SINGAPORE - Genius Group Limited (NYSE American: GNS), an AI-driven education organization, announced today a significant reshuffle of its Board and Management team in alignment with its strategy for international growth. The company has appointed four new directors with experience in high-growth, international public companies and higher education.
Eduardo Huerta-Mercado Herrera from Peru, Ian Putter of Dubai, Thomas Power based in England, and Gary Pattison from Mauritius have joined the Board, bringing expertise from various sectors including banking, fintech, education, and technology. These appointments come ahead of the company's Annual General Meeting, where shareholder confirmation will be sought.
The new appointments follow the resignation of four directors - Michael Moe, Richard Berman, Salim Ismail, and Riaz Shah - on October 10, 2024, after a written request from Senior Management and certain shareholders. The resignations were due to conflicts of interest and breaches of fiduciary and statutory duties, as detailed in the Form 6-K filed with the SEC.
Additionally, Adrian Reese stepped down as CFO, with Gaurav Dama stepping in as Interim CFO. Dama has been with Genius Group for seven years, managing the global finance team.
CEO Roger Hamilton commented on the restructuring, stating the company's commitment to expanding its AI-powered education platform and Genius Cities model across Asia, Europe, and South America. Genius Group serves 5.4 million users worldwide through its digital marketplace, offering AI training and tools.
This announcement is based on a press release statement and includes forward-looking statements subject to risks and uncertainties. The company has advised readers not to place undue reliance on these projections. For more information regarding the directorial changes and appointments, refer to the Company's SEC filings on October 15, 2024.
In other recent news, Genius Group Limited has been active with significant developments. The company's CEO, Roger Hamilton, acquired 500,000 ordinary shares and received approval for the purchase of up to 10 million shares, reflecting confidence in the company's trajectory. Genius Group also reported a 27% increase in revenue to $23.1 million in 2023, with a target of $105 million for 2024.
The company successfully completed Phase 1 of a $22 million contract with the government of Kazakhstan to develop a Sovereign AI. In addition, Genius Group secured approximately $3.8 million from the exercise of Series 2024-C warrants, managed by H.C. Wainwright & Co., to strengthen its financial position.
In a strategic move to comply with NYSE American's minimum price standards, the company announced a reverse stock split at a 1-for-10 ratio. The company also canceled its Extraordinary General Meeting after reevaluating the Proposed Share Consolidation plan.
Genius Group's AI technology system was implemented by the Asset Recovery Committee of the Prosecutor General’s Office of the Republic of Kazakhstan, aiding in the identification and recovery of illegally obtained assets. Lastly, the firm added Mr. Riaz Shah, a respected figure in the education sector, to its Board of Directors. These are the recent developments for Genius Group.
InvestingPro Insights
As Genius Group Limited (NYSE American: GNS) undergoes significant changes in its Board and Management team, it's crucial to consider the company's financial position and market performance. According to InvestingPro data, GNS has shown strong revenue growth, with a 26.76% increase in the last twelve months as of Q4 2023, and an even more impressive 49.12% growth in Q4 2023 alone. This aligns with the company's ambitious plans for international expansion and the development of its AI-powered education platform.
However, investors should be aware of some challenges. An InvestingPro Tip indicates that GNS is "quickly burning through cash," which could be a concern given the company's growth strategy. Additionally, the stock has experienced significant volatility, with a 91.59% price decline over the past year. This volatility is further emphasized by another InvestingPro Tip stating that the "stock generally trades with high price volatility."
Despite these challenges, analysts remain optimistic. An InvestingPro Tip suggests that "analysts anticipate sales growth in the current year" and "predict the company will be profitable this year." This positive outlook could be attributed to the company's strategic restructuring and focus on expanding its user base, which currently stands at 5.4 million worldwide.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for GNS, providing a deeper understanding of the company's financial health and market position.
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