It was only last Friday that GameStop made the announcement that it had finished a stock sale that it had begun. The video game retailer, which is experiencing financial difficulties, said that it had sold the maximum number of shares in the sale and had raked in $2.14 billion.
At first glance, it would seem that “Roaring Kitty” has been beneficial to GameStop (GME).
During the same week that it suddenly disclosed its first-quarter profits, the struggling video game retailer and meme stock favorite reported that it had successfully completed the stock sale that it had announced just the previous Friday.
With the sale of 75 million shares, GameStop has raised about $2.14 billion.
GameStop said that it had successfully raised roughly $2.14 billion by selling the maximum amount of shares that were included in the prospectus, which was 75 million. It was stated by the corporation that it plans to utilize the funds that were collected for general corporate reasons, “which may include acquisitions and investments.”
It is possible that the speed with which the deal was finalized was influenced by the meme-stock hero known as “Roaring Kitty,” also known as Keith Gill. Earlier this month, Keith Gill made a post on Reddit indicating that he had a significant role at GameStop. He then followed up that post with a lengthy livestream on YouTube in which he discussed their relationship.
During the turbulent trading session that took place on Wednesday morning at 10:37 a.m. Eastern Time, GameStop shares reached a price of $30.65, up 0.5% from their previous price of $28.35 earlier in the day.
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