Genius Group Limited (NYSE: GNS) began the week in the green. The Singapore-based company, a leading AI-powered education group, today announced that it has bought back 6,600,000 Class A Ordinary Shares in a privately negotiated off-market transaction with a non-affiliated private holder, representing 50% of the 13.2 million share buyback authorised by the Company’s Board of Directors on June 7.
The repurchase was executed in a privately negotiated transaction at a price below the recent trading price of the Company’s Class A Ordinary Shares on the NYSE American, providing immediate accretion to the Company’s Net Asset Value per Share for the benefit of remaining shareholders.
Further to the buyback, the Company will cancel the 6,600,000 shares in accordance with applicable Singapore and U.S. requirements, reducing the Company’s issued share capital accordingly.
CEO Roger James Hamilton said “This buyback advances our capital allocation strategy of building shareholder value through Net Asset Value per Share (NAVPS). Genius Group currently trades at a meaningful discount to its NAVPS, and the Board and management are committed to taking disciplined, value-accretive actions to narrow that discount over time, including through further buybacks and share cancellations.”
GNS shares grabbed a penny, or 4.9%, to 22 cents.
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