GameStop files with SEC to sell 3.5 million shares

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GameStop appears to be taking advantage of its inflated stock price: The video game retailer says it’s going to sell millions of its shares. Some traders on Reddit, 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. 

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