GameStop Jumps After Raising $1.1 Billion in Stock Sale Plan
- The video-game retailer sold 5 million shares via Jefferies
- Shares gain 10% in the biggest advance in more than two weeks
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GameStop Corp. climbed Tuesday after completing an at-the-market offering program by selling 5 million shares for a total of $1.13 billion via Jefferies.
Shares of the video-game retailer rose 10% to $220.40 after the announcement. It will use net proceeds from the offering to invest in growth initiatives and maintain a strong balance sheet, the company said in a statement released Tuesday.