GameStop Raises Additional $ 1.13 Million From Share Sale
GameStop has raised more than $ 1 billion in its latest market share offering program, the company said today.
The retailer offered and sold 5 million common shares, which is approximately $ 1.13 billion after deducting commissions and offering fees. This money will be used for “general corporate objectives, investing in growth initiatives and maintaining a strong balance sheet.”
This is the second such offer that the company has made over the months. At the end of April, it announced that it would sell 3.5 million ordinary shares as part of another share offering. A total of $ 551 million has been raised.
Addition of 8.5 million shares to GameStop’s January report of 67.8 million shares issued raises dilution concerns, but retailer shares continue to trade well above historical standards .
Ann Short Internet Squeeze of GameStop Stocks In January, stock prices went from a closing price of less than $ 18 at the start of the month to a high of $ 325 at the end of the month. Although it has fluctuated considerably since then, yesterday’s trade closed at just over $ 200.
The company’s stock price crossed $ 300 again earlier this month, but since then Q1 Financial Report And with the announcement of the second-largest stock offering, it has fallen to $ 220 per day.