Videogame Retailer GameStop Secures $551 mn to Accelerate E-Commerce Push

GameStop has secured $551 million through an equity offering as the videogame retailer accelerates its shift to e-commerce. The company had sold 3.5 million shares in the at-the-market offering.

GameStop was at the center of a Reddit-fueled trading frenzy earlier this year.

According to Reuters’ calculation, the average price of the shares sold was $157.43.

The company announced earlier this month that George Sherman will step down as its Chief Executive Officer in the biggest management shakeup at the retailer, giving top shareholder Ryan Cohen more control.

Cohen’s RC Ventures owns nearly 13 percent of GameStop. It is leading the company's transformation into an e-commerce firm that can compete with big retailers like Walmart, as well as technology companies such as Microsoft and Sony.