GameStop plans to sell the shares ‘from time to time’
GameStop has filed plans with the US Securities and Exchange Commission to sell up to 3.5 million shares.
According to the prospectus submitted, GameStop can “from time to time” sell up to 3.5 million pieces “at the market”. Jefferies has been appointed to supervise this process.
GameStop will use the proceeds for general business purposes and to strengthen the balance sheet. GameStop will raise no more than $ 1 billion.
The stock of GameStop skyrocketed earlier this year, due to feverish trading by retail investors communicating with each other via online platform Reddit.
At the beginning of this year, a share of GameStop cost about 17 dollars. The stock GameStop closed Thursday at $ 191.45. On Monday, the share threatens to yield more than 15 percent.