Overview

• The convertible senior notes are zero-coupon instruments due in June 2032 that include a 13-day option to purchase an extra $250 million in notes.
• GameStop plans to deploy the net proceeds for additional Bitcoin purchases and potential acquisitions under its revised investment framework.
• Shares fell more than 10% in after-hours trading following the announcement of the offering.
• In the first quarter, revenue of $732.4 million missed analyst forecasts while adjusted earnings of $0.17 per share topped estimates.
• The company held roughly $6.4 billion in cash, equivalents and marketable securities at quarter’s end and acquired 4,710 Bitcoin for about $512 million in May.