Updates to ERL share distribution process for U.S. shareholders
November 1, 2023 / Upstream, the global trading app for stocks and NFTs powered by Horizon Fintex (“Horizon”) and MERJ Exchange Limited (“MERJ”), in response to the current regulatory landscape in the U.S., has decided to suspend the ability for U.S. individuals to engage in securities trading activities including buying, selling, or depositing securities on Upstream.
As previously announced, Genius Group has announced a share distribution of ERL shares on Upstream to entitled GNS shareholders as of the record date August 31st (i.e., shares purchased and held 2 days or more prior to August 31, 2023) after the distribution date which began October 2, 2023.
As part of Upstream’s policy change related to U.S. shareholders as of October 30, 2023, all U.S. shareholders’ distributed ERL securities holdings will be promptly transferred from Upstream accounts back to ERL directly through the registrar as restricted shares. U.S. shareholders won’t be able to view their ERL securities positions on the Upstream trading app, as they will no longer be maintained in Upstream accounts. U.S. shareholders may still check their ERL positions anytime by clicking HERE and searching their Upstream account/wallet number. Upstream account/wallet numbers can be found at the top of the home screen on the Upstream app.
U.S. shareholders that haven’t requested their ERL share distribution may still request their ERL shares using the Upstream trading app but once verified, U.S. shareholders’ allotted shares will be securely and exclusively held with ERL directly through the registrar as restricted shares. U.S. ERL claimants will remain ERL shareholders and may only trade their securities if ERL lists on a secondary trading venue that permits U.S. persons to trade securities, or until such time that a U.S. person may trade on Upstream.
This policy change does not affect non-U.S. traders. All non-U.S. shareholders may continue to hold and trade their securities positions on Upstream.
Upstream, a MERJ Exchange Market (merj.exchange), is a global exchange and trading app for stocks and NFTs. Powered by Horizon’s proprietary blockchain-powered matching engine technology, the platform enables users to trade NFTs, and invest in securities for IPOs, crowdfunded companies, equities, and celebrity ventures using the Upstream app. For more information, please visit https://upstream.exchange/. Upstream is currently accepting applications to dual list at https://upstream.exchange/getlisted.
U.S. persons may not deposit, buy, or sell securities on Upstream at this time.
This communication shall not constitute an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation is not permitted.
NFTs have no royalties, equity ownership, or dividends. NFTs are for utility, collection, redemption or display purposes only. Anyone may buy and sell NFTs on Upstream. All orders for sale are non-solicited by Upstream and a user’s decision to trade securities must be based on their own investment judgement.
This communication contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) difficulties in obtaining financing on commercially reasonable terms; (ii) changes in the size and nature of our competition; (iii) loss of one or more key executives or brand ambassadors; and (iv) changes in legal or regulatory requirements in the markets in which we operate. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.