Reported 5 months ago
GameStop's shares surged by 15% after the company announced it had raised nearly $933.4 million by selling 45 million shares through an "at-the-market" offering, following the disclosure of their share sale plan earlier in the month. This move comes amid a retail buying frenzy triggered by the resurgence of "Roaring Kitty" Keith Gill on social media. The company's shares had quadrupled in value from late April to mid-May, then dropped by around 60% before the recent increase. GameStop did not disclose the exact sale price but calculations suggest an average price of $20.74 per share, with the stock currently trading at $21.93. The proceeds will be used for general corporate purposes, potentially including acquisitions and investments.
Source: YAHOO