GameStop (GME) completes its 75 million at-the-market share offering raising $2.137 billion in cash

GameStop is now over $4 billion in cash holdings.


Markets have closed for the day and GameStop (GME) has provided an update on its business. Last week, GameStop filed to the SEC to sell up to 75 million shares of its stock, which has seen a sizable boom under the return of Keith “Roarking Kitty” Gill. Now, GameStop has completed its secondary offering, netting $2.137 billion in cash for the gaming retailer.

GameStop shared a press release today to announce the sale of its stock.

The GameStop logo on a black background.

Source: GameStop

GameStop disclosed on June 7, 2024 that it filed a prospectus supplement with the U.S Securities and Exchange Commission to offer and sell up to a maximum amount of 75,000,000 shares of its common stock from time to time through the ATM Program. The Company sold the maximum number of shares registered under the ATM Program for aggregate gross proceeds (before commissions and offering expenses) of approximately $2.137 billion.

GameStop made an SEC filing to sell up to 75 million shares of its stock on Friday. This came after the stock saw a lot of action in the wake of the return of Keith “Roaring Kitty” Gill on social media. Last week, Gill held his first YouTube livestream in over three years, reeling in hundreds of thousands of live viewers.

GameStop’s balance sheet now includes over $4 billion in cash. For more GameStop news, please stick with us here on Shacknews.

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_

From The Chatty
    • reply
      June 11, 2024 2:46 PM

      Lol I was considering buying it

      • reply
        June 11, 2024 2:54 PM

        Well the offering is over so you’d be “fine” buying it now. Think about how little the price moved with all that selling. The dilution is already done. Honestly, the company is in a stronger position after this. Not saying the current stock price is either realistic or at its floor though.

      • reply
        June 11, 2024 5:15 PM

        Why would the company's $4 billion in cash holdings make you reconsider?

        • reply
          June 11, 2024 5:16 PM

          Oh no, it jumped more than 22% today, I had a feeling it was due for a rebound after last week's drama

          But aside from that, I don't know about their financials and would not be a long term investor

          • reply
            June 11, 2024 5:21 PM

            Oh, yeah it had a decent trade setup last week. Might still be some upside with the shareholder meeting on Thursday.

    • reply
      June 11, 2024 5:24 PM

      What is the tax code on this, is it considered normal income?

      • reply
        June 11, 2024 5:34 PM

        This would not show up on the income statement. It will show up on next quarter's statement of cash flows under the Financing segment.

    • reply
      June 11, 2024 5:40 PM

      I don't know of any other company at their size that has that amount of money in cash with no substantial debt

      • reply
        June 11, 2024 5:49 PM

        I was chatting with my brother about that topic today. At one point many years ago when NTDOY was in the dumps. It was like $11/share for the stock and $8/share was cash. (Pre-split share prices)

        That’s the last time I saw something that resembled this balance sheet, but these are very different companies. And Nintendo didn’t do a secondary offering to raise the cash.

    • reply
      June 11, 2024 6:06 PM

      Why not delete the shares?

Hello, Meet Lola