GameStop Completes At-The-Market Equity Offering Program
April 26 2021 - 4:39PM
GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today
announced that it has completed its previously announced
“at-the-market” equity offering program (the “ATM Offering”).
GameStop disclosed on April 5, 2021 that it had
filed a prospectus supplement with the U.S. Securities and Exchange
Commission to offer and sell up to a maximum of 3,500,000 shares of
its common stock from time to time through the ATM Offering. The
Company ultimately sold 3,500,000 shares of common stock and
generated aggregate gross proceeds before commissions and offering
expenses of approximately $551,000,000. Net proceeds will be used
to continue accelerating GameStop’s transformation as well as for
general corporate purposes and further strengthening the Company’s
balance sheet.
Earlier this month, GameStop disclosed that it
issued an irrevocable notice of redemption to redeem $216.4 million
in principal amount of its 10.0% Senior Notes due 2023 on April 30,
2021. This voluntary early redemption will cover the entire amount
of the outstanding 10% Senior Notes, which represents all of the
Company’s long-term debt.
About GameStop.
GameStop, a Fortune 500 company headquartered in
Grapevine, Texas, is a leading specialty retailer offering games
and entertainment products through its E-Commerce properties and
thousands of stores. Visit www.GameStop.com to explore our products
and offerings. Follow @GameStop and @GameStopCorp on Twitter and
find us on Facebook at www.facebook.com/GameStop.
Cautionary Statement Regarding
Forward-Looking Statements - Safe Harbor
This press release contains “forward looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements generally,
including statements about the ATM Offering and the use of proceeds
therefrom, include statements that are predictive in nature and
depend upon or refer to future events or conditions, and include
words such as “believes,” “plans,” “anticipates,” “projects,”
“estimates,” “expects,” “intends,” “strategy,” “future,”
“opportunity,” “may,” “will,” “should,” “could,” “potential,” or
similar expressions. Statements that are not historical facts are
forward-looking statements. Forward-looking statements are based on
current beliefs and assumptions that are subject to risks and
uncertainties. Forward-looking statements speak only as of the date
they are made, and the Company undertakes no obligation to update
any of them publicly in light of new information or future events.
Actual results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the SEC including, but not limited to, the
Company’s Annual Report on Form 10-K for the fiscal year ended
January 30, 2021, filed with the SEC on March 23, 2021. All
filings are available at www.sec.gov and on the Company’s
website at www.GameStop.com.
Contact
GameStop Investor
Relations817-424-2001investorrelations@gamestop.com
GameStop Public RelationsJoey
Mooringjoeymooring@gamestop.com
or
ProfileGreg Marose / Charlotte
Kiaiegamestop@profileadvisors.com
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