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We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports GameStop’s stock price plunged 13% early Monday afternoon to a price just above $25 as hype cooled following a delayed shareholder meeting, where the firm’s most prominent investor went unnamed. The price of GME shares has been turbulent since the online return of Keith Gill, better known as Roaring Kitty. The meme stock influencer reignited interest in the video game retailer last month, posting for the first time in years after emerging as the de facto face of GameStop fans in 2021. Gill’s online return has been viewed among GameStop’s believers as a significant event, to the point where people speculated that he could be appointed to GameStop’s board of directors. However, Monday’s meeting lasted less than 30 minutes and appeared pretty routine. “We’re not here to make promises or hype things up,” GameStop CEO Ryan Cohen said during the meeting’s opening remarks. “We’re here to work.” A proposal passed during the meeting that saw GameStop’s board of directors appointed for another year: Cohen, e-commerce executive Alan Attal, Volition Capital co-founder and Managing Partner Larry Cheng, and finance executive Jim Grube. Another proposal that passed appointed Deloitte & Touche as the company’s accounting firm for the next fiscal year. The meeting was conducted by GameStop General Counsel Mark Robinson, who took several questions from the audience, which touched on the direct registration of GameStop shares and the company’s recent equity offerings. “I don’t have too much to say on those,” Robinson said, referring to 120 million GameStop shares the company has issued over the past two months, which raised around $3 billion. Robinson said the company…

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Filed under: News - @ June 18, 2024 10:10 pm