At the end of January, the GameStop stock was set on fire after the Reddit army sent the stock to heaven to punish those who were short in the stock. Over two months later, the stock is still at a high now, although the short share has fallen significantly.
Now the company will take advantage of the situation and sell up to 3.5 million shares in the market, according to TheStreet, which refers to the SEC. It could provide GameStop with approximately $ 571.2 million in fresh capital, while the company has a market value of $ 13.4 billion. GameStop will use the capital to accelerate a transformation, general company goals and strengthen the balance sheet.
The decision comes after the company presented disappointing quarterly figures at the end of March. The figures sent the share down 33.8 percent, but the share rose 52.7 percent the next day and had thus recovered the entire fall and a little more.
In the pre-trade, the share plunged 12.9 percent to 167.0 dollars. Nevertheless, the share is up 6,617.5 percent in the last year,