GME drops 14% as GameStop announces plans to sell up to 3.5M shares

GME drops 14% as GameStop announces plans to sell up to 3.5M shares

GameStop Corporation, an American gaming and consumer electronics retailer, has announced its plans to sell up to 3.5 million GME shares following the stock’s massive and controversial rally.

The firm announced Monday that it has filed a prospectus supplement with the United States Securities and Exchange Commission, under which it may offer and sell up to 3.5 million shares of GME stock via an at-the-market, or ATM, equity offering program. GameStop said that its total global sales increased nearly 11% for the nine-week period ending April 3, 2021.

GameStop noted that its common stock will be offered through American multinational independent investment bank Jefferies Group, which will serve as the sales agent. The firm said that Jefferies may sell common stocks by “any lawful method deemed to be” an ATM offering as defined by rule Rule 415(a)(4) of the Securities Act. “Sales may be made at market prices prevailing at the time of a sale or at prices related to prevailing

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