Genius Group Raises $8M to Acquire 9.9% Stake in Jewel Bancorp
Genius Group closed a registered direct offering of 21,621,621 shares at $0.37, raising $8,000,000 before fees. It will allocate $5,500,000 to acquire a note convertible into 9.9% of Jewel Financial and issue 15,000,000 shares at $0.40 as additional acquisition consideration.
1. Direct Offering Details
Genius Group closed a registered direct offering of 21,621,621 ordinary shares at $0.37 each, generating $8,000,000 in gross proceeds before fees, with D. Boral Capital LLC serving as placement agent.
2. Funding the Convertible Note Acquisition
The company is deploying $5,500,000 of net proceeds to acquire a Senior Secured Convertible Promissory Note immediately convertible into 9.9% equity of Jewel Financial Limited, the sole shareholder of Jewel Bancorp Limited.
3. Share Consideration for Acquisition
In addition to cash, Genius Group will issue 15,000,000 ordinary shares at a deemed price of $0.40 per share to vendors as further consideration under a concurrent Note Purchase Agreement.
4. Strategic Vision for Digital Asset Banking
Jewel Bancorp Limited, Bermuda’s only dual-licensed digital bank, holds full banking and Class F digital asset licenses and is developing a US dollar-denominated stablecoin (JUSD) along with custody, settlement, and digital asset services.