GameStop Raises $933 Million Through Stock Sale

The video-game retailer capitalized on a social media-driven trading frenzy to bolster its cash reserves.

GameStop sold 45 million shares at an average price of $20.74 each.
The stock sale increased the company's cash holdings to approximately $2 billion.
Shares surged up to 25% in late trading following the announcement.
The funds will be used for general corporate purposes, potentially including acquisitions and investments.
GameStop continues to face challenges as customers shift to digital game purchases.