appears to be taking advantage of its : The video game retailer says it’s going to sell millions of its shares. Some , who helped pump up the value of the company’s shares, are looking forward to buying.
The company has filed with the SEC to offer up 3.5 million shares, according to a press release Monday. GameStop didn’t say yet exactly how many shares will be available or when they’ll go on sale, but noted that the proceeds will not exceed $1 billion and will go to “its transformation as well as for general corporate purposes and further strengthening its balance sheet.”
Also on Monday, GameStop said it saw an 11% increase in sales from last year during the first nine weeks of its fiscal years. Shares of GameStop dropped sharply when the market opened Monday but have since rebounded to $182.65 in the afternoon, which is shy of a 5% decline for the day.