Genius Group ( NYSE: GNS ) stock rallied for the second day in a row Friday in the wake of news that it was rolling out a plan to crack down on suspected manipulation of its ordinary shares.
Shares of the Singapore-based edtech opened at $5.07, reaching a high of $5.19 in early trading before sliding to a low of $2.77 in late morning. The stock recently changed hands at $3.27, up 60% from Thursday's close, at around 1:45 p.m. ET.
Genius stock, which had been trading below a $1 since early November, soared nearly 300% Thursday to close at $2.09.
Earlier Thursday, Genius said that it was rolling out a multi-faceted plan to battle suspected illegal short-selling of its shares . The plan calls for the issuance of a special dividend to help smoke out possible manipulators and could include a reverse stock split, stock buyback and/or dual listing.
Genius shares have been highly volatile since they debuted on April 12 following a $23M initial public offering. The stock hit a 52-week high of $36.75 on April 12 and a 52-week low of $0.30 on Jan. 3.
On Friday, e-bike maker Helbiz ( HLBZ ) announced it was following Genius's leading and launching an investigation into suspected illegal short selling of its shares, which it believes may have artificially depressed its stock.
For further details see:
Genius Group stock rallies again in wake of plan to battle illegal short-selling