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GameStop raises $551 mln to accelerate e-commerce push, shares jump

Tiger Newspress2021-04-27

GameStop Corp has raised $551 million through an equity offering as the videogame retailer accelerates its shift to e-commerce, sending its shares 9.5% higher in extended trading on Monday.

The company, which was at the center of a Reddit-fueled trading frenzy earlier this year, said in a statement it had sold 3.5 million shares in the at-the-market offering.

Based on Reuters calculation, the average price of the shares sold was $157.43. The company's stock has gained more than 850% this year thanks to a push by retail investors to drive up prices of heavily shorted stocks.

GameStop said earlier this month George Sherman will step down as its chief executive officer in the biggest management shakeup at the retailer, giving top shareholder Ryan Cohen more control.

Cohen, whose RC Ventures owns nearly 13% of GameStop, is leading the company's transformation into an e-commerce firm that can compete with big retailers such as Walmart Inc, as well as technology companies like Microsoft Corp and Sony Corp.

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Comment48

  • leoshitty
    ·2021-04-27
    ??????
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  • Khinnn
    ·2021-04-27
    To the moon they say ?
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    • Daveb
      Absolutely...all the way ?????????
      2021-04-27
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  • Daveb
    ·2021-04-27
    These guys just cant stop lying. The share increase is 100% shorts having to cover...and its got a long long waybto go yet.✊?✊???
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  • Imnotbryan
    ·2021-04-27
    https://www.reddit.com/r/Superstonk/comments/mqqkc5/gme_annual_meeting_voting_for_tigers_broker/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
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    • SSMH
      thanks!
      2021-04-27
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  • Venus888
    ·2021-04-27
    Wow!
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    • MoneyCum
      Wow
      2021-04-27
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  • SyedSalman
    ·2021-04-27
    Could be speculation 
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  • Imnotbryan
    ·2021-04-27
    Anybody knows how to get the control # for epoxy voting? 
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    • Imnotbryan
      https://www.reddit.com/r/Superstonk/comments/mqqkc5/gme_annual_meeting_voting_for_tigers_broker/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
      2021-04-27
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    • tothemoon88
      i was told to email them
      2021-04-27
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  • Green_Bull
    ·2021-04-27
    As always an exciting stock to watch 
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  • JerSoh
    ·2021-04-27
    [齜牙] 
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    • Rayvchel
      nice!
      2021-04-28
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    • JerSoh
      ok
      2021-04-28
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  • garygary
    ·2021-04-27
    Wow
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  • Gab_Boey
    ·2021-04-27
    Latest 
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  • Six six six
    ·2021-04-27
    Like and comment pls! 
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    • kenong62
      same here please comment n like
      2021-04-27
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  • mikeyyk
    ·2021-04-27
    burn the shorts alive
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  • bzlim
    ·2021-04-27
    So late into the e-commerce market? Can they really be a profitable company?
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    • bzlim
      I would love to hear more on their IP. No doubt gaming industry is bullish but the growth lies with companies that owns the game or the platforms that are used along with games. Not resellers.
      2021-04-27
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    • YellowiPod
      Yes. but they are also the only company that can amplify gaming industry with their IP. Gaming industry has a bullish future. dont be fooled by the price of the stock. The market cap is only 11B.
      2021-04-27
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    • Gnoot
      if u don't believe, don't buy. so much potential but u can continue to be blind.
      2021-04-27
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    View more 2 comments
  • thieng
    ·2021-04-27
    Good.  
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  • huahz
    ·2021-04-27
    That's really cool...
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  • sunnylimbs
    ·2021-04-27
    Bad
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  • sunnylimbs
    ·2021-04-27
    Bad
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  • JY00
    ·2021-04-27
    On my list now [Cool] 
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  • WilliamQuan
    ·2021-04-27
    Shortists cry
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