Summary by Moomoo AI
Genius Group Limited (Genius Group) has announced the immediate exercise of certain outstanding Series 2024-C warrants to purchase an aggregate of 1,095,045 of the company's ordinary shares at an exercise price of $3.50 per share, following a reverse split. The gross proceeds from the exercise of the warrants are expected to be approximately $3.8 million, before deducting placement agent fees and estimated offering expenses. In consideration for the immediate exercise of the warrants, Genius Group will issue new unregistered Series 2024-D and Series 2024-E warrants. The Series 2024-D warrants will have a term of five and a half years, and the Series 2024-E warrants will have a term of two years, both exercisable upon issuance. Additionally, the company has agreed to amend existing warrants issued in April 2024, reducing the exercise price to $3.50 per share and issuing an additional 600,000 warrants to the holder. The offering closed on May 22, 2024, and the company intends to use the net proceeds for general corporate purposes, including working capital, operating expenses, debt repayment, and support for acquired assets.
