GameStop Stock Jumps Monday After The Bell: What's Going On?

GameStop Corp GME shares are rising in extended trading Monday after the company announced the completion of its at-the-market offering program.

What Happened: After the market close on Monday, GameStop said it completed its previously announced offering program.

On Sept. 10, GameStop updated its prospectus to allow the company to offer and sell up to 20 million shares of its common stock from time to time.

The video game retailer announced Monday it sold the maximum number of shares registered under the program for gross proceeds of approximately $400 million. GameStop expects to use net proceeds for general corporate purposes, which may include acquisitions and investments.

GameStop stock is extremely popular among retail investors, which has helped spark some wild swings in the stock in recent years. GameStop management has taken advantage of the volatility by raising cash several times along the way.

GameStop had $4.204 billion in cash, cash equivalents and marketable securities as of the end of the second quarter.

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GME Price Action: GameStop shares were up 1.34% in after-hours, trading at $22.31 at the time of publication Monday, according to Benzinga Pro.

Photo: JJBers from Flickr.