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Stock Alert: Genius Brands Jumps 93% To Touch New 52-week High

Shares of Genius Brands International Inc. (GNUS) are surging more than 93 percent or $3.75 in Wednesday's morning trade at $7.77, after earlier touching a new 52-week high of $7.79 despite the absence of any stock-specific news. Genius Brands is a California-based children's entertainment company.

In late May, Genius Brands had agreed with some investors for the purchase and sale of 7.5 million common shares at $1.20 per share, resulting in gross proceeds of $9.0 million. The company intended to use the net proceeds to grow its newly-announced digital network for children, Kartoon Channel!, which will launch on June 15 and be available in about 100 million TV households in the U.S. and approximately 200 million mobile devices. It will also use the net proceeds to fund production of additional episodes of its series 'Rainbow Rangers', and for repayment of certain outstanding debt as well as for working capital.

The stock has traded in a range of $0.05 to $7.79 in the 52-week period.

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