Summary by Moomoo AI
On September 10, 2024, GameStop Corp. announced the filing of a prospectus supplement with the SEC for an at-the-market offering program, allowing the sale of up to 20 million shares of Class A common stock through sales agent Jefferies LLC. This is part of an existing agreement from May 17, 2024, under which GameStop has already sold 120 million shares for approximately $3.1 billion. The shares will be sold on the NYSE among other platforms, with the company reserving the right to set minimum sale prices and suspend sales as needed. GameStop will pay Jefferies LLC a commission of up to 1.5% of the gross sales price. 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 regarding the share issuance are referenced in the report.
