GameStop completes at-the-market equity offering after raising $1.126 billion, stock jumps 9% premarket

GameStop Corp.
GME,
-6.29%
said Tuesday it has completed an at-the-market equity offering after issuing 5 million shares to raise about $1.126 billion. The videogame retailer and leading meme stock said it will use the proceeds for the catch-all general corporate purposes and for growth initiatives, while maintaining a healthy balance sheet. The stock jumped 9% premarket and has gained 964% in the year to date, spurred on by Reddit subgroup WallStreetBets, who are betting the company can restore its business under new leadership. The S&P 500
SPX,
+1.40%
has gained 12.5% in the same period.