GameStop said the sale, first unveiled amid its first quarter earnings release on June 9, generated gross proceeds of $1.126 billion which will be used for "general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet."
GameStop shares were marked 7.3% higher in early trading Tuesday to change hands at $215.50 each following news of the share sale.
The Grapevine, Texas-based retailer posted an adjusted loss of 45 cents per share for its fiscal first quarter, well inside the Street consensus forecast, and noted that group revenues rose 27.5% to $1.3 billion, as console demand offset a 5% slump in individual game sales.
Alongside that, however, GameStop revealed it had received a request from the U.S. Securities and Exchange Commission last month for a "voluntary production of documents" linked to an ongoing investigation concerning "trading activity" in its shares and those of other companies.
Data from the Yolosocks.live website, which tracks real-time mentions on stocks within Reddit's r/wallstreetbets chatroom, indicates that GameStop is the second most-discussed stock among users, up from a previous rank of 5, over the past 24 hours and more than 860 mentions.
Short interest in the shares remains elevated, however, with data from S3 Partners showing just over $2.64 billion in bets against the group, a figure that represents around 11.5 million shares, or 19.8% of the float prior to Tuesday's share sale.