GameStop slides again on move to sell shares after meme-stock rally
NY Post
GameStop slumped 20% on Friday, after the struggling video game retailer said it would sell up to 45 million shares, taking advantage of the meme-stocks frenzy that took hold this week.
The Grapevine, Texas-based firm logged its highest trading volume in three years so far this week, following a series of posts from Keith Gill’s X account “Roaring Kitty,” whose bullish calls on GameStop were a reason for the 2021 meme-stock frenzy.
“Companies have also learned to take advantage of the market disruption with quicker secondary offerings,” said Rick Meckler, partner at Cherry Lane Investments.
“This can blunt price rises by meeting demand with additional new shares being supplied,” Meckler said.
GameStop has filed for a mixed-shelf offering, under which a company can raise capital by selling different types of securities in one or more separate offerings.
In a similar move, struggling theater chain AMC completed a $250 million “at-the-market” share sale program on Monday.
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