GameStop raises $2.14B through sale of 75 million shares

GameStop (GME) has raised $2.14 billion by selling 75 million shares. While shares are sliding on Wednesday morning, the stock is still up almost 75% from the last 4 weeks.

Yahoo Finance Anchors Brad Smith and Seana Smith break down the latest development for GameStop and what it could mean for the company moving forward.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

Video transcript

Let's also talk about Gamestop this time raising over $2 billion in its recent stock sale of 75 million shares as it looks to take advantage or is taking advantage of that meme stock resurgent.

Now shares of Gamestop are up down here this morning.

But over the last month, the stock has surged.

You're looking at a gain of just about 74% well off the highs that we have seen over the last four weeks.

So you can take a look at this name, hard to make sense of it.

Of course, a lot of the excitement was reintroduced surrounding Gamestop and we've gotten some of these social media updates from War and Kitty Keith Gill.

Certainly a die hard following people that are firm believers or want to be believers maybe in what he is saying and, and that is certainly driven up as some of that excitement surrounding this up.

But once again, you've got games up here capitalizing on that renewed excitement.

So raising just around 2 billion.

Yeah, I think he's got what uh 10 more days uh inside of 10 days before some of those options calls uh come to fruition, I believe that uh a little bit uh actually around this level.

So, um that is gonna be a key level for him to watch.

And I think for a lot of the meme stock or Reddit traders who have continued to watch his YOLO updates.

Um I mean, last week's on Friday, we sat there and just waited for something to pop up forever, seemingly.

But at the end of the day, I think that's where so much of conversation for the retail trader has been focused on.

But for the company, they're just trying to figure out, ok, how can we leverage this opportunity to maintain liquidity?

And that's exactly what this is.

It's sheer dilution too.

But anyway, and you see the excitement surrounding name.

Yes, it's under pressure here today off just about 4% blame you said over the last month has been on quite the wild roller coaster ride and to no surprise on the top, mention of stocks on stock twits here this morning.