GameStop finalizes at-the-market equity offering program, raises $2.137 billion

By Guntakin Mehnatli
June 11, 2024

GameStop Corp (NYSE: GME) surged 22.8% on Tuesday after the company successfully concluded its previously announced “at-the-market” equity offering program.

On June 7, 2024, GameStop revealed that it had filed a prospectus supplement with the US Securities and Exchange Commission to offer and sell up to a maximum of 75,000,000 shares of its common stock intermittently through the ATM Program.

The company has now sold the maximum number of shares registered under the ATM Program, yielding aggregate gross proceeds (before commissions and offering expenses) of around $2.137 billion.

GameStop plans to allocate the net proceeds from the ATM Program for general corporate purposes. These may encompass acquisitions and investments.

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About Author / Guntakin Mehnatli

Starting her career as a Political Journalist in 2020, Guntakin Mehnatli has dedicated the past four years to becoming an expert in finance and political news reporting. She also maintains a keen focus on trending topics in artificial intelligence, technology, startups, business and related areas.