Connect with us

Bussiness

GameStop raises more than $2 billion by selling 75 million shares, capitalizing on meme frenzy

Published

on

GameStop raises more than  billion by selling 75 million shares, capitalizing on meme frenzy

Merchandise lines the shelves of a GameStop store on May 28, 2024 in Miami, Florida. 

Michael Nagle | Bloomberg | Getty Images

GameStop raised more than $2 billion in a recent stock sale as the video game company took advantage of a revived meme rally sparked by the return of trader Roaring Kitty.

The retailer announced Tuesday evening that it completed an at-the-market equity offering, selling the maximum number of 75 million shares to raise proceeds of $2.14 billion. GameStop said it intends to use the money for general corporate purposes, which may include acquisitions and investments.

Continue Reading