Summary by Moomoo AI
GameStop Corp. (GameStop) has announced an Open Market Sale Agreement with Jefferies LLC, effective May 17, 2024, for the sale of up to 45 million shares of its Class A common stock. The shares will be offered through Jefferies, acting as the sales agent. This agreement allows GameStop to sell its shares from time to time at its discretion. The common stock is listed on the New York Stock Exchange under the symbol 'GME.' Prior to the agreement, on May 16, 2024, GameStop's stock closed at $27.67 per share. The company has experienced significant volatility in its stock price and trading volume without material changes in its financial condition or operations. The sales agreement specifies that Jefferies will receive up to 1.5% commission on the gross sales price per share sold. The proceeds from the sale are intended for general corporate purposes, which may include acquisitions and investments. The offering is considered an 'at the market offering' as defined by the Securities Act of 1933.
