Genius Group stock soars toward 5 1/2-month high after plan to issue $10 NFT coupons to shareholders

Shares of Genius Group Ltd.
GNS,
+33.02%
soared 28.1% toward a 5 1/2-month high in premarket trading Thursday, after the the Singapore-based education company, said it will reward its shareholders by issuing a $10 blockchain-based digital discount coupon, or non-fungible token (NFT), for each share they own. First, the company said it began the application process to dual list its shares on Upstream, which is a trading app for NFTs and digital securities. Once that’s completed, the company will issue the $10 NFT coupons to shareholders. Then shareholders can redeem the NFT coupons for Genius Education Merits (GEMs) on GeniusU, the company’s Edtech platform. The stock had jumped onto trader screens in mid-January, as it skyrocketed after the company said it was going after alleged illegal trading in the shares through naked short selling. The stock has blasted 1,504.6% year to date, while the S&P 500
SPX,
+1.47%
has gained a mere 7.3%.