GameStop Completes At-The-Market Equity Offering Program
On April 26, 2021, GameStop Corp. (NYSE: GME) announced the completion of its "at-the-market" equity offering program, selling 3,500,000 shares and generating approximately $551 million in gross proceeds. The net proceeds will support GameStop's transformation and strengthen its balance sheet. Additionally, the company is set to redeem $216.4 million of its 10% Senior Notes due 2023, eliminating its long-term debt. These actions reflect GameStop's strategy to enhance its financial position amid ongoing changes in its business model.
- Generated approximately $551 million in gross proceeds from the sale of 3,500,000 shares.
- Net proceeds will support transformation efforts and strengthen the balance sheet.
- Redemption of $216.4 million in 10% Senior Notes will eliminate long-term debt.
- None.
GRAPEVINE, Texas, April 26, 2021 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it has completed its previously announced “at-the-market” equity offering program (the “ATM Offering”).
GameStop disclosed on April 5, 2021 that it had filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell up to a maximum of 3,500,000 shares of its common stock from time to time through the ATM Offering. The Company ultimately sold 3,500,000 shares of common stock and generated aggregate gross proceeds before commissions and offering expenses of approximately
Earlier this month, GameStop disclosed that it issued an irrevocable notice of redemption to redeem
About GameStop.
GameStop, a Fortune 500 company headquartered in Grapevine, Texas, is a leading specialty retailer offering games and entertainment products through its E-Commerce properties and thousands of stores. Visit www.GameStop.com to explore our products and offerings. Follow @GameStop and @GameStopCorp on Twitter and find us on Facebook at www.facebook.com/GameStop.
Cautionary Statement Regarding Forward-Looking Statements - Safe Harbor
This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally, including statements about the ATM Offering and the use of proceeds therefrom, include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the SEC including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021, filed with the SEC on March 23, 2021. All filings are available at www.sec.gov and on the Company’s website at www.GameStop.com.
Contact
GameStop Investor Relations
817-424-2001
investorrelations@gamestop.com
GameStop Public Relations
Joey Mooring
joeymooring@gamestop.com
or
Profile
Greg Marose / Charlotte Kiaie
gamestop@profileadvisors.com
FAQ
What was the total amount raised by GameStop from the recent equity offering?
How will GameStop use the proceeds from its equity offering?
What is GameStop's plan regarding its long-term debt?
When is GameStop redeeming its Senior Notes?
