SINGAPORE - Genius Group Limited (NYSE American: GNS), an AI-focused education provider, has called off its Extraordinary General Meeting (EGM) that was scheduled for September 18, 2024. The company, which operates globally, offering AI-powered education and acceleration solutions, announced the cancellation after reevaluating the Proposed Share Consolidation plan that was to be discussed at the meeting.
The Board of Directors, after considering feedback from stakeholders, decided not to go forward with the share consolidation for the time being. As a result, the notice of the EGM has been withdrawn, and all proxy forms submitted in relation to the EGM will be disregarded.
Shareholders have been informed of the cancellation and are advised to disregard the previous notices regarding the EGM. The company also recommends that shareholders consult with their professional advisors for any necessary actions following this development.
Genius Group serves a user base of 5.4 million across more than 100 countries, leveraging its Genius City model and an online marketplace that offers AI training, tools, and talent. The company focuses on personalized, entrepreneurial AI pathways that integrate human talent with AI skills to cater to individual, enterprise, and government needs.
The company's press release included forward-looking statements, which are subject to risks and uncertainties. These statements should not be relied upon as they are based on current expectations and assumptions about future events which may not prove to be accurate. Genius Group has a history of providing cautionary advice to its readers and investors about the potential volatility of forward-looking statements.
This announcement is based on a press release statement by Genius Group and aims to inform shareholders and the public about the latest developments regarding the company's EGM and Proposed Share Consolidation plan.
In other recent news, Genius Group Limited has made significant strides in its operations and financial strategy. The company reported a 27% increase in revenue to $23.1 million in 2023 and aims to achieve $105 million in revenue by 2024. The education technology firm announced a reverse stock split at a 1-for-10 ratio, a strategic move to comply with the NYSE American's minimum price standards for continued listing.
Moreover, the company's Founder and CEO, Roger James Hamilton, received approval for the purchase of up to 10 million shares, reinforcing his confidence in the company's trajectory. Genius Group also successfully completed Phase 1 of a $22 million contract with the government of Kazakhstan to develop a Sovereign AI, marking a strategic move to advance technological development through public-private partnerships.
Furthermore, the company secured approximately $3.8 million from the exercise of Series 2024-C warrants, managed by H.C. Wainwright & Co., aimed at strengthening its financial position. The firm added Mr. Riaz Shah, a respected figure in the education sector, to its Board of Directors. Finally, Genius Group's AI technology system was implemented by the Asset Recovery Committee of the Prosecutor General’s Office of the Republic of Kazakhstan, aimed at aiding in the identification and recovery of illegally obtained assets. These are among the recent developments for Genius Group.
InvestingPro Insights
In light of Genius Group Limited's (NYSE American: GNS) recent decision to cancel its Extraordinary General Meeting and the Proposed Share Consolidation plan, it's important to look at the company through the lens of current financial metrics and market performance. According to InvestingPro data, Genius Group has a market capitalization of $15.83 million, which reflects the size of the company in the financial markets. Despite a challenging period, analysts are predicting a sales growth of 26.76% in the last twelve months as of Q4 2023, indicating potential optimism in the company's ability to generate revenue.
While the company has been navigating through a period of significant price volatility, as evidenced by a 15.54% return over the last week, it has also experienced a substantial decline over the past year, with a price total return of -91.97%. This volatility in stock price movements is underscored by an InvestingPro Tip that Genius Group generally trades with high price volatility, which could be relevant for investors looking for short-term trading opportunities or those interested in understanding the risk associated with the stock.
Another InvestingPro Tip to consider is that the company is quickly burning through cash, with short-term obligations exceeding its liquid assets. This financial position may require close attention from investors, as it could impact the company's ability to fund its operations without additional financing. For those interested in a deeper analysis, InvestingPro offers additional tips on Genius Group's financial health and future prospects.
For investors and stakeholders keeping a close eye on Genius Group, these insights and more detailed analysis are available on InvestingPro, where a total of 16 InvestingPro Tips can be found to help inform investment decisions. To explore these tips further, visit the dedicated page for Genius Group at InvestingPro.
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