GameStop shares are up 22% after the video game retailer announced that it had made $933 million U.S. by selling 45 million common shares.
The company said the shares were sold at market price. Plans for the stock sale had been announced a week ago amid a brief resurgence of meme stocks.
The sale comes after “Roaring Kitty,” aka Keith Gill, who was behind the 2021 short squeeze of GameStop’s stock, posted on social media again for the first time in three years.
GameStop shares surged nearly 200% in mid-May of this year as the stock got caught up in the meme stock revival.
However, the rally fizzled after only a few days and GameStop’s shares once again fell back to earth.
Prior to today (May 28), GameStop’s stock had declined 23% in the last 12 months and was trading at $19 U.S. a share.
GameStop is scheduled to report its next quarterly financial results on June 5.
