Shares of Genius Brands International Inc.
fell 13.5% in very volatile trading Thursday, to snap a four-day win streak in which the kids media company’s stock had rocketed 338.1%. As an example of the whipsaw nature of trading during the day, the stock was halted 12 times for volatility throughout the day. The stock rallied to an intraday gain of as much as 47.9% soon after the open, then reversed course to be down as much as 46.4% about an hour before noon Eastern, before paring some losses. Thursday’s decline came after the company registered for the sale of up to 60.1 million shares by selling stockholders, including warrants to buy 29.0 million shares of common stock at an exercise price of 21 cents. The company currently has 96.33 million shares outstanding, according to FactSet. The stock has still skyrocketed 2,001.1% over the past month, while the S&P 500
has tacked on 9.5%.