SINGAPORE, November 2, 2023 – Entrepreneur Resorts Ltd (MERJ: ERL) (“ERL” or the “Company”), a world leading group of entrepreneur resorts and entrepreneur beach clubs, where entrepreneurs co-work, co-learn, co-live and co-give in paradise locations around the world, announces today that it has received an update from Upstream, a MERJ Exchange market, related to ERL shares held by U.S. shareholders following the spinoff of ERL from Genius Group Ltd. (“GNS”). As previously announced, GNS shareholders as of the record date August 31st (i.e., shares purchased and held 2 days or more prior to August 31, 2023) are entitled to receive an equal proportion of shares in Entrepreneur Resorts Ltd (ERL) on distribution date which began October 2, 2023.
Upstream has updated is policy to no longer allow U.S. individuals to engage in securities trading activities (including buying, selling, or depositing) on the Upstream. The share distribution process shall be unchanged for all non-U.S. shareholders. All non-U.S. shareholders will continue to maintain their ability to hold their positions on Upstream.
Therefore, effective October 30, 2023, Upstream has applied a new policy whereby U.S. persons shall no longer be permitted to deposit, buy, or sell securities on Upstream.
U.S. persons that held securities on Upstream have had their securities transferred to the issuer-designated registrar/transfer agent, and all such securities are now held directly in each shareholders name, in book entry, at the registrar/transfer agent.
U.S. investors entitled to participate in the ERL share distribution may still request their 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. shareholders may check their balance anytime by clicking HERE [1] 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 won’t be able to view their positions on the Upstream trading app, as they will no longer be maintained in Upstream accounts. U.S. shareholders shall not be permitted to trade their ERL securities after 6 months on Upstream. U.S. ERL claimants shall remain ERL shareholders and may trade their securities consistent with applicable registration requirements or an exemption therefrom or until such time as a U.S. person may trade on Upstream.
Further to this update, and consistent with remarks made at ERL’s recent Investor Meeting, ERL will be actively investigating alternative stock exchanges so that all ERL shareholders will have a future pathway to trade their shares if this proves not to be possible on Upstream Exchange.
All shareholder questions need to be submitted to the email address:
investor@entrepreneurresorts.com
Entrepreneur Resorts Ltd is the world’s leading group of Entrepreneur resorts and entrepreneur beach clubs, where entrepreneurs co-work, co-learn, co-live and co-give in paradise locations around the world. The company serves the growing number of global entrepreneurs in the world seeking a way to co-work, co-live and co-learn in paradise locations around the world, connecting with local entrepreneur communities.
The company provides a membership and global network of resorts, beach clubs and city locations for co-working & co-learning, hosting accelerator programs in exotic locations around the world. The vision of Entrepreneur Resorts is to continue to grow via its membership and profitable license model.
For more information, please visit https://entrepreneurresorts.com/
Investors:
Jeremy Harris, Group CFO & Investor Relations
Email: investor@entrepreneurresort.com
[1] https://api.upstream.exchange/captable/request/paths/invoke/symbol/ERLR