GameStop raises $551 million to accelerate e-commerce push, shares jump
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GameStop Corp has raised $551 million through an equity offering as the videogame retailer accelerates its shift to e-commerce, sending its shares 15% higher in extended trading on Monday.
The company, which was at the center of a Reddit-fueled trading frenzy earlier this year, said in a statement it had sold 3.5 million shares in the at-the-market offering.
GAMESTOP'S CEO IS GETTING MILLIONS ON HIS WAY OUT. HE'S NOT THE ONLY ONE.
Based on Reuters calculation, the average price of the shares sold was $157.43. The company's stock has gained more than 850% this year thanks to a push by retail investors to drive up prices of heavily shorted stocks.