Shares of Genius Group (NYSE: GNS) soared by more than 35% in pre-market trading on Monday after the entrepreneur edtech and education group announced the spinoff of subsidiary Entrepreneur Resorts “to create shareholder value.”
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Entrepreneur Resorts is a publicly listed company on the Seychelles MERJ Stock Exchange (ERL) with a market capitalization of $37 million. The company operates a resort in Bali, Indonesia, a South African safari, and has co-working cafes in Bali and Singapore. Entrepreneur Resorts’ 97% outstanding shares are owned by Genius Group. The company was acquired by Genius Group around three years back in an all-stock deal.
Even after today’s jump in the stock price, shares of GNS Group have tanked 87.1% in the past year.