Summary by Moomoo AI
On May 17, 2024, GameStop Corp. entered into a Sales Agreement with Jefferies LLC to sell up to 45,000,000 shares of its Class A common stock through an at-the-market offering program. The shares will be sold from time to time as specified by GameStop in placement notices to Jefferies, which will act as the sales agent. The offering is pursuant to GameStop's automatic shelf registration statement and related Prospectus Supplement filed with the SEC on the same date. The Sales Agreement allows for sales on the NYSE, among other methods, with GameStop retaining control over the minimum price for sales. The company will pay Jefferies a commission of up to 1.5% of the gross sales price for their services. The offering will continue until all shares are sold or the agreement is terminated. GameStop intends to use the net proceeds for general corporate purposes, potentially including acquisitions and investments. The Sales Agreement and legal opinion by Olshan Frome Wolosky LLP are included as exhibits to the Form 8-K filed with the SEC.