GME Stock Price Increases Over 8% Pre-Market: Why It Happened

By Amit Chowdhry ● June 22, 2021
  • The stock price of GameStop Corp. (NYSE: GME) increased by over 8% pre-market. This is why it happened.

The stock price of GameStop Corp. (NYSE: GME) increased by over 8% pre-market. Investors are responding positively to the company announcing that it has completed its previously announced “at-the-market” equity offering program.

GameStop had disclosed on June 9, 2021 that it filed a prospectus supplement with the SEC to offer and sell up to a maximum of 5,000,000 shares of its common stock from time to time through the ATM offering. And the company ultimately sold 5 million shares of common stock and generated aggregate gross proceeds before commissions and offering expenses of approximately $1.126 billion.

GameStop plans to use net proceeds from the ATM offering for general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.