That approval came from an Extraordinary General Meeting. It gives the company’s Board of Directors the right to execute a share buyback plan at the time of its choosing over the next 12 months.
In addition to that, investors in GNS stock also approved a share consolidation plan. Yet again, this allows Genius Group’s Board to execute the plan when it sees fit sometime within the next 12 months.
Roger Hamilton, CEO of Genius Group, said the following about today’s share buyback and consolidation news:
“The Board thanks Genius Group’s shareholders for empowering Genius Group with additional mechanisms that the Company can use to protect shareholders and enhance shareholder value. At this immediate time, we have not set any timeline for the share buyback and share consolidation. We plan to monitor and assess the situation regularly to action them at the appropriate time.”
What This Means For GNS Stock
News of a share buyback plan is welcome to investors in GNS stock. It shows Genius Group is confident enough in its financial position to warrant repurchasing shares sold to investors.
Also, it would reduce the company’s outstanding number of shares. The reverse stock split would do the same. Both of these actions together could boost the price of GNS stock and reduce its susceptibility to volatility.
GNS stock is up 4.7% as of Thursday morning.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace has all of the hottest stock coverage for Thursday ready to go! That includes why shares of NFT Gaming (NASDAQ:NFTG), Ur-Energy (NYSEMKT:URG) and Boxed (NYSE:BOXD) stock are moving today. All of that news is ready at the links below!
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On the date of publication, William White did not have (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.