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!