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Why Genius Brands Stock Jumped Today

TheMotleyFool

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Shares of Genius Brands International (NASDAQ: GNUS) popped on Tuesday after the children's entertainment company said it reached an agreement with holders of its convertible notes that would eliminate its remaining debt.

As of 1:20 p.m. EDT today, the stock was up more than 10% after rising as much as 18.7% earlier in the day.

Genius Brands' senior secured convertible-debt holders will pre-pay $4 million in investor note obligations three months early and convert all of their $13.75 million of debt to shares of stock. Genius Brands also agreed to register for resale the stock issued upon the note conversions.

Source Fool.com

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