GameStop Jumps 9% After the Original Meme Stock Cashes in Again With $1 Billion Share Sale

GameStop shares climbed after the videogame retailer said it sold five million additional shares, raising $1.13 billion in capital to accelerate growth. The original Reddit favorite meme stock jumped 9% in premarket trading on Tuesday after the company announced the completion of its at-the-market equity offering program that was initially disclosed on June 9. GameStop said it will use the proceeds for general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet.