Dennis Diatel Photography/iStock Editorial via Getty Images GameStop ( NYSE: GME ) has completed its at-the-market equity offering of a maximum of 75 million shares, resulting in gross proceeds of $2.137B. The stock was trading at a 180% premium from its recent low of $10/share at the time of the offering.
The sale raises the company’s available cash, cash equivalents and unrestricted cash to ~$3.157B to be used for general corporate purposes and/or acquisitions. GameStop closed nearly 23% higher on Tuesday, reversing all of Monday’s losses.
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