GameStop Corp. He said he could raise hundreds of millions of dollars from the sale of shares in the coming months, as the video game retailer turned to public markets to help support its recovery plan.
The company said on Monday it would sell up to 3.5 million shares, adding that the timing and value of any sale of shares would involve several factors.
Although it has managed to sell up to $ 100 million worth of shares since December, GameStop – unlike AMC Entertainment Holdings Inc. – has resisted raising money this way as retail investors have helped fuel a notable rise in the company’s stock price .
GameStop’s shares traded below $ 3 each in April last year, when the pandemic led to the temporary closure of its physical stores, although it ended 2020 at just under $ 19. 483 in intraday trading on January 28, only to trade just under $ 39 about three weeks later. The stock closed Thursday at $ 191.45, an increase of more than 10 times since the beginning of the year.
Last month, GameStop said it was considering whether to increase the size of its stock purchase plans.