GameStop stock spiking, raises $551M in equity offering

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April 28, 2021

GameStop Corp. has raised $551 million in an equity offering which sent shares way up, by 15%, in trading earlier this week.

The funding effort comes as the game retailer aims to make a big push with its e-commerce strategy, according to a Fox Business report.

The $551 million represents 3.5 million shares, which are estimated to have sold at an average of $157.43.

The news comes on the heels of CEO George Sherman announcing his resignation.