Finance

GameStop plummets after Reddit favorite plans $1 billion stock sale

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John Smith | Corbis News | Getty Images

Shares of GameStop tumbled by double digits at one point on Monday after the video game retailer said it may sell up to $1 billion worth of additional shares following a historic Reddit-fueled short squeeze.

GameStop saw its stock drop as much as 14% to around $164.81 apiece after announcing a stock offering of up to 3.5 million shares. The stock last traded down about 4% at $183 a share. The company said it intends to use the proceeds to further accelerate its e-commerce transformation as well as for general corporate purposes and further strengthening its balance sheet. 

The offering is viewed as a way for the retailer to capitalize on its…



Source cnbc.com

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