Shares of GameStop (GME) - Get GameStop Corp. Class A Report were rising slightly in premarket trading Tuesday after the company announced that it has entered into a lease of a 530,000-square-foot facility in Reno, Nevada.
The space, which will be a part of the expansion of its North American fulfillment network, will be operational in 2022. The move is designed to position the company to grow product offerings and expedite shipping across the West Coast.
The new facility follows GameStop's entry into a lease of a 700,000-square-foot facility in York, Pennsylvania.
GameStop shares were rising 1.4% to $205.69 in premarket trading.
Late last month, the Austin-based game retailer sold 5 million of its common shares in an "at-the-market" offering that raised just more than $1.1 billion for the video game retailer.
GameStop said the sale, first unveiled amid its first-quarter earnings release on June 9, generated gross proceeds of $1.13 billion which will be used for "general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet."
GameStop has been at the forefront of the meme stock revolution as retail investors from Reddit made the stock one of its mascots in an effort to take down short-sellers.
GameStop shares have jumped more than 950% so far year to date.
Data from the website Yolosocks.live, which tracks real-time mentions on the stocks within Reddit's r/wallstreetbets chatroom, indicates that GameStop is the most-discussed stock among users over the past 48 hours.