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Investing.com -- GameSquare Holdings Inc (NASDAQ:GAME) shares fell 20% in after-hours trading on Wednesday after the gaming and creator entertainment media company announced plans for a new public offering of common stock.
The company said it is commencing an underwritten public offering of shares of its common stock (or common stock equivalents), with Lucid (NASDAQ:LCID) Capital Markets acting as the sole book-running manager. GameSquare noted that the offering is subject to market conditions, and there can be no assurance about when or if the offering will be completed, or what the final size or terms will be.
The announcement comes after GameSquare stock had surged 53% during regular trading hours on Wednesday, making the after-hours decline a significant reversal of the day’s gains.
GameSquare describes itself as a next-generation media company with roots in gaming and creator entertainment. The company did not specify how it plans to use the proceeds from the potential offering.
The timing of the offering announcement following such a substantial single-day stock price increase suggests the company may be looking to capitalize on the recent market enthusiasm for its shares.
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