Why Is Genius Group Stock Up 33% Today?

Genius Group stock is taking off on Monday after the education company revealed plans to spin off one of its businesses.

According to a press release, Genius Group will spin off Entrepreneur Resorts Ltd. This is a publically listed company on the Seychelles-based MERJ Stock Exchange that Genius Group owns a 97% stake in. The resort company was purchased in 2020 in a stock transfer.

Genius Group notes that the spinoff makes sense as a way to streamline its business. This will allow it to better focus on its edtech endeavors, while Entrepreneur Resorts Ltd can focus on the hospitality sector.

To go along with that, GNS expects the deal to benefit its stock. Entrepreneur Resorts Ltd’s shares currently trade for $2.75 each, and the company’s market capitalization is sitting at $37 million.

With today’s news comes heavy trading of GNS stock. As of this writing, more than 24 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 14 million shares.

GNS stock is up 32.9% as of Monday morning.

Investors seeking out more of the latest stock market news are in luck! $Genius Group(GNS.US)$