---
title: "GME Stock: GameStop Raised $2.14 Billion From Selling 75 Million Shares"
description: "GameStop (NYSE:GME) has raised $2.14 billion from the sale of 75 million shares through at-the-market (ATM) offerings. The company plans to use the proceeds for general corporate purposes, including a"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/206141367.md"
published_at: "2024-06-12T16:43:13.000Z"
---

# GME Stock: GameStop Raised $2.14 Billion From Selling 75 Million Shares

> GameStop (NYSE:GME) has raised $2.14 billion from the sale of 75 million shares through at-the-market (ATM) offerings. The company plans to use the proceeds for general corporate purposes, including acquisitions and investments. Despite the potential dilution of shares, GameStop's strong retail community support has allowed it to take advantage of the offerings. The stock is expected to remain volatile until June 21, when options held by investor Keith Gill expire.

Roaring Kitty, whose real name is Keith Gill, has indirectly helped **GameStop** (NYSE:**GME**) raise billions of dollars. Following his return to social media on May 12 — which came after a nearly three-year hiatus — GME stock has surged higher by more than 75%.

On June 7, the video game retailer announced an at-the-market (ATM) offering of up to 75 million shares. Now, that offering has been fully completed, resulting in total gross proceeds of $2.137 billion.

Before that, the company had announced an ATM offering offering of up to 45 million shares on May 17. That offering was fully completed as well, resulting in gross proceeds of $933.4 million. Meanwhile, GameStop’s cash, cash equivalents and marketable securities totaled $1.08 billion as of May 4, meaning that its cash pile should be around $4 billion at the moment.

“We intend to use the net proceeds from the ATM Offering for general corporate purposes, which may include acquisitions and investments in a manner consistent with our investment policy,” said GameStop.

## GME Stock: GameStop Completes 75 Million ATM Offering

GameStop’s large cash pile provides the company with a large degree of flexibility in pursuing its business goals. In normal situations, ATM offerings often result in a decreased stock price, as it brings along the dilution of shares. In other words, more shares result in a reduced ownership stake for shareholders.

However, GME is by no means a normal stock given its strong support from the retail community. GameStop understands this and has taken advantage of its status with share offerings, as it should.

At the same time, GME stock will likely continue to trade in a volatile, unpredictable fashion until at least June 21. That’s the date that Gill’s $20 call options expire. Gill owned 120,000 of these options as of the close on June 10. As of that date, he also owned 5 million shares — bought at an average price of $21.27 per share — and a cash balance of $29.40 million.

If Gill chooses to exercise the options, he would have to cough up $240 million of cash to acquire 1.2 million GME shares. Based on his account screenshots, he doesn’t have anywhere close to that amount of money. Only time will tell what Gill has up his sleeve.

*On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com* *Publishing Guidelines**.*

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

Consumer Discretionary, Retail

Meme Stocks

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
