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THURSDAY, NOVEMBER 30, 2023
GameStop shares slide on plan for 3.5 million share sale

Global Economy

Reuters
05 April, 2021, 04:45 pm
Last modified: 05 April, 2021, 04:47 pm

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GameStop shares slide on plan for 3.5 million share sale

The shares have gained more than 900% so far this year and had at one point hit $482.95 as retail traders bet against Wall Street hedge funds that had shorted the stock

Reuters
05 April, 2021, 04:45 pm
Last modified: 05 April, 2021, 04:47 pm
A GameStop store is seen in New York, U.S., January 27, 2021. REUTERS/Nick Zieminski
A GameStop store is seen in New York, U.S., January 27, 2021. REUTERS/Nick Zieminski

GameStop Corp shares fell 13% on Monday after the video game retailer said it may sell up to 3.5 million shares as it tries to take advantage of the stock price surge following a Reddit-driven trading frenzy earlier this year.

The share sale would fetch the company more than $670 million at Thursday's closing price of $191.45. The shares have gained more than 900% so far this year and had at one point hit $482.95 as retail traders bet against Wall Street hedge funds that had shorted the stock.

GameStop said it would use the proceeds from the share offering to speed-up the shift in its business model to e-commerce, a plan that is being led by top shareholder and board member Ryan Cohen.

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The company said it has filed the at-the-market equity offering prospectus with the US Securities and Exchange Commission.

Separately, GameStop said global sales for the nine-week period ending April 4 rose about 11%.

Its shares were down at $166 in premarket trading.

World+Biz

GameStop

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