GameStop adds to its hefty cash position after closing on an equity offering

GameStop Corp. (NYSE:GME) announced on Monday after the market closed that the company completed its previously disclosed at-the-market equity offering program.

The Texas-based company had disclosed details on September 10 on the offer to sell up to a maximum amount of 20,000,000 shares of its common stock occasionally through the ATM program. GameStop (GME) confirmed that it has now sold the maximum number of shares registered under the ATM Program for aggregate gross proceeds of approximately $400 million.

GameStop (GME) said it intends to use the net proceeds from the ATM Program for general corporate purposes, which may include acquisitions and investments.

In terms of the retailer’s balance sheet, GameStop (GME) ended Q2 with $4.2 billion in cash and had long-term debt of $12.4 million.

GameStop (GME) rose 1.92% in regular trading on Monday and added another 2.42% in the postmarket session.