After at the beginning of June impressed markets with its fiscal Q1 2021 figures, the company came once again in the spotlight
GameStop – Reddit’s favorite meme stock – jumped after announcing the completion of at-the-market equity offering program that was initially disclosed on June 9. The video game retailer said it sold 5 million shares, raising $ 1.13 billion in capital to boost growth, with money being used for general corporate purposes and maintaining a solid balance sheet.
The move marks the second stock sale conducted by GameStop since it became famous on Reddit’s WallStreetBets forum. The company sold 3.5 million additional shares in April when it raised $551 million.
Earlier this month, GameStop reported revenues of $1.28 billion, topping the $1.16 billion consensus.
After the news hit the wires, the company’s stock price traded 10% higher, rallying over 1,000% since the beginning of 2021.
Find out here more about GameStop quarterly performance!
This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent. Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of za.capex.com
JME Financial Services (Pty) Ltd trading as ZA.CAPEX.COM acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via ZA.CAPEX.COM, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15. Magnasale Trading Ltd is the principal to the CFD purchased by investors.