GameStop’s Speedy Stock Sale May Have Been Helped by ‘Roaring Kitty’

Key Takeaways

• GameStop announced it had completed a stock sale that it began just last Friday.
• The struggling video game retailer said it sold the maximum amount of shares in the offering and brought in $2.14 billion.
• The speed of the sale may have been helped by meme stock darling “Roaring Kitty,” who has recently used social media to discuss his investment in GameStop.

GameStop (GME) appears to have gotten a boost from “Roaring Kitty.”

The struggling video game retailer and meme stock darling said it has completed the stock sale it announced just last Friday, when it also unexpectedly released first-quarter earnings.

GameStop Sells 75 Million Shares, Raises About $2.14 Billion

GameStop said that it had sold the maximum number of shares in the prospectus, 75 million, and raised approximately $2.14 billion. The company noted that it intends to use the money raised for general corporate purposes, “which may include acquisitions and investments.”

The speed by which the sale was completed may have been driven by meme-stock hero “Roaring Kitty,” a.k.a. Keith Gill, who earlier this month indicated in a Reddit post that he held a large position in GameStop, and then followed that up with a long YouTube livestream chatting about it.

GameStop shares edged 0.5% higher in volatile trading to $30.65 as of 10:37 a.m. ET Wednesday after trading as low as $28.35 earlier in the session.

Read the original article on Investopedia.