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GameStop Shares Rally as Video Game Retailer Raises Nearly $1 Billion

GameStop Shares Rally as Video Game Retailer Raises Nearly $1 Billion

(Bloomberg) -- GameStop Corp. shares extended gains on Tuesday after the video game retailer said it brought in nearly $1 billion from a share sale program amid renewed interest for the so-called meme stock.

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Shares of the Grapevine, Texas-based company rose 17% on Tuesday, putting the stock on track to gain about $1 billion in market capitalization.

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The video-game retailer on Friday said it capitalized on a flurry of trading earlier this month by selling 45 million shares to raise roughly $933 million.

Interest in meme-stocks has picked up in the past few week following the social media comeback of the “Roaring Kitty” account on X, the handle used by Keith Gill. Gill, who operated under the moniker, shot to fame in 2021 as he rallied retail traders on Reddit.

AMC Entertainment Holdings Inc., another stock favored by retail investors, was even quicker to capitalize on the renewed interest in the space. Shares in the beleaguered movie theater operator rose as much as 4.6% on Tuesday.

--With assistance from Bailey Lipschultz.

(Updates stock move at open.)

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