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5 Apr 11:31am

GameStop shares fall 5% as company looks to cash in on Reddit surge

The Guardian
Video-game retailer reveals plan to sell 3.5m shares to speed up transition to e‑commerce model Shares in GameStop fell 5% on Monday after the video-game retailer said it may sell up to $1bn (£720m) worth of stock as it tries to make the best of the 900% surge in its shares from a Reddit-driven rally this year. The company said it would sell up to 3.5m shares and use the proceeds to speed up its shift to e-commerce in an overhaul being led by the billionaire Ryan Cohen, its biggest shareholder and a board member of GameStop. Shares in the company fell sharply in pre-market trading in New York but had recovered by mid-morning to $182.17, a fall of 5%.
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