GameStop Corporation, an American games and consumer electronics retailer, has announced plans to sell up to 3.5 million GME shares following the massive and controversial rally in shares.
The firm announced Monday that it has submitted a supplemental prospectus to the U.S. Securities and Exchange Commission, under which it can offer and sell up to 3.5 million GME shares through a market share offering program. or ATMs. GameStop said its total global sales increased nearly 11% during the nine-week period ending April 3, 2021.
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GameStop noted that its common shares will be offered through US multinational independent investment bank Jefferies Group, which will act as a sales agent. The firm said Jefferies can sell common stock by “any legal method that is considered” an ATM offering as defined by rule 415 (a) (4) of the Securities Act. “Sales can be made at current market prices at the time of sale or at prices related to current market prices,” said the firm.