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Investing.com -- Shares of Take-Two Interactive (NASDAQ:TTWO) fell in premarket trading Wednesday after the company announced a $1 billion common stock offering.
The stock fell almost 4% in the pre-open trade. Take-Two shares are up nearly 30% since the start of the year.
Take-Two plans to use the proceeds for general corporate needs, which may include paying down debt and funding potential acquisitions. The company will sell all shares in the offering and has granted underwriters a 30-day option to purchase up to an additional $150 million worth of stock.
The offering is expected to close on May 22.
The news comes weeks after Rockstar Games, a key Take-Two subsidiary, pushed back the release of Grand Theft Auto VI from fall 2025 to May 2026. The delay extends the already lengthy wait for what is widely considered the most anticipated title in gaming.
GTA VI is a major part of Take-Two’s future growth narrative, with high expectations already factored into analyst models.
The previous installment, Grand Theft Auto V, launched in 2013 and has since sold more than 200 million copies, cementing its place among the top-selling games of all time.
Last week, Take-Two Interactive projected fiscal 2026 bookings below revised analyst expectations, suggesting that even a packed release schedule may not fully offset the impact of the delayed launch of GTA VI.
The company reported a $3.5 billion impairment charge in the fourth quarter tied to “updating long-term expectations,” executives said during the earnings call. Still, they outlined plans to release 25 titles over fiscal 2027 and 2028, including the next GTA installment.
While games like “Borderlands 4” and “Mafia: The Old Country” are set to launch this year, their success may not be enough to counterbalance the effect of pushing GTA VI out of the fiscal 2026 window.