Why GameStop Stock Climbed Today
Shares of GameStop (NYSE: GME) rose 5.2% on Tuesday after the game retailer announced the completion of a sizable stock offering.
GameStop shared its plan to sell its stock at prevailing market prices with investors back on April 5. It ultimately sold 3.5 million shares at roughly $157 per share. The offering generated approximately $551 million in cash proceeds, which GameStop will use to pay off the remainder of its long-term debt and fund its digital growth initiatives.
Investors applauded GameStop's capital raise. Image source: Getty Images.
Source Fool.com
