The Stock Prices of GameStop Just Went up and here is the Reason Why
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One of the most controversial companies in the year 2021 that created a lot of drama back in April of 2021 is back. GameStop (GME) recently experienced a price surge in terms of its stocks. It is one of the most famous and now one of the most controversial video game retailers.
According to the market observers, the price of its shares went up after the gaming retailer made an announcement in regards to its shares. The company recently announced that it had launched more shares in to the market.
As per figures, GameStop had released a total of 5 million shares into the market and they ended up getting sold like hot cakes. The data shows that the shares were sold really fast, making the company an additional $1.13 billion in the process. Now the company has added $1.13 billion in its capital and is able to accelerate its growth.
According to the market reviews, the share price of GameStop (GME) experienced a 12.7% increase on Tuesday, June 29, 2021. This happened right after the company made an announcement in regards to the completion of its equity offering program that was at the market. Initially, the equity offering program was introduced on June 9, 2021.
The announcement around the completion of the program was made by GameStop (GME) on the morning of June 29, 2021. By noon of June 29, 2021, the stock price gain for the GameStop (GME) had shot up by 10%.
Following the capital generation, GameStop has made an announcement in regards to the utility of the funds. The gaming retailer has revealed that they will be using the funds towards the growth and development of general corporate projects.
GameStop revealed that a portion of the proceeds would also go towards the growth initiatives. The company has been growing ever since the beginning of 2021 and it wants to keep it that way. Therefore, the company is going to make sure it is able to main a strong balance sheet.
Ever since becoming a star in the books of the WallStreetBets forum on Reddit, this is the second sale of stocks that GameStop has conducted. It was back in April of 2021 when GameStop had carried out its first stock sale. In the process, GameStop managed to sell 3.5 million shares that brought in a staggering $551 million for the company.
Since the beginning of 2021, GameStop has demonstrated monstrous growth with respect to its stock prices. In the running year, GameStop has managed to gain 1,000% growth in terms of its stock prices. The company announced that it was aiming to transform itself as an e-commerce platform and so far, things seem to be going in its favor.
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