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Meme stock GameStop soared nearly 20% in premarket trading on Tuesday after the struggling videogame retailer announced it had raised over $900 million from selling its shares during the market rally earlier this month.
GameStop surged nearly six times its value in the first two weeks of May, partly fueled by the online return of “Roaring Kitty” Keith Gill, a key figure in the 2021 retail trading frenzy.
However, the stock has since lost 70% of its value up to Friday’s close, taking GameStop’s market value to $5.82 billion.
The company stated it had raised $933.4 million after completing its disclosed offering for 45 million shares. It intends to utilize the proceeds for general corporate purposes, including acquisitions and investments.
The brick-and-mortar retailer has been grappling with customers turning to e-commerce firms to buy video games and collectibles. Earlier this month, GameStop expected its first-quarter net sales to drop to $872 million and $892 million from $1.24 billion a year ago.
Tuesday’s move could hurt short sellers of GameStop’s shares, who bet on a stock’s decline. According to data from analytics firm Ortex Technologies, about 20.5% of GameStop’s publicly available shares were in a short position.
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