GameStop shares fell about 11% on Monday, touching as low as $19.05 per share, their lowest intraday levels since August 2024. The decline followed the video game retailer's announcement of a private exchange of $1.4 billion in convertible notes for common stock, a move investors viewed as dilutive to existing shareholders. The stock is down 3% year-to-date and roughly 27% since early May, when GameStop made an unsolicited $56 billion bid for eBay that was rejected, raising concerns about how the company would finance such a deal. Those concerns prompted investor Michael Burry to sell his entire position in GameStop.
GameStop Corp.Convertible note exchange dilutes shareholders; stock falls to lowest since Aug 2024
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