GameStop Crashes On Plan To Dump 45 Million Shares On Market

Sunday:

pic.twitter.com/YgjVqtgcNS

— Roaring Kitty (@TheRoaringKitty) May 13, 2024

Roaring Kitty’s post on X unleashed a mega short squeeze in heavily shorted Gamestop and AMC Entertainment Holdings between Monday and Wednesday. 

On the first day of the mania, we pointed out,  “You know Jefferies bankers are burning the phones at GME and AMC pitching ATM equity offerings for after the close.” 

You know jefferies bankers are burning the phones at GME and AMC pitching ATM equity offerings for after the close

— zerohedge (@zerohedge) May 13, 2024

Then Tuesday. 

And there it is

AMC Raised About $250M of New Equity Capital in ATM Offering

Thank you retail investors https://t.co/MPu8vfEmNz

— zerohedge (@zerohedge) May 14, 2024

And Wednesday (read here). 

 Gamestop and AMC’s price action from the start of Wednesday through yesterday’s close has been absolutely awful.

And finally, to end the week, Gamestop entered into an open market sale agreement with Jefferies to sell up to 45 million shares. 

Shares cratered in premarket trading, down 23% to 21.32. 

Here’s the price action recap for both Gamestop and AMC for the week.

Thanks for playing retail.