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.
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.
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replyDonovan Erskine posted a new article, GameStop (GME) completes its 75 million at-the-market share offering raising $2.137 billion in cash
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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.
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Why would the company's $4 billion in cash holdings make you reconsider?
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Oh, yeah it had a decent trade setup last week. Might still be some upside with the shareholder meeting on Thursday.
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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.
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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.-
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Hopefully the CEO will actually talk about the future at the shareholder meeting this week.
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If you believe what Keith said on his stream, no. They aren’t working together.
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Why not delete the shares?
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