TechFlow news, April 3 — A New York court recently issued an injunction against publicly traded AI company Genius Group, prohibiting it from selling shares or raising funds to purchase bitcoin, and banning the issuance of stock to employees as compensation under long-term employment agreements. As a result, Genius Group has been forced to reduce its bitcoin holdings, decreasing its position from 440 to 430 bitcoins.
The company is currently pursuing three measures: appealing to the Second Circuit Court, restructuring its business operations, and continuing to reduce its bitcoin reserves. The injunction relates to Genius Group's termination in October 2024 of an asset purchase agreement (APA) with Fatbrain AI, after which both parties agreed in December of last year to a preliminary injunction on shares related to the APA.
