informa
/
1 MIN READ
News

GameStop to invest in 'growth initiatives' after raising $1.12 billion through ATM Offering

GameStop has raised $1.12 billon dollars after selling 5 million shares of common stock through an at-the-market equity offering program.

GameStop has raised $1.12 billlon dollars after selling 5 million shares of common stock through an at-the-market equity offering program (ATM Offering). 

The U.S. video game retailer announced the move in a short press release, but had already indicated it was considering the sale earlier in June. 

The company said it will use the proceeds for general corporate purposes as well as for "investing in growth initiatives and maintaining a strong balance sheet."

GameStop has seen a 25.1 percent rise in net sales during the first quarter of the 2021 fiscal year, despite making a net loss of $40.8 million -- which was down on the loss of $108 million it reported the year prior. 

The company also recently named former Amazon veterans Matt Furlong and Mike Recupero as its new CEO and CFO, and said the duo had been tasked with "building a technology company and investing in growth."

Latest Jobs

Disbelief

Hybrid, Cambridge, MA or Chicago, IL
5.31.23
Quality Assurance Lead

Bladework games

Remote (United States)
5.18.23
Senior Gameplay Engineer

High Fidelity, Inc.

Remote
6.2.23
Game Interaction Designer

Fred Rogers Productions

Hybrid (424 South 27th Street, Pittsburgh, PA, USA
5.19.23
Producer - Games & Websites
More Jobs   

CONNECT WITH US

Explore the
Advertise with
Follow us

Game Developer Job Board

Game Developer

@gamedevdotcom

Explore the

Game Developer Job Board

Browse open positions across the game industry or recruit new talent for your studio

Browse
Advertise with

Game Developer

Engage game professionals and drive sales using an array of Game Developer media solutions to meet your objectives.

Learn More
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more