Reported 6 months ago
GameStop's stock surged after the company announced it raised nearly $1 billion through a stock sale program, selling 45 million shares to raise around $933 million. The move came in response to a spike in trading earlier in the month, with the stock jumping by 25% in extended trading. GameStop plans to use the proceeds for general corporate purposes, including acquisitions and investments, as its underlying business has been struggling due to the shift towards digital game downloads.
Source: YAHOO