Title: GameStop Raises $2.14 Billion Amid Roaring Kitty-Inspired Retail Trading Frenzy

In a move to capitalize on the recent buzz surrounding meme stocks, GameStop has successfully completed an "at-the-market" equity offering of its shares, generating approximately $2.14 billion in gross proceeds. This development comes shortly after Keith Gill, a prominent influencer in the meme stock community, made his first livestream appearance in three years.

Following the announcement, GameStop's shares initially surged by over 5%, only to face a reversal and experience a 1.6% decline during volatile extended trading hours. Gill, also known as 'Roaring Kitty', drew in a staggering 600,000 viewers during his livestream on Friday, where he playfully referenced memes and inserted disclaimers while discussing GameStop. As a consequence, the company's stock closed the day with a steep decrease of nearly 40%.

GameStop managed to sell the maximum allowable 75 million shares through this offering, with each share estimated to have an average sales price of approximately $28.50, according to Reuters' calculations. Following the completion of trading on Tuesday, the company's shares settled at $30.49.

The intention behind this large capital influx is to utilize the proceeds for general corporate purposes, including potential acquisitions and investments. GameStop's surprise release of its first-quarter results, which revealed a decline of 28.7% in revenues down to $881.8 million, coincided with the announcement of the stock sale.

In a regulatory filing on Tuesday, it was disclosed that CEO Ryan Cohen currently holds an 8.6% stake in GameStop, a slight decrease from his previous 10.5% stake recorded on May 22. Notably, during May, the company raised an additional $933.4 million by selling 45 million shares after outlining their share sale plan. This move coincided with the resurgence of Gill, whose bullish stance on GameStop played a central role in the meme stock frenzy of 2021.

Gill's presence on social media platforms, particularly Reddit and YouTube, has been instrumental in attracting significant retail investor interest to the struggling brick-and-mortar retailer. Using his online platforms, Gill has passionately advocated for GameStop, further fueling the retail buying frenzy that has captivated the market.

As GameStop moves forward with this substantial capital infusion, the company aims to navigate the evolving landscape of digital gaming and expand its market presence amidst a changing industry landscape.