Genius Group Appoints Timothy Murphy To Lead Illegal Trading Task Force

Rhea-AI Summary

The Board of Directors of Genius Group Limited (NYSE American: GNS) has initiated an action plan targeting alleged illegal short selling of its stock. This includes forming a Board-led ‘Illegal Trading Task Force’ to collaborate with regulators on market manipulation matters. Legal proceedings against involved parties will be pursued, alongside plans for a special dividend to shareholders to help reveal manipulators. Additionally, a dual listing is being considered to mitigate short selling risks. An Extraordinary General Meeting will soon be held to gain shareholder approval for these initiatives and potential stock restructuring.

Positive

• Formation of an 'Illegal Trading Task Force' could strengthen regulatory response against market manipulation.
• Proposed special dividend may help expose short sellers and engage shareholders.
• Consideration of a dual listing could deter illegal trading practices and enhance market presence.

Negative

• Potential concerns regarding the effectiveness of proposed measures against illegal trading activity.
• Shareholder approval for actions might delay implementation of the proposed strategies.

SINGAPORE--(BUSINESS WIRE)-- The Board of Directors (the “Board”) of Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading entrepreneur edtech and education group, approved at a meeting of the Board held on Wednesday 18^th January 2023, an action plan to address alleged illegal short selling of its stock.

This action plan includes creating a Board-led ‘Illegal Trading Task Force’ to actively pursue all possible actions together with the regulators in their discovery and prosecution of persons engaging in market manipulation involving the ordinary shares of Genius Group. This Task Force will be led by Timothy Murphy, a Genius Group Director and former Deputy Director of the F.B.I., Richard Berman, also a Genius Group Director and chair of the Company’s Audit Committee, and Roger Hamilton, the CEO of Genius Group. The Company has been in communication with government regulatory authorities and is sharing information with these authorities to assist them.

Following proof from Warshaw Burstein, LLP and Christian Levine Law Group, with tracking from ShareIntel, that certain individuals and/or companies appear to have sold (but not delivered) a significant amount of the Company’s ordinary shares, as part of a market manipulation scheme seeking to artificially depress the price of the Company’s ordinary shares, the Board has also authorized the following actions:

• Advancing to the next stage of the legal process with Warshaw Burstein, LLP, and Christian Levine Law Group, and explore legal action against anyone reasonably believed to be involved or suspected of being involved in any type of market manipulation relating to the Company’s ordinary shares.
• Issuing a special dividend to all shareholders, which management believes may help to expose those who may have participated in market manipulation relating to the Company’s ordinary shares. Genius Group expects to provide further details about this proposed special dividend shortly.
• Exploring the possibility of a dual listing of Genius Group’s ordinary shares, in the future, which management believes could make market manipulation by illegal naked short selling more difficult.

The Board believes that these actions could deter any future manipulation of the market, through naked short selling of the Company’s ordinary shares, as well as other actions that are in violation of market rules, and strengthen and streamline Genius Group’s rapidly growing core business of delivering an entrepreneur education globally, which has historically been growing at more than 50% annually.

The Company plans to hold an Extraordinary General Meeting in the coming weeks to obtain shareholder approval of the above-mentioned actions, which require shareholder approval, as well as shareholder approval of a reverse stock split and/or stock buyback plan, all of which management believes will assist the Company in discouraging predatory and illegal trading activity, with respect to the Company’s ordinary shares, and further protect shareholders’ interests.

Details of the Extraordinary General Meeting will be announced shortly.

About Genius Group

Genius Group is a world-leading entrepreneur Edtech and education group, with a mission to disrupt the current education model with a student-centered, life-long learning curriculum that prepares students with the leadership, entrepreneurial, and life skills to succeed in today’s market. The group has a group user base of 4.3 million users in 200 countries, ranging from ages 0 to 100.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230119005334/en/

Investors:

Flora Hewitt, Vice President of Investor Relations and Mergers and Acquisitions

Email: investor@geniusgroup.net

Media: Adia PR

Email: gns@adiapr.co.uk

US Investors:

Dave Gentry

RedChip Companies Inc

1-800-RED-CHIP

GNS@redchip.com

Source: Genius Group Limited

FAQ

What is Genius Group's plan to address illegal short selling of its stock GNS?

Genius Group plans to form an 'Illegal Trading Task Force,' pursue legal actions against manipulators, and issue a special dividend to shareholders.

Who will lead the 'Illegal Trading Task Force' at Genius Group?

The Task Force will be led by Timothy Murphy, Richard Berman, and Roger Hamilton from Genius Group.

What actions require shareholder approval at Genius Group?

Shareholder approval is needed for the proposed actions against illegal trading, including the special dividend and potential reverse stock split.

What is the significance of the upcoming Extraordinary General Meeting for Genius Group?

The Extraordinary General Meeting will seek shareholder approval for measures to combat market manipulation and protect shareholder interests.

How does Genius Group aim to strengthen its market position?

Genius Group plans to strengthen its market position by exploring a dual listing and engaging in actions to deter market manipulation.