GameStop gave up significant premarket gains after the company announced plans to sell up to 75M shares of common stock following the early release of its Q1 report. In a prospectus supplement, GameStop said may offer and sell up to an additional 75M shares of its common stock. The company intends to use the net proceeds of the offering for general corporate purposes, which may include acquisitions and investments. GameStop shares are down 7%, or $3.08, to $43.47 in premarket trading. The stock got a lift yesterday and earlier this morning after Keith Gill, the man behind the “Roaring Kitty” meme stock persona, scheduled a live stream for today on YouTube to presumably discuss his large investment in the gaming retailer.
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