Reported 4 months ago
GameStop's stock surged by 25% after the company raised nearly $1 billion through its latest equity offering, reflecting investor enthusiasm for meme stocks detached from fundamentals. The video game retailer sold 45 million shares in mid-May, generating about $933 million for general corporate purposes, including acquisitions and investments. Despite struggling financials, Wall Street analysts viewed the move positively. GameStop's stock rally coincided with AMC Entertainment also raising $250 million through a stock sale.
Source: YAHOO