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GameStop to Be Debt-Free SOON, Adds 551$ Million to Coffers
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.
Earlier this month, GameStop increased the size of its ATM offering in preparation for the sale, and apparently found eager buyers for the stock. The amount of the gross proceeds reported suggests an average purchase price of around $157.43 per share.
Almost all top executives of the company, including CEO George Sherman, who will be leaving at the end of July, have either resigned or been ousted. Also, almost the entire board of directors announced it wouldn't stand for reelection at the company's annual shareholder's meeting.
That gives activist investor Ryan Cohen, who was recently appointed board chairman, complete control of the company and where it heads in the future.
Cohen has said he wants GameStop to keep only its most profitable retail locations as it becomes a consumer-focused e-commerce company that is the Amazon of video games. With no debt on its balance sheet and around $1 billion in cash, any failure by GameStop to transform itself won't be because of any financial roadblocks.