Genius Group (NYSE:GNS) shares are trading higher after the company’s board approved the spinoff of its Entrepreneur Resorts subsidiary.
Entrepreneur Resorts Ltd is a public listed company on the Seychelles MERJ Stock Exchange with a market cap of $37 million. 97% of outstanding shares are owned by Genius Group. The company operates a Bali resort, South Africa safari and co-working cafes in Bali and Singapore.
Genius Group CEO, Roger Hamilton, stated “We are fortunate to already have two public listed companies within the group, making a spinoff a viable option. While the MERJ exchange does not have high trading liquidity like the NYSE American, our future plan is to list Entrepreneur Resorts on a larger exchange.”
GNS Price Action: Genius Group has a 52-week high of $36.7499 and a 52-week low of $0.301.
Genius Group shares are up 47% at $5.81 at time of publication, according to Benzinga Pro.
