GameStop Stock Jumps 18% After Hours in Offering Program By Investing.com

GameStop Corp. (NYSE:). announced the successful completion of its “at-the-market” share offering program (ATM program).

The program, previously disclosed, involved the sale of 45 million shares, allowing the company to raise approximately $933.4 million before commissions and offering expenses.

GameStop stock jumped 18.5% after hours following the news.

The ATM program was initially disclosed by GameStop on May 17, 2024, when the company filed a prospectus supplement with the United States Securities and Exchange Commission.

This filing indicated GameStop’s intention to offer and sell up to 45,000,000 shares of common stock over time.

GameStop said the net proceeds will be used for general corporate purposes. including potential acquisitions and investments.