News

Genius Group (NYSE:GNS) stock gained 12% Monday after the Singapore-based edtech company announced it had hired a toxic debt litigation firm to help it nullify a financing agreement.

Shares of Genius Group opened at $3.85, hitting a high of $4.77 in early trading before dipping to a low of $3.70. They recently changed hands at $4.06 at around 1:35 p.m. ET.

Earlier Monday, Genius Group said it had hired The Basile Law Firm as special counsel for its legal team as part of its litigation action against Alto Opportunity Master Fund SPC, Ayrton Capital LLC and Waqas Khatri. The firm is led by convertible toxic debt expert Mark Basile.

Genius Group said last Wednesday that it had filed suit to rescind a financing agreement with Aytron. In particular, Genius Group is challenging Aryton's alleged claim that it can convert an $18M loan into an estimated $200M in Genius Group stock.

The stock closed 59% higher on Friday in the wake of the news.

Last week, Genius Group also announced it was opening up a graduate business school that will confer MBA degrees through its subsidiary, University of Antelope Valley.

The edtech has grabbed significant attention in recent weeks after announcing plans to crack down on illegal short-selling in its shares, which it believes has artificially depressed the stock price. Several other companies have since followed suit, including Agriforce Growing (AGRI), BriaCell Therapeutics (BCTX) (BCT:CA), Verb Technology (VERB), Ryvyl (RVYL), Helbiz (HLBZ) and SciSparc (SPRC).

Genius Group went public in April 2022, raising $23M. The shares rocketed during their debut, closing 408% than their IPO price of $6 per share.