It may have taken far longer than anyone anticipated, but GameStop Corp (NYSE: GME), whom has been the focus of WallStreetBets for months now, has finally announced it will be raising money. The company this morning announced an at-the-market financing that will be capped at a total of 3.5 million shares.
While the company phrased the offering as being capped on a share-count basis, the firm also indicated that the financing is not to exceed a total of $1.0 billion in gross proceeds. The offering is to be conducted through that of Jefferies LLC, with common shares of the issuer sold directly on the New York Stock Exchange to investors.
Net proceeds from the financing are to be used to “further accelerate its transformation,” as well as to strengthen its balance sheet and for general corporate purposes. Specifics on timing for the raise were not provided.
GameStop last traded at $191.45 on the NYSE.
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