GameStop shares rose as much as 26% in premarket trading on Tuesday after the company announced it had completed a stock sale of more than $900 million. On Friday, GameStop said it had sold around 45 million shares of common stock in an "at-the-market" offering, meaning the shares were sold at prevailing market prices. GameStop did not disclose the price at which the shares were sold. Shares had rallied in mid-May after the social media account Roaring Kitty, which was behind 2021's meme stock frenzy, posted online again for the first time since then.
Category
🗞
NewsTranscript
00:00 It's Benzinga and here's what's on the block.
00:02 GameStop shares rose as much as 26% in pre-market trading on Tuesday after the company announced
00:08 it had completed a stock sale of more than $900 million. On Friday, GameStop said it had sold
00:13 around 45 million shares of common stock in an "at-the-market" offering, meaning the shares
00:18 were sold at prevailing market prices. GameStop did not disclose the price at which the shares
00:23 were sold. Shares had rallied in mid-May after the social media account Roaring Kitty, which was
00:27 behind 2021's meme stock frenzy, posted online again for the first time since then.
00:33 For all things money, visit Benzinga.com.