GameStop Corp. has announced that it has completed its previously announced “at-the-market” equity offering program.
“GameStop disclosed on April 5, 2021 that it had filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell up to a maximum of 3,500,000 shares of its common stock from time to time through the ATM Offering. The Company ultimately sold 3,500,000 shares of common stock and generated aggregate gross proceeds before commissions and offering expenses of approximately $551,000,000. Net proceeds will be used to continue accelerating GameStop’s transformation as well as for general corporate purposes and further strengthening the Company’s balance sheet,” a statement made by the company said.
“Earlier this month, GameStop disclosed that it issued an irrevocable notice of redemption to redeem $216.4 million in principal amount of its 10.0% Senior Notes due 2023 on April 30, 2021. This voluntary early redemption will cover the entire amount of the outstanding 10% Senior Notes, which represents all of the Company’s long-term debt,” the statement added.
GameStop, a company headquartered in Grapevine, Texas, is a specialty retailer offering games and entertainment products through its E-Commerce properties and thousands of stores.
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