Genius (NYSEMKT:GNS) stock fans will want to keep an eye on the education technology company when Aug. 31 rolls around.
That’s the day Genius intends to spinoff Entrepreneur Resorts. When it does so, the company will distribute shares of the company’s stock to current holders of GNS shares. These investors must be on record for at least two days prior to the spinoff to receive these shares.
Here’s a quick breakdown of the share distribution included in a new release from Genuis:
“Genius Group has set the share distribution date of ERL on or about September 29, 2023. All shareholders entitled to the distribution will be notified in September 2023. All shareholders will receive restricted shares in ERL, which may be eligible for removal of restrictions and traded on Upstream six months after the share distribution date, if certain requirements are met.”
How This Affects GNS Stock
With this spinoff announced, investors are buying up shares of GNS stock today to get in on that share distribution. That has also led to heavy trading of the company’s shares. As of this writing, more than 4.1 million shares of GNS have traded hands. This is already well above Genius’ daily average trading volume of about 2.6 million shares.
GNS stock is up 9% Thursday morning alongside that heavy trading. The company’s stock is also up 154.8% since the start of the year.
Investors on the lookout for more of the most recent stock market news will want to stick around!
We have all of the hottest stock market stories that traders need to know about on Thursday! A few examples include why stocks are up today, Kenvue (NYSE:KVUE) stock joining the S&P 500, as well as Innoviz (NASDAQ:INVZ) stock falling on a share sale. Investors can catch up on all of this news at the links below!
More Thursday Stock Market News
- Why Are Stocks Up Today?
- KVUE Stock Alert: Kenvue to Join the S&P 500
- Why Is Innoviz (INVZ) Stock Down 20% Today?
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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.
