By Chris Wack


Genius Group Ltd. shares jumped 40% to $7.44 after the company said its board approved a plan to give a $10 Blockchain-based digital discount coupon, or non-fungible token per ordinary share to all shareholders.

The company said the coupons are a move to reward shareholders, and as part of the ongoing prevention measures being implemented by the company's illegal trading task force.

Under the proposed plan, the company will follow a three-step process to issue the $10 per share reward to shareholders.

The first step is a dual listing of Genius Group shares on Upstream, a trading app for digital securities and NFTs powered by Horizon Fintex and MERJ Exchange Ltd.

Once the dual listing process is complete, Genius Group will issue $10 NFT coupons per share to shareholders on Upstream. Shareholders will receive their coupons through the process of downloading the Upstream app.

The record date to confirm all shareholders is being set for Feb. 28, and the coupons issued will be based on the shares each shareholders owns on that date.

Once shareholders have received their $10 NFT coupons, they can then redeem the tokens for Genius Education Merits on Genius Group's Edtech platform, GeniusU. GEMs operate as a digital credit system similar to air miles, in which students earn GEMs, which can then be redeemed for discounts in further courses or products.

Shareholders will have 90 days to convert their $10 NFT Coupons into GEMs, through a simple login and credit procedure on GeniusU, and a further 90 days to redeem their GEMs. The GEMs are for the use of each named investors and neither the $10 NFT tokens or GEMs can be transferred, traded or sold.

Genius Group shares hit their 52-week low of 30 cents on Jan. 3, and are up 721% in the past three months.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

02-02-23 1219ET