Genius Group Limited (GNS) has announced the immediate exercise of certain outstanding Series 2024-C warrants to purchase up to 10,950,451 of the company's ordinary shares at a price of $0.35 per share. The exercise is expected to generate approximately $3.8 million in gross proceeds for the company, before deducting placement agent fees and estimated offering expenses. In exchange for the immediate cash exercise of the warrants, Genius Group will issue new unregistered Series 2024-D and Series 2024-E warrants to purchase up to 10,950,451 ordinary shares each. The Series 2024-D warrants will have a five-and-a-half-year term, and the Series 2024-E warrants will have a two-year term, both exercisable at $0.35 per share. Additionally, the company has agreed to amend existing...Show More

Genius Group Limited (GNS) has announced the immediate exercise of certain outstanding Series 2024-C warrants to purchase up to 10,950,451 of the company's ordinary shares at a price of $0.35 per share. The exercise is expected to generate approximately $3.8 million in gross proceeds for the company, before deducting placement agent fees and estimated offering expenses. In exchange for the immediate cash exercise of the warrants, Genius Group will issue new unregistered Series 2024-D and Series 2024-E warrants to purchase up to 10,950,451 ordinary shares each. The Series 2024-D warrants will have a five-and-a-half-year term, and the Series 2024-E warrants will have a two-year term, both exercisable at $0.35 per share. Additionally, the company has agreed to amend existing warrants issued in April 2024, reducing the exercise price to $0.35 and issuing an additional 6,000,000 warrants to the holder. The offering closed on May 22, 2024, and the net proceeds are intended for general corporate purposes, including working capital and supporting acquired assets. The company has not sought a ruling from the IRS regarding the tax consequences of the warrant exercise, and there is no established public trading market for the new warrants.