GameStop Raises $ 551 Million to Accelerate Ecommerce Push, Shares Jump By Reuters

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© Reuters. FILE PHOTO: A GameStop store is seen in New York City’s Jackson Heights neighborhood

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(Reuters) – GameStop Corp (NYSE 🙂 raised $ 551 million through a stock offering as the video game retailer ramps up its transition to e-commerce, raising its shares by 15% in extended trading on Monday.

The company, which was at the center of a Reddit-fueled trading frenzy earlier this year, said in a statement that it had sold 3.5 million shares in the offering to the market.

According to Reuters’ calculation, the average price of the shares sold was $ 157.43. The company’s stock has gained more than 850% this year thanks to a push by retail investors to push up the prices of heavily shorted stocks.

GameStop said earlier this month that George Sherman would step down as CEO in the biggest management reshuffle at the retailer, giving more control to main shareholder Ryan Cohen.

Cohen, of which RC Ventures owns nearly 13% of GameStop, is leading the company’s transformation into an e-commerce business that can compete with large retailers like Walmart (NYSE 🙂 Inc, as well as tech companies like Microsoft Corp (NASDAQ 🙂 and Sony Corp (T :).

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