GameStop (NYSE: GME) is clearing the decks in preparation for its transformation into an online-oriented video game supercenter.
Having recently announced it will retire all of its outstanding debt at the end of the month, it now says it added $551 million to its bank account by selling 3.5 million shares through an at-the-market (ATM) equity offering.
Coupled with the half-billion dollars it said it ended the first quarter with last month, that should give GameStop all the financial wherewithal it needs to achieve its plan for future growth.
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GameStop, Soon to Be Debt-Free, Adds $551 Million to Coffers