Genius Group (NYSEMKT:GNS) stock is on the move Friday after the company announced the cancelation of a $7.5 million stock offering.
This comes after the company signed a non-binding, at-the-market financing agreement with Global Corporate Finance. News of that agreement sent shares of GNS stock lower, which put an end to the recent positive movement for GNS stock.
That rally was due to Genius Group revealing plans to tackle alleged naked short sellers. Several other companies also announced similar plans after Genius, seeing shares trend higher as a result.
Comments on GNS Stock Offering
Genius Group CEO Roger James Hamilton said the following about the company canceling the GNS stock offering:
“After careful consideration, we do not believe this ATM Financing Commitment is suitable for the company at this time […] We thank Global Corporate Finance for their interest in Genius Group and hope we will have an opportunity to partner with them some time in the future.”
Genius Group’s financing agreement required a binding within 30 days after it was announced on Jan. 9, 2023. The cancelation of the offering comes after 30 days without a definitive binding agreement.
GNS stock is down 3.4% as of Friday morning.
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On the date of publication, William White 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 InvestorPlace.com Publishing Guidelines.