by acquiring 650,000 shares, boosting his total shareholding by 10%. These developments come amid Genius Group’s ongoing efforts to strengthen its financial position and strategic direction.
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