Summary by Moomoo AI
GameStop announced on June 7, 2024, the launch of a new at-the-market offering program for up to 75 million shares of Class A common stock through Jefferies LLC. This follows the company's previous successful sale of 45 million shares, which generated aggregate gross proceeds of approximately $933.4 million under the existing Sales Agreement dated May 17, 2024.The offering will be conducted through ordinary brokers' transactions on NYSE, negotiated transactions, or block trades. Jefferies will receive a commission of up to 1.5% of the gross sales price. The company maintains control over pricing parameters and can suspend sales at any time. The offering will terminate upon either selling all shares or early termination of the agreement.GameStop plans to use the net proceeds for general corporate purposes, including potential acquisitions and investments aligned with the company's investment policy. The shares are being offered under GameStop's automatic shelf registration statement filed with SEC on May 17, 2024, which became effective immediately.
