Gamestop down after announcing another share offering ahead of 'Roaring Kitty' livestream

BlackBerry

07/06/2024 16:10

(Updates)
    ** Shares of videogame retailer Gamestop  GME.N  plunge
22.6% to $36.10
    ** Stock set for its worst day in more than three weeks, if
losses hold
    ** Company will sell an additional up to 75 mln common
shares, which can help raise around $2.7 bln based on its
current stock price, as per Reuters calculations
    ** GME also reports Q1 net sales of $881.8 mln, down from
$1.24 bln a year ago
    ** Company's reported results ahead of its scheduled release
on June 11; says will not hold a conference call on Friday
    ** Stock influencer Keith Gill, who goes by "Roaring Kitty",
is scheduled to host a livestream at 12 p.m. ET (1600 GMT) on
Friday, as per his YouTube post
    ** On June 2, Gill — who drove a retail trading frenzy or
"meme stock rally" in 2021 by sparking bullish calls on Gamestop
— had posted a screenshot on his Reddit account making a
$116-mln bet on GME
    ** Other meme stocks such as AMC Entertainment  AMC.N , Koss
Corp  KOSS.N  and Tupperware Brands  TUP.N  also traded down
between 4% and 7%
    ** Retail trading platform Robinhood Markets  HOOD.O  last
up 2.1%
    ** GME stock has more than doubled YTD

 (Reporting by Nikhil Sharma and Purvi Agarwal in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))