Genius Group (NYSEMKT:GNS) stock is on the move Tuesday after the education company announced the spinoff ratio for shareholders.
According to a press release from the company, the spinoff of Entrepreneur Resorts Ltd comes with a ratio of 0.1832. The company notes that the distribution date for these shares is going to be Sept. 29, 2023.
Shareholders that are eligible for this spinoff must have been on record as of Aug. 31, 2023, which means they need to have purchased and held shares for two or more days prior to that date. Investors will see the shares listed with the ERLR stock ticker in their Upstream portfolio.
Investors who are unsure how to go about claiming their ERLR shares also have a guide to help them with that. The company details how traders can register for Upstream, as well as the steps they need to go through to claim the spinoff shares.
How This Affects GNS Stock
Following news of the spinoff ratio, some 3.9 million shares of GNS stock have changed hands on Tuesday morning. That’s still a ways off from its daily average trading volume of 9.3 million shares.
GNS stock is down 3.7% as of Tuesday morning but is still up 221.9% since the start of the year. One quick thing to note is that GNS is popular with meme stock traders. Investors will want to keep that in mind if they’re considering an investment in the company.
There’s even more stock market news that traders need to know about below!
We’re offering up all of the hottest stock market news investors need to know about on Tuesday! A few examples include what’s going on with shares of Mullen Automotive (NASDAQ:MULN) and Airbnb (NASDAQ:ABNB) stock, as well as a September stock market crash warning. All of that news is readily available at the following links!
More Tuesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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