GameStop rose about 11% in premarket trading.GameStop Corp has raised $551 million through an equity offering as the videogame retailer accelerates its shift to e-commerce.
The $551 million stock sale, which GameStop confirmed in a statement “will be used to continue accelerating GameStop’s transformation as well as for general corporate purposes and further strengthening the company’s balance sheet,” was taken as a signal on social media that Cohen’s war chest is now swollen just as the company’s debt has been obliterated, making the head job at GameStop more attractive to an e-commerce-focused executive.
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