GameStop plans $1 billion stock sale, shares slide

GameStop plans $1 billion stock sale, shares slide

Today·2021-04-05 20:00

-GameStop Corp shares fell 12% on Monday after the video game retailer said it may sell up to $1 billion worth of stock as it takes advantage of a dizzying rally in its shares this year on the back of a Reddit-driven retail trading frenzy.

The company said it would sell up to 3.5 million shares and use the proceeds to speed up the shift in its business model to e-commerce in an overhaul being led by top shareholder and board member Ryan Cohen.

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