Summary by Moomoo AI
Genius Group Limited, an AI-powered education group, has announced a 1-for-10 reverse stock split effective on August 16, 2024. The reverse stock split, which consolidates every 10 shares into 1 share, aims to increase the per share market price to meet the NYSE's minimum price requirement for continued listing. The company's common stock will continue to trade under the ticker 'GNS' on the NYSE American, with a new CUSIP number. This move follows approval from the company's stockholders during an extraordinary general meeting on February 16, 2023, and subsequent approval by the Board of Directors on August 5, 2024. Adjustments will be made to the exercise prices and number of shares underlying outstanding equity awards and equity incentive plans. No fractional shares will be issued; instead, fractional shares will be rounded down and returned to treasury. VStock Transfer is the exchange agent for the reverse stock split, and stockholders with shares in electronic or nominee form will have their positions automatically adjusted.