Genius Brands stock soars after plans to spinoff $37 million Entrepreneur Resorts subsidiary

Shares of Genius Group Ltd. shot up 15.4% in premarket trading Monday, after the Singapore-based education company said it will spin off its Entrepreneur Resorts Ltd. subsidiary, which if valued at $37 million. The company said Entrepreneur Resorts operates a Bali resort and a South Africa safari, as well as cafes in Bali and Singapore. Genius Brands said the spinoff will benefit shareholders as it will streamline and rationalize operations. Entrepreneur Resorts is currently listed on the Seychelles MERJ Stock Exchange, and Genius Brands said it has a plan to list the company on a larger exchange. Genius Brands appeared on investors’ radar earlier this month, after the stock skyrocketed 722% in three days after the company said it hired a former director of the Federal Bureau of Investigation to lead a task for investigating illegal trading in its stock. The shares have run up 192.6% over the past three months through Friday, while the S&P 500
SPX,
+0.25%
has gained 4.3%.