Sponsored By

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.

Chris Kerr, News Editor

June 22, 2021

1 Min Read

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."

About the Author(s)

Chris Kerr

News Editor, GameDeveloper.com

Game Developer news editor Chris Kerr is an award-winning journalist and reporter with over a decade of experience in the game industry. His byline has appeared in notable print and digital publications including Edge, Stuff, Wireframe, International Business Times, and PocketGamer.biz. Throughout his career, Chris has covered major industry events including GDC, PAX Australia, Gamescom, Paris Games Week, and Develop Brighton. He has featured on the judging panel at The Develop Star Awards on multiple occasions and appeared on BBC Radio 5 Live to discuss breaking news.

Daily news, dev blogs, and stories from Game Developer straight to your inbox

You May Also Like