GameStop (GME) raised almost $2.14 billion as it capitalized on the recent stock rallies spurred by the online reemergence of influential retail trader Keith Gill.
The video game retailer said on Tuesday it completed the sale of 75 million shares, an offering announced last Friday hours before Gill, known by his online aliases "Roaring Kitty" and "Deep F***ing Value," went live on YouTube for the first time in three years.
On Wednesday, the heavily shorted stock gained 8%.
The stock has been on a roller-coaster ride over the past month as Gill, known for his bullish videos and posts that helped spur the meme frenzy of 2021, reemerged across social media platforms.
The level of enthusiasm for GameStop from retail traders this time around hasn't matched that of three years ago, according to inflow data tracked by Vanda Research.