Artificial intelligence company Genius Group (NYSE American: GNS) announced that its board of directors has approved a plan to continue a $33 million rights issue of the company's common stock, with 100% of the net proceeds from the rights issue to be used to purchase Bitcoin for the company's Bitcoin reserve treasury.
In addition, the company plans to seek one or more additional loan financings, totaling up to $20 million. If the company successfully raises the maximum amount in the rights issue and additional loans, the company's Bitcoin reserves will increase from approximately $35 million in Bitcoin to $86 million in Bitcoin. It is reported that Genius Group will hold a live webcast and investor conference call on January 15, 2025 to discuss the rights issue. (Globenewswire)