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GameStop shares jump after the Reddit favorite raises $551 million in stock sales



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GameStop’s stock price climbed in extended trading Monday after the video game retailer said it sold 3.5 million additional shares, raising $551 million to speed up the company’s e-commerce transformation.The stock, favored by the Reddit retail trading crowd, jumped 10% in after-hours trading after gaining nearly 12% in the day. Shares are up nearly 800% this year.GameStop announced the “at-the-market” stock offering at the beginning of April, which was viewed as a way to capitalize on its recent head-turning rally that made Wall Street history.In late January, a band of Reddit-obsessed retail traders coordinated trades on heavily shorted stocks, created a massive …

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