An important deadline is approaching for Genius Group (NYSEMKT:GNS), but the market doesn’t seem to care. The education technology company recently announced that it had secured approval for a second listing. This time, it will be listed on Upstream, a trading platform that features alternative investment vehicles, such as non-fungible tokens (NFTs) and international equities. It will begin trading on April 6, 2023, at 1o a.m. Eastern. This doesn’t sound like bad news, but it isn’t helping GNS stock rise, which has been trending downward all day. As of this writing, it is down 9% for the day and isn’t showing signs of a rebound.
While this doesn’t mean that shares won’t rise as this date gets closer, it also doesn’t make the microcap company a good buy. Let’s dive deeper into today’s news and what investors should expect.
GNS Stock on Upstream
There’s no apparent reason why GNS stock would be falling today. Genius Group has reported multiple positive catalysts this week. It recently settled a lawsuit that alleged that the company had engaged in toxic lending practices. On top of that, CEO Roger Hamilton has announced that Genius has submitted an offer to acquire Troika Media Group (NASDAQ:TRKA), a company making plenty of waves in the meme stock community.
The company is gearing up to allow new investors to bet on it. GNS stock will trade under the same symbol it uses on the NYSE American exchange. Per a statement released by the company:
“The dual listing on Upstream is designed to provide Genius Group the opportunity to access a global, digital-first investor base that can trade using USDC digital currency along with credit, debit, PayPal, and USD, unlocking liquidity and enhancing price discovery while globalizing the opportunity to invest in Genius Group.”
As of now, it is unclear how the market will react as the company’s Upstream trading debut draws nearer. But the fact that GNS stock is down suggests that it won’t have much impact when the dual listing takes effect.
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On the date of publication, Samuel O’Brient 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.