Title: GameStop Raises $2.1 Billion in Cash through Stock Offering

In a move to strengthen its financial position and explore potential acquisitions, GameStop announced on Tuesday that it had successfully sold 75 million new shares, raising $2.1 billion. The video game retailer, whose stock has experienced significant volatility in recent weeks, sold the shares at an average price of $28.50 each.

This latest stock offering comes just three weeks after GameStop sold 45 million shares, generating $933 million in additional capital. The company has revealed that it plans to utilize the newfound funds for general corporate purposes, including potential acquisitions.

The announcement of the stock sale caused a slight dip in GameStop's share price, with the stock falling 1.9% to $29.90 during afternoon trading. The company's stock had gained substantial attention in May, following the resurgence of Keith Gill, a popular trader known online as "Roaring Kitty" and "DeepF_Value." Gill's endorsement of GameStop led to a significant rally in the stock.

During a live video stream on his YouTube account, Gill discussed his reasoning behind backing GameStop, particularly highlighting the company's efforts to transition from brick-and-mortar game sales to streaming. He also shared a screenshot in a Reddit forum, revealing his ownership of approximately $116 million worth of GameStop shares.

Wedbush Securities, the investment firm, expressed surprise at the offering's lower sale price compared to their expectations. "Given that GameStop's share price closed at $46 on June 6, we had assumed it would complete the sale at an average price of $40," noted Wedbush, which set a 12-month price target of $11 on GameStop's stock.

Despite its popularity among retail investors, GameStop continues to struggle financially. In its fiscal first quarter, the company reported a loss of $32.3 million on revenue of $882 million. This reflects a decline in sales of hardware, software, and collectibles compared to the year-ago period, which saw a loss of $50.5 million on revenue of $1.2 billion.

GameStop did not immediately issue a comment concerning the stock sale. However, with the significant infusion of cash, the company is poised to tackle its financial challenges and explore potential growth opportunities.

In summary, GameStop's recent stock offering has generated $2.1 billion in cash, providing the company with the means to pursue its corporate objectives, which include possible acquisitions. While the stock experienced a slight decline following the announcement, GameStop remains confident in its future prospects amidst ongoing financial losses.