GameStop Completes At-The-Market Equity Offering Program
11 Junho 2024 - 5:29PM
GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today
announced that it has completed its previously disclosed
“at-the-market” equity offering program (the “ATM Program”).
GameStop disclosed on June 7, 2024 that it filed a
prospectus supplement with the U.S Securities and Exchange
Commission to offer and sell up to a maximum amount of 75,000,000
shares of its common stock from time to time through the ATM
Program. The Company sold the maximum number of shares registered
under the ATM Program for aggregate gross proceeds (before
commissions and offering expenses) of approximately $2.137
billion.
GameStop intends to use the net proceeds from the
ATM Program for general corporate purposes, which may include
acquisitions and investments.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS - SAFE HARBOR
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are based upon management’s
current beliefs, views, estimates and expectations, including as to
the Company’s industry, business strategy, goals and expectations
concerning its market position, strategic and transformation
initiatives, future operations, margins, profitability, sales
growth, capital expenditures, liquidity, capital resources,
expansion of technology expertise, and other financial and
operating information, including expectations as to future
operating profit improvement. Forward-looking statements are
subject to significant risks and uncertainties and actual
developments, business decisions, outcomes and results may differ
materially from those reflected or described in the forward-looking
statements. The following factors, among others, could cause actual
developments, business decisions, outcomes and results to differ
materially from those reflected or described in the forward-looking
statements: economic, social, and political conditions in the
markets in which we operate; the competitive nature of the
Company’s industry; the cyclicality of the video game industry; the
Company’s dependence on the timely delivery of new and innovative
products from its vendors; the impact of technological advances in
the video game industry and related changes in consumer behavior on
the Company’s sales; interruptions to the Company’s supply chain or
the supply chain of our suppliers; the Company’s dependence on
sales during the holiday selling season; the Company’s ability to
obtain favorable terms from its current and future suppliers and
service providers; the Company’s ability to anticipate, identify
and react to trends in pop culture with regard to its sales of
collectibles; the Company’s ability to maintain strong retail and
ecommerce experiences for its customers; the Company’s ability to
keep pace with changing industry technology and consumer
preferences; the Company’s ability to manage its profitability and
cost reduction initiatives; turnover in senior management or the
Company’s ability to attract and retain qualified personnel;
potential damage to the Company’s reputation or customers'
perception of the Company; the Company’s ability to maintain the
security or privacy of its customer, associate or Company
information; occurrence of weather events, natural disasters,
public health crises and other unexpected events; risks associated
with inventory shrinkage; potential failure or inadequacy of the
Company's computerized systems; the ability of the Company’s third
party delivery services to deliver products to the Company’s retail
locations, fulfillment centers and consumers and changes in the
terms the Company has with such service providers; the ability and
willingness of the Company’s vendors to provide marketing and
merchandising support at historical or anticipated levels;
restrictions on the Company’s ability to purchase and sell
pre-owned products; the Company’s ability to renew or enter into
new leases on favorable terms; unfavorable changes in the Company’s
global tax rate; legislative actions; the Company’s ability to
comply with federal, state, local and international laws and
regulations and statutes; potential future litigation and other
legal proceedings; the value of the Company’s securities holdings;
concentration of the Company’s investment portfolio into one or few
holdings; the recognition of losses in a particular security even
if the Company has not sold the security; volatility in the
Company’s stock price, including volatility due to potential short
squeezes; continued high degrees of media coverage by third
parties; the availability and future sales of substantial amounts
of the Company’s Class A common stock; fluctuations in the
Company’s results of operations from quarter to quarter; the
restrictions contained in the agreement governing the Company’s
revolving credit facility; the Company’s ability to generate
sufficient cash flow to fund its operations; the Company’s ability
to incur additional debt; risks associated with the Company’s
investment in marketable, nonmarketable and interest-bearing
securities, including the impact of such investments on Company’s
financial results; and the Company’s ability to maintain effective
control over financial reporting. Additional factors that could
cause results to differ materially from those reflected or
described in the forward-looking statements can be found in
GameStop's most recent Annual Report on Form 10-K and other filings
made from time to time with the SEC and available at www.sec.gov or
on the Company’s investor relations website
(https://investor.gamestop.com). Forward-looking statements
contained in this press release speak only as of the date of this
press release. The Company undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws.
Contact
GameStop Corp. Investor Relations(817)
424-2001ir@gamestop.com
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