GameStop investors brace for rescheduled annual shareholder meeting

GameStop investors brace for rescheduled annual shareholder meeting

Meeting was adjourned when demand from shareholders caused the webcast to crash last week

GameStop Corp.’s stock shed early gains to trade flat on Monday, as investors braced for the company’s annual shareholder meeting which will take place at 11.30 a.m. Eastern after it was delayed by technical issues last week.

The company rescheduled the event after “unprecedented” demand from shareholders wanting access to it forced it to adjourn as many were unable to get through to the webcast.

The meeting had attracted attention amid the roller-coaster performance of GameStop shares GME, -3.38% following the return of influential trader Keith Gill, also known as “Roaring Kitty,” on social media. Additionally, GameStop Chief Executive Ryan Cohen has kept a low profile amid the recent meme-stock rally, adding to interest in the shareholder meeting.

The trader was an influential figure in the 2021 meme-stock frenzy that sent shares of GameStop and AMC Entertainment Holdings Inc. AMC, 0.40% skyrocketing. Gill’s return to social media last month sparked a new meme-stock rally that prompted a rise in shares of GameStop and AMC, as well as other stocks.

On June 7, GameStop shares registered their worst day since 2021 as Gill hosted his first YouTube livestream in three years. The trader again outlined his vision for the company as one that could prosper under Cohen’s influence.

GameStop took advantage of the renewed interest to tap the market with a $2.14 billion offering.

Citron Research said last week it is no longer short GameStop. “It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $4 billion in the bank, they have enough runway to appease their cult like shareholders,” Citron Research wrote on X, formerly known as Twitter.

On Friday, GameStop’s stock was reacting to news from Gill late Thursday that he had sold some of his 120,000 call options due to expire on June 21 while buying another 4,001,000 GameStop Corp. shares — increasing his position to 9,001,000 shares in the company, from 5,000,000 earlier in the week.

Gill’s position was worth more than $262 million as of Thursday’s close, according to a screenshot from his E-Trade brokerage account shared on Reddit.

For more, read: Roaring Kitty doubles down: Latest update shows trader grew GameStop stake to over 9 million shares

GameStop’s stock is up 64% in the year to date, while the S&P 500 has gained 13.8%.

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