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Gamestop plans to sell $1,265 billion worth of shares in 2021

GameStop filed a prospectus with the Securities and Exchange Commission to sell up to 5 million shares (worth $1.265 billion at the time of writing) of its stock from time to time, in “at-the-market” offerings.

Gamestop plans to sell $1,265 billion worth of shares in 2021

Gamestop plans to sell $1,265 billion worth of shares in 2021

The funds it raises through these stock sales will be used for general corporate purposes, investing in growth initiatives and strengthening its balance sheet, the company said.

GameStop smashed first-quarter earnings forecasts and announced new top executives, while the election of a new chairman is expected to bring more changes to the one-time Reddit favorite. Even though, their stock fell later after they revealed the plans to sell more shares.

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Analysts expected the Grapevine, Texas-based video game retailer to post a loss of 82 cents a share, but they had losses of 45 cents a share on revenue of $1.28 billion.

As of May 1, the company had $770.8 million in cash, up from $635 million on Jan. 30.

With informations: Investors.com, CNBC

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