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GameStop ($GME) Raises $933 Million from 45M Share Sale, Stock Surges 25%

May 24, 2024, 08:33 PM

GameStop ($GME) has successfully completed its 'at-the-market' equity offering program, selling 45 million shares and raising approximately $933.4 million. This share sale, which was announced on May 17, has increased the total shares outstanding by about 15%. Following the announcement, GameStop's stock surged, with after-hours trading showing an increase of up to 25%, reaching $23.80. The company's balance sheet has significantly improved with the nearly $1 billion raised from the stock sale. Despite the surge, the stock remains below its May peak of nearly $30 and fell to below $18 during the offering.