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Actions of GameStop Corp. GME,
fell 9.7% on Monday, after the video game and consumer electronics retailer announced plans to sell up to 3.5 million shares of its common stock. The company plans to use the proceeds from the “to market” offering, which represents approximately 5% of the outstanding shares, to accelerate its transformation, for general corporate purposes and to strengthen its balance sheet. Separately, GameStop said total sales for the first nine weeks through April 4 were up 11% from the same period a year ago, including a 5.3% growth in February and an uptick. by 18% in March. GameStop said sales were negatively affected by temporary store closures and other mandatory restrictions due to the COVID-19 pandemic, resulting in a 13% decrease in store base compared to the same period ago. is one year old. The stock’s pullback comes after rising 5.8% last week, breaking a 31.6% two-week drop. Over the past three months, the stock has climbed 1,002.2% last week, while the S&P 500 SPX,
gained 7.9%.
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