GameStop Corp. GME stock,
After the video game and consumer electronics retailer announced plans to sell 3.5 million shares of its common stock, Monday’s pre-market trading fell 9.7%. The company plans to use the proceeds from the “public sale” (approximately 5% of the issued shares) to accelerate its transformation, achieve general corporate purposes and strengthen its balance sheet. In addition, GameStop said that for the first nine weeks of April 4, total sales increased by 1
1% compared to the same period last year, with an increase of 5.3% in February and an increase of 18% in March. GameStop said that due to the COVID-19 pandemic, temporary store closures and other mandatory restrictions have had a negative impact on sales, resulting in a 13% decrease in the number of stores compared to the same period last year. After rising by 5.8% last week, the stock fell 31.6% for two consecutive weeks, and then there was a correction. In the past three months, the stock has soared 1,002.2% last week, and the S&P 500 SPX,
An increase of 7.9%.