The ATM sale adds millions of new stocks and raises concerns about GameStop's ability to maintain value.
The move could signal a reversal in the retailer's misfortunes.
In a quarterly earnings call, the struggling games retailer detailed further decline amid the coronavirus pandemic.
It's bad optics for a company that is already struggling financially. [UPDATE: All GameStop stores now closing]
The embattled game retailer gets a trio of new directors, including the beloved former president of Nintendo of America. Will the new board be able to resurrect a declining business?
CEO George Sherman continued to blame the company's poor performance on the impending console transition.
"This is not uniquely a GameStop issue. This is a console issue," CEO George Sherman said in an earnings call.
The video game specialty retailer missed earnings and revenue, sending the stock price tumbling.