GNS Stock Alert: Today Is the Record Date for the Genius Group Spinoff

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Today is the record date for Genius Group’s (NYSEMKT:GNS) spinoff of Entrepreneur Resorts Ltd (ERL). This date is important, as Genius will tally up its number of shares as part of the distribution. The company stated:

“Shareholders who hold shares of Genius Group on the record date (ie. Shares purchased and held 2 days or more prior to August 31, 2023) will be entitled to receive an equal proportion of the total shares in Entrepreneur Resorts Ltd to be distributed at the share distribution date.”

After the record date, Genius will disclose the exact per share rate for the distribution. Eligible distribution participants will be notified sometime in September. Finally, GNS stock shareholders as of the record date will receive their ERL distribution shares on or about Sept. 29.

GNS Stock: Today Is the ERL Distribution Record Date

Singapore’s High Court approved the spinoff on Aug. 1, with a capital reduction and share distribution to all GNS stock shareholders as of the record date of $38.38 million worth of restricted ERL shares. The ERL shares “may be eligible” for removal of restrictions and Upstream trading accessibility six months after the distribution date as long as “certain requirements are met.” Genius did not disclose these requirements in its press release.

ERL currently trades publicly on the main board of the MERJ Exchange in the Seychelles. Genius has already begun the process to transfer ERL to Upstream, which is expected to take between 30 and 45 days.

So, what exactly is Upstream?

According to Genius, Upstream is the “first regulated exchange to be powered by blockchain technology.” In addition, participants can invest with either fiat currency or the USD Coin (USDC-USD) stablecoin. The exchange has ridden the Web 3.0 wave, offering non-fungible token (NFT) and blockchain security features as well. Genius adds that Upstream’s “transparent orderbook” does not allow market manipulation or short selling.

After the process is complete, ERL will trade on Upstream with the ticker ERL. GNS stock will remain listed on the NYSE American exchange and will also trade on Upstream with the ticker GNS.

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

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