GameStop shareholders approved an amendment to expand the company's authorized Class A common stock to 2.5 billion shares, giving the retailer more flexibility to use stock as currency in its stalled bid for eBay. The vote came six days after Sony confirmed it will stop manufacturing physical PlayStation game discs in January 2028, accelerating the decline of GameStop's core business. GameStop's non-binding proposal to acquire eBay at $125 per share was rejected by eBay's board in May, with concerns over financing. The company directly owns 4.3 million eBay shares and holds options tied to another 39 million, according to Reuters. GameStop shares closed down 2.46% at roughly $22.20 on Tuesday and slipped further in early Wednesday trading.
GameStop Corp.Shareholders approved expanding authorized shares, diluting existing shares, and the eBay bid failed.
eBay IncGameStop's bid to acquire eBay at $125 per share was rejected, but the company holds eBay shares and options.
Sony Group Corporation