Genius Group Limited GNS shares are trading higher Wednesday. The company announced that it has signed a definitive merger agreement with FatBrain AI, an AI SaaS and solutions company.
What To Know:
Genius Group said that the merger has been approved by the boards of both companies, a definitive agreement has been signed and the merger will close subject to fulfillment of certain closing conditions. Following the closing of the merger, FatBrain AI’s CEO, Peter B. Ritz, and Executive Chair, Michael T. Moe, will join Genius Group’s board of directors.
“This to be completed merger between Genius Group and FatBrain AI accelerates our plans to deliver a full lifelong learning, entrepreneurial education system to prepare humanity for the AI future,” said Roger Hamilton, CEO of Genius Group.
“Our businesses share a common vision of enabling entrepreneurs and enterprises to accelerate their progress. Joining forces, in turn, accelerates our business with substantial growth in anticipated pro forma revenues and profitability.”
On Monday, Genius Group announced its financial guidance. The company sees 67% increase of number of users to between 9.5 million and 10 million users.
“We believe 2024 is going to be an extremely important year for both technology and education, with a continued trend towards future-focused courses to prepare students, entrepreneurs and employees for a world in which AI and exponential technologies will play an increasingly important part,” commented Hamilton.
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GNS Price Action: According to Benzinga Pro, Genius Group shares are up 17.8% at 43 cents at the time of publication.
Image: Alexandra Koch from Pixabay
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