Benzinga - by Shanthi Rexaline, Benzinga Editor.
Shares of video game retailer GameStop Corp. (NYSE:GME) rocketed in premarket trading on Tuesday, reversing a muted performance following its two-day rally on May 13 and 14.
This surge comes after GameStop announced late Friday that it had completed its previously disclosed “at-the-market” (ATM) equity offering, selling a maximum of 45 million common shares. The company raised approximately $933.4 million in gross proceeds, which it intends to use for general corporate purposes, including potential acquisitions and investments.
An ATM offering from GameStop was widely anticipated when the stock price surged 179% in just two trading sessions on May 13 and 14. After reaching an intraday high of $64.83 on May 14, the stock experienced a notable pullback.
GameStop jumped 25.11% to $23.71, according to Benzinga Pro data. This premarket rise was accompanied by a similar, but smaller, gain for fellow meme stock AMC Entertainment Holdings, Inc. (NYSE:AMC), which rose 4.55% to $5.06.
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