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Bloomberg
GameStop fell on Monday after the company said it may sell up to $1 billion worth of additional shares in an at-the-market equity offering program.
Shares of the video game retailer declined more than 15% to $160.96 as of 7:19 am in New York. Jefferies will manage the offering of up to 3.5 million shares, according to a statement, and proceeds will be used to further accelerate its corporate transformation.
The company signed a deal in December with Jefferies to sell as much as $100 million in stock, according to a filing.
GameStop, based in the Dallas suburbs, has suffered with the video-game industry’s shift to online distribution.