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GameStop stock surges 18% in afterhours trading on offering program

Published 05/24/2024, 04:15 PM
© Reuters

GameStop Corp (NYSE:GME). announced the successful completion of its "at-the-market" equity offering program (ATM Program).

The program, previously disclosed, involved the sale of 45 million shares, allowing the company to raise approximately $933.4 million before commissions and offering expenses.

GameStop stock surged 18.5% in afterhours trading on news.

The ATM Program was initially disclosed by GameStop on May 17, 2024, when the company filed a prospectus supplement with the U.S. Securities and Exchange Commission.

This filing stated GameStop's intention to offer and sell up to 45,000,000 shares of its common stock over time. 

GameStop has specified that the net proceeds will be used for general corporate purposes. including potential acquisitions and investments.


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