GameStop Successful in Sale of Equity but Stock Falls by 1.3%

Alan Evans

Updated by Alan Evans

News Writer

Last Updated 12th Jun 2024, 03:47 PM

GameStop Successful in Sale of Equity but Stock Falls by 1.3%

GameStop Corp, the American video game, consumer electronics, and gaming merchandise Texas retailer, announced on Tuesday, June 10th, that it has finished its previously disclosed “at-the-market” equity offering program (the “ATM Program”).

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75,000,000 Shares of Common Stock for Sale

On June 7th, the company, which has its headquarters in Grapevine, Texas, filed a prospectus supplement with the U.S Securities and Exchange Commission to offer and sell up to a maximum amount of 75,000,000 shares of its common stock from time to time through the ATM Program.

GameStop Successful in Raising Just Over $2 Billion

The company, founded in 1984 by James McCurry and Gary M. Kusin, is the largest video game retailer worldwide. 

According to reports, GameStop Corp aimed to raise roughly $2.14 billion in gross proceeds and use the net proceeds for general corporate purposes. 

GameStop managed to sell the maximum number of shares registered under the ATM Program, totalling approximately $2.137 billion.

GameStop Stock Price Fell After Sales

On Wednesday June 12th, GameStop stock fell 1.3%, with the company having completed an equity offering.

Meet The Author

Alan Evans
Alan Evans
News Writer News Writer

Most of my career was spent in teaching including at one of the UK’s top private schools. I left London in 2000 and set up home in Wales raising four beautiful children. I enrolled at University where I studied Photography and film and gained a Degree and subsequently a Masters Degree. In 2014 I helped launch a new local newspaper and managed to get front and back page as well as 6 filler pages on a weekly basis. I saw that journalism was changing and was a pioneer of hyperlocal news in Wales. In 2017 I started one of the first 24/7 free independent news sites for Wales. Having taken that to a successful business model I was keen for a new challenge. Joining the company is exciting for me especially as it is a new role in Europe. I am keen to establish myself and help others to do the same.

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