Genius Group (GNS) said Wednesday its shareholders voted 97.5% in favor of a share buyback, which will allow the company to repurchase up to 20% of its shares, in compliance with Singapore law.
The company said the buyback will be executed at management's discretion and in accordance with Singapore, US securities, and NYSE regulations.
Unable to issue shares to its employee share compensation plan as a result of a preliminary injunction issued March 13 by the US District Court for the Southern District of New York, the company said to comply with Singapore employment laws, its board also approved cash compensation for affected employees and permitted them to reinvest their cash payouts into company shares on the open market.
Shares of the company rose nearly 13% in recent Wednesday premarket activity.
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