GameStop Corp. will sell up to 3.5 million shares in the coming months to help support its turnaround plan, the WSJ reported.
- The company said it could raise hundreds of millions of dollars from the stock sales, but the timing and amount of the offering would involve various factors.
- The company in March said it was looking at options to increase the size of its stock-buying plans. It has had the ability to sell up to $100 million in stock since December.
- GameStop shares closed Thursday at $191.45, a more than 10-fold increase since the start of 2021. Stock traded under $3 apiece in April 2020 as the pandemic forced the closure of its location, but ended the year at just below $19. Shares peaked at $483 in intraday trading on January 28.
- The company reported an 11% growth in sales for the nine weeks ended April 3 versus the same period last year when operations took a hit from store closures. Stores were 13% less this year than a year earlier.