GameStop raises $2.1 billion as 'meme stock' traders drive up share price

GameStop received a $2.1 billion infusion of cash this week after selling 75 million new shares to eager investors.The video game retailer, whose stock has been on a rollercoaster in recent weeks after being embraced by retail investors, disclosed in a regulatory filing on Tuesday that it plans to use the new funding for general corporate purposes, including possible acquisitions.GameStop sold the shares at an average price of $28.50 each, according to Wedbush Securities.

Gill held a live video stream from his YouTube account last week and explained his rationale for backing GameStop. During the stream, Gill alluded to the company's efforts to shift its business model from selling games in brick-and-mortar stores to streaming.'Given that GameStop's share price closed at $46 on June 6, we had assumed it would complete the sale at an average price of $40.

Source: Gaming Daily Report (gamingdailyreport.net)

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