Genius Sports leaders acquire stock against NYSE slump
Leadership of Genius Sports Inc has purchased over 280,000 of common shares of GENI stock following the sportstech group’s November slump on the NYSE.
The trade was led by chief executive Mark Locke, who purchased 50,000 GENI shares at a projected cost of $10.02 per share – a transaction that would have cost him circa +$500,000.
Locke was joined by Genius independent directors Niccolo de Masi and Harry You, who acquired 100,000 shares each.
During 2020, de Masi and You had formally served as the main sponsors of dMY Technology Group II, a SPAC vehicle that led Genius’ listing on the NYSE via a $1.5 billion merger.
A further 25,000 share purchase was completed by Genius Chairman David Levy. A US media and sports figurehead as former President of Turner Broadcasting, Levy had joined Genius last March, to help spearhead the sportstech group’s post-NYSE expansion.
Having maintained a post-IPO price range of £19-to-$21 on the NYSE, November trading saw Genius share price halved to below $11 per share.
The share price slump began following the publication of Genius Q3 trading results in which the group revealed period losses of $70 million, attributed to post-IPO expansion and investment costs recorded across all units.
Corporate governance supports the high-cost growth strategy that aims for Genius to become the leading media and data rights distributor for US pro-sports.
Early US commercial developments have seen Genius secure a transformative data rights agreement with the National Football League (NFL) – a deal that has seen 97% of US bookmakers use the NFL’s official wagering data provided by the company.