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GameStop stock surges 18% in afterhours trading on offering program

GameStop Corp (NYSE:GME). announced the successful completion of its "at-the-market" equity offering program (ATM Program).

The program, previously disclosed, involved the sale of 45 million shares, allowing the company to raise approximately $933.4 million before commissions and offering expenses.

GameStop stock surged 18.5% in afterhours trading on news.

The ATM Program was initially disclosed by GameStop on May 17, 2024, when the company filed a prospectus supplement with the U.S. Securities and Exchange Commission.

This filing stated GameStop's intention to offer and sell up to 45,000,000 shares of its common stock over time. 

GameStop has specified that the net proceeds will be used for general corporate purposes. including potential acquisitions and investments.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.