According to breaking news, GameStop (GME) has proposed a $1.3 billion private offering of convertible senior notes to fund general corporate purposes, including Bitcoin purchases.
The five-year convertible notes will be issued with a 0% coupon rate, according to a press release. In addition, the offering includes an underwriter greenshoe option for up to $200 million that could further increase the total amount raised.
“GameStop expects to use the net proceeds from the offering for general corporate purposes, including the purchase of Bitcoin in a manner consistent with GameStop’s Investment Policy,” the company said.
The announcement had an immediate impact on GameStop's stock price, with shares rising 11.7% in today's regular trading session but falling 7% in after-hours trading following the news.
*This is not investment advice.
