GameStop Corp (NYSE:GME) shares surged in premarket trading after the video games retailer said it had raised over $930 million from selling shares.
The king of meme stocks shares leapt 25% higher in premarket trading on Tuesday.
After markets closed on Friday the retail put out an announcement that confirmed its previously disclosed 'at-the-market' equity offering had sold the maximum amount of 45 million shares to raise roughly $933.4 million.
"GameStop intends to use the net proceeds from the ATM Program for general corporate purposes, which may include acquisitions and investments," it said.
The shares were sold as the company took advantage of the rocketing share price earlier in the month when some cryptic social media messages from noted Youtuber and Redditor Keith 'Roaring Kitty' Gill inspired a new melt-up.
Share rose from around $11 at the start of the month to a high above $60 before then tumbling back to $18.31 at the end of last week.
Today the shares are currently trading 25.3% higher at $23.80 ahead of the opening bell.