GameStop raises $551 million to speed up e-commerce push, shares soar By Reuters
© Reuters. FILE PHOTO: A GameStop retailer is seen within the Jackson Heights neighborhood of New York Metropolis
(Reuters) – GameStop Corp (NYSE:) has raised $551 million by means of an fairness providing because the videogame retailer accelerates its shift to e-commerce, sending its shares 15% increased in prolonged buying and selling on Monday.
The corporate, which was on the middle of a Reddit-fueled buying and selling frenzy earlier this 12 months, stated in a press release it had offered 3.5 million shares within the at-the-market providing.
Based mostly on Reuters calculation, the common worth of the shares offered was $157.43. The corporate’s inventory has gained greater than 850% this 12 months because of a push by retail traders to drive up costs of closely shorted shares.
GameStop stated earlier this month George Sherman will step down as its chief government officer within the greatest administration shakeup on the retailer, giving prime shareholder Ryan Cohen extra management.
Cohen, whose RC Ventures owns almost 13% of GameStop, is main the corporate’s transformation into an e-commerce agency that may compete with massive retailers similar to Walmart (NYSE:) Inc, in addition to expertise corporations like Microsoft Corp (NASDAQ:) and Sony Corp (T:).
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