TechFlow news — January 14 — According to an official announcement, AI education group Genius Group (NYSE American: GNS) announced that its board of directors has approved a $33 million rights offering, with all proceeds allocated toward purchasing bitcoin to expand the company's bitcoin reserves. Under the plan, shareholders of record as of January 24 will receive one transferable subscription right for each ordinary share held, at an exercise price of $0.50 per share.
The company also plans to raise up to $20 million through additional loan financing. If both financings are fully completed, the company’s bitcoin holdings will increase from approximately $35 million to $86 million. Founder and CEO Roger Hamilton has stated he will fully exercise his subscription rights and will additionally purchase 500,000 newly issued shares on January 15, increasing his ownership stake to approximately 10.3%. The rights offering will close on February 14 at 4:30 p.m. Eastern Time.
