About a month ago, we talked about Genius Group (NYSE:GNS) and its plan to offer a gift to shareholders in the form of an NFT. Now, it’s currently fighting a financing agreement and has even launched a lawsuit in pursuit of that. Genius Group shareholders are much happier with this move, sending shares up over 58% in Friday’s trading.
Genius Group launched the lawsuit to take on Aryton Capital, which was about to do something very unusual under the terms of its financing agreement. Aryton claims, per the agreement, it can convert an $18 million loan to Genius Group into 49 million ordinary shares of stock. At the time, such a move would give Aryton $200 million worth of stock. Currently, Genius Group has a market cap of $48.99 million.
Genius Group’s fight against such behavior will likely help it with shareholders, but it’s got more than that on tap. Recently, the firm announced it was starting the California Business School, which will house Genius Group’s MBA program and offer coursework from a range of best-selling authors.
A look at the last five trading days for GNS stock shows that the gains today aren’t wiping out the losses seen this week. Worse yet, Genius Group gave back some of the gains it saw today. Right now, it’s trading about where it was on Tuesday.
