GameStop Stock Soars 234% on NYSE as Trading Restrictions Imposed Due to Short Squeeze

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GameStop Stock Soars 234% on NYSE as Trading Restrictions Imposed Due to Short Squeeze

Blockbeats03-28

BlockBeats News, March 28th, according to Cointelegraph, GameStop stock (GME) faced trading restrictions on the New York Stock Exchange as short interest surged 234% in a 24-hour period.

This morning, in the U.S. stock market, GameStop closed yesterday with a drop of over 22%, and after-hours it is up by 4.12%, with a market capitalization currently at $9.876 billion.

Yesterday, GameStop announced plans to privately issue $1.3 billion of 0.00% convertible senior notes due in 2030 to eligible institutional investors. Depending on market conditions, the company may also authorize the initial purchasers to buy up to an additional $200 million of notes within a 13-day period. GameStop stated that the proceeds from the offering will be used for general corporate purposes, including potentially investing in Bitcoin in accordance with the company's investment policy.

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