Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon's much-awaited Prime Day shopping event will take place in mid-October, according to multiple reports. The annual sale event will reportedly kick off in the U.S. on Tuesday, October 13. Amazon Prime Day, the company's biggest, global shopping event of the year, is usually held in the U.S. in mid-July. However, the e-commerce giant confirmed in July that it is delaying this year's event. Walmart Foundation, Cargill and McDonald's said they will invest more than $6 million in a million-acre grazing initiative to help restore grasslands and address the issue of climate change. The initiative, led by the World Bank, aims to make lasting improvements to the grasslands of the Northern Great Plains. The new program is known as the Ranch Systems and Viability Planning or RSVP network. Shell International Petroleum Co. Ltd. and Microsoft Corp. formed a strategic alliance to develop new solutions to achieve net-zero emissions. The alliance will support Shell's ambition to be a net-zero emissions energy business by 2050. Meanwhile, Shell's supply of renewable energy to Microsoft is expected to help it deliver on its renewable energy supply goals.
Follow RTT