GameStop files with SEC to sell 3.5 million shares – CNET

GameStop
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The video game retailer shared more news Monday saying it saw an 11% increase in sales from last year during the first nine weeks of its fiscal years. Shares of GameStop dropped sharply when the market opened Monday but has since rebounded to 2.65 in the afternoon, which is shy of a 5% decline for the day. 
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GameStop filed with the SEC to offer up 3.5 million shares according to a press release Monday. The company didn’t say yet exactly how many shares will be available and when they’ll go on sale, but noted that the proceeds will not exceed billion and would go to “its transformation as well as for general corporate purposes and further strengthening its balance sheet.”