Finance

GameStop shares jump after the Reddit favorite raises $551 million

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GameStop‘s stock price climbed in premarket trade on Tuesday after the video game retailer said it sold 3.5 million additional shares, raising $551 million to speed up the company’s e-commerce transformation.

The stock, favored by the Reddit retail trading crowd, jumped 8% in premarket after gaining nearly 12% during Monday’s regular trading hours. Shares are up nearly 800% this year.

GameStop announced the “at-the-market” stock offering at the beginning of April, which was viewed as a way to capitalize on its recent head-turning rally that made Wall Street history.

In late January, a band of Reddit-obsessed retail traders coordinated trades on heavily shorted stocks, created a massive…



Source cnbc.com

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