FOX Business senior correspondent Charlie Gasparino questioned the timing of Roaring Kitty’s live stream on “The Cramer Countdown” and the GameStop secondary sale.
Video game retailer GameStop said Tuesday it had sold 75 million shares to raise more than $2 billion.
The share sale stems from a market-price public offering program that GameStop announced earlier this month.
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“GameStop intends to use the net proceeds from the ATM program for general corporate purposes, including acquisitions and investments,” the retailer said.
The GameStop logo is displayed during afternoon trading at the New York Stock Exchange on June 3, 2024 in New York City. (Photo by Michael M. Santiago/Getty Images/Getty Images)
This is GameStop’s second at-the-market initial public offering in the past month, following a smaller offering of 45 million shares in May, which the company said in a Securities and Exchange Commission filing raised total proceeds of $933.4 million.
“Roaring Kitty’s Gamestop position is profitable.”
Proceeds from the May stock sale were also planned to be used for “general corporate purposes.”
The sales of both shares come as GameStop has experienced attention and share price volatility after meme-stock retail trader Keith Gill became active again on his “Roaring Kitty” social media account.
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