Summary by Moomoo AI
On March 6, 2024, Genius Group Limited, an entrepreneur edtech and education group, announced the closure of its subsidiary, the University of Antelope Valley (UAV), and the initiation of legal action against the sellers of UAV, Marco and Sandra Johnson. The UAV Board of Trustees issued a statement supporting the closure and transition of students, with Genius Group pursuing a civil suit in the Superior Court of California. Despite the closure, Genius Group does not anticipate a material impact on its financials, maintaining its 2024 revenue guidance of $58.0 million to $60.0 million, and adjusted EBITDA of $2.5 million to $3.0 million. The company also reported a growing user base for its AI Avatar C-Suite Teams on its Edtech platform, GeniusU, and a significant reduction in user acquisition costs. Genius Group's CEO, Roger Hamilton, expressed optimism about the demand for AI avatars and the company's ability to meet the growing need for AI-driven educational tools and resources.