Reported 4 months ago
GameStop's stock price rose by 14% after the company announced it had raised $933 million through a share sale, taking advantage of the recent meme stock rally. The surge in share value was partially attributed to the involvement of "Roaring Kitty" Keith Gill. Despite the recent gains, GameStop's market value has dropped by 70% since its peak earlier in May. The company intends to use the funds for various corporate purposes, including potential acquisitions and investments. Additionally, this move could impact short sellers of GameStop's shares, with about 20.5% of the company's publicly available shares being held in short positions.
Source: YAHOO