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GameStop shares fall to lowest level since August 2024
GameStop shares dropped about 11% to as low as $19.05 after the company announced a $1.4 billion private exchange of convertible notes for common stock to pay down debt.
GameStop shares sank on Monday, falling about 11% and reaching an intraday low of $19.05, the lowest level since August 2024, according to Yahoo Finance's AlphaSpace data.
The move followed the company’s plans for a private exchange of $1.4 billion in convertible notes for common stock as a way to reduce debt without using cash, a structure investors viewed as dilutive.
Yahoo Finance also noted the stock is down roughly 27% since early May, when the company made an uncollected offer related to a potential buy and after uncertainty around how GameStop would fund its broader deal plans weighed on the shares.
Separately, the report said eBay rejected GameStop’s $56 billion bid, and questions about the financing approach, including the possibility of added debt and share issuance, contributed to the decline.