59 GameStop recently announced the completion of an “at-the-market” equity offering, raising approximately $2.14 billion in gross proceeds. This move follows a significant event in the meme stock community: Keith Gill, known as “Roaring Kitty,” conducted his first livestream in three years, drawing over 600,000 viewers. Gill, a prominent figure in the 2021 GameStop stock rally, discussed GameStop and joked about memes during his livestream, which was interspersed with various disclaimers. Despite the excitement, GameStop’s stock saw a sharp decline, closing the session down nearly 40%. Following the equity offering news, GameStop’s shares initially rose more than 5% but then reversed course, falling 1.6% in volatile extended trading. The company sold the maximum 75 million shares registered under the program, with an average sale price calculated at around $28.50 per share. On the day of the announcement, GameStop’s shares closed at $30.49. GameStop plans to use the proceeds from the share sale for general corporate purposes, which may include acquisitions and investments. This follows a previous equity raise in May, where the company generated $933.4 million by selling 45 million shares amid a retail buying frenzy sparked by Gill’s return to social media. GameStop’s recent financial performance included a surprise early release of its first-quarter results, revealing a 28.7% decline in revenues to $881.8 million. Additionally, CEO Ryan Cohen’s stake in the company decreased to 8.6% as of June 10, down from 10.5% as of May 22, according to a regulatory filing. Keith Gill, through his Reddit posts and YouTube streams, played a significant role in the 2021 meme stock frenzy, attracting a surge of retail investor interest in GameStop. His continued influence in the meme stock community is evident, as seen by the market’s reaction to his recent livestream. You Might Be Interested In Vietnam’s Rice Sector Aims for $5 Billion Export Target Bellway Makes Public All-Share Bid for Crest Nicholson Following Rejection Reliance Strategic Business Ventures buys 23.3% stake in US-based Exyn Tech for $25 million OpenAI Considers For-Profit Shift: CEO Floats New Structure ISRO Chief Somanath: Aditya L1 Spacecraft Approaching Final Phase SK Hynix’s Opposition Jeopardizes Bain Capital’s Ambitious Chip Merger