Genius Group Closes $8 Million Registered Direct Offering
Genius Group (GNS) said Thursday it closed its registered direct offering of about 21.6 million ordinary shares, or pre-funded warrants, at $0.37 per share, for gross proceeds of $8 million.The company said it is using $5.5 million of the proceeds to acquire a senior secured convertible promissory note that is being immediately converted into a 9.9% equity stake in Jewel Financial, the sole shareholder of Jewel Bancorp, Bermuda's only dual-licensed digital bank.The proceeds are being used in connection with its previously announced plans to become a permitted payment stablecoin issuer and digital asset service provider, the company said.Additionally, Genius Group will issue 15 million shares at $0.40 per share as further consideration for the acquisition, as per the terms of the note purchase agreement.
