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19 April 2021

GME drops 14% as GameStop announces plans to sell up to 3.5M shares

GME drops 14% as GameStop announces plans to sell up to 3.5M shares


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The firm announced Monday that it has filed a prospectus supplement with the United States Securities and Exchange Commission, under which it may offer and sell up to 3.5 million shares of GME stock via an at-the-market, or ATM, equity offering program.

GameStop noted that its common stock will be offered through American multinational independent investment bank Jefferies Group, which will serve as the sales agent.

GameStop emphasized that the offering is strongly capped at 3.5 million shares, stating: “ In no event will the Company sell more than 3,500,000 shares of Common Stock under the ATM Offering, and aggregate gross proceeds will not exceed $1,000,000,000.

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