GameStop to sell up to 3.5 mn of shares 2 months after price sky-rocketed

Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer said Monday that it will sell up to 3.5 million of its shares with the price still vastly elevated.

The company said the shares will be sold through an at-the-market offering, which lets a publicly traded company raise capital over time.

A bizarre stand-off between hedge funds that had heavily shorted GameStop, betting that the price of shares would fall, and smaller investors who challenged them, sent shares of the beleaguered company soaring early this year.