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Meme stock GameStop climbs after raising US$933-million in share sales

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Tuesday’s move could hurt short sellers of the company’s shares, who bet on a stock’s decline

jumped 14 per cent on Tuesday after the struggling video game retailer said it had raised $933-million by cashing in on a rally in the meme stock earlier this month.

The company said it had raised $933.4-million after it completed its previously disclosed offering for 45 million shares. It intends to use the proceeds for general corporate purposes, which may include acquisitions and investments.

 

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