Genius Group Limited announced on February 12, 2025, that its Board of Directors decided to cancel the previously announced rights offering. This decision was made because the company's current share price was below the exercise price of the offering.
In response to market conditions, the Board called for an Extraordinary General Meeting (EGM) for shareholders to authorize a share buyback program, allowing the company to repurchase up to 20% of its issued share capital. The EGM will also seek approval for the creation of new classes of ordinary and preferred shares.
CEO Roger Hamilton stated that the company's market capitalization was 50% of its Bitcoin Treasury value and 30% of its net asset value, indicating a belief in undervaluation. The company plans to continue increasing its Bitcoin Treasury through reserves and other available funding methods, despite the cancellation of the rights offering.
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