GameStop shares surge after $1.3 billion convertible debt offering

The stock of GameStop gained 0.3 per cent in premarket to $22.16 after the company announced a $1.3 billion capital raise via a 0 per cent convertible bond offering. GameStop intends to use the proceeds from the bond offering for general corporate purposes such as an investment in Bitcoin. However, the overall assessment of the struggling retail business, further compounded by ongoing store closures, has given rise to investor scepticism, resulting in a 15 per cent decline in stock price.

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