Why GameStop's Stock Is Trading Higher Today

GameStop GME shares are trading higher after the company announced it completed its at-the-market equity offering.

The company ultimately sold 3.5 million shares of common stock and generated aggregate gross proceeds before commissions and offering expenses of approximately $551 million. Net proceeds will be used to continue accelerating GameStop's transformation as well as for general corporate purposes and further strengthening the company's balance sheet.

GameStop is a U.S. multichannel video game, consumer electronics, and services retailer. The company operates across Europe, Canada, Australia, and the United States. GameStop sells new and second-hand video game hardware, physical and digital video game software, and video game accessories, mainly through GameStop, EB Games, and Micromania stores and international e-commerce sites.

The stock was trading 5.45% higher at $177.82 at the time of posting. The 52-week high is $483 and the 52-week low is $3.77.