GRAPEVINE, Texas, August 31, 2026, 20:04 (CDT)
- GameStop closed at $18.38, up 2.85%, on 10.77 million shares.
- The amended exchange fixes issuance at 55.5 million shares and $358.4 million cash.
- Preliminary quarterly sales fell, while operating income more than doubled.
GameStop Corp. NYSE:GME rose 2.9% on Monday after capping dilution from a $1.4 billion note exchange. The retailer will issue 55.5 million shares and pay $358.4 million in cash under the amended agreements.
The fixed share count equals 12.4% of GameStop’s current shares outstanding. Those shares were worth about $1.02 billion at Monday’s close. Investors therefore traded an open-ended share formula for a cash bill equal to 7.1% of preliminary liquid holdings.
The exchange cancels $1.4 billion of zero-coupon notes. About $2.8 billion of 2030 and 2032 notes will remain. Closing is expected around September 3, subject to customary conditions.
GameStop’s six-session close
NYSE closing price, U.S. dollars. As of .
Source: S&P Global Market Intelligence data via StockAnalysis.
GameStop closed at $18.38 and later traded at $18.40 by 19:59 EDT. Volume reached 10.77 million shares. That was 77% above its 20-day average, according to S&P Global Market Intelligence data.
The stock lost 0.9% during the previous week. Monday’s gain more than erased that decline. Even so, the close remained 3.6% below August 3, when the original exchange hit the market.
How the amended exchange pays noteholders
Source: GameStop Form 8-K, filed August 31, 2026.
The original terms used a 35-trading-day reference period starting August 3. Payment was entirely stock-based, so the final count kept moving with the price. The amendment ends that formula early and states that no more exchange shares can be issued.
Cash, equivalents and marketable securities were preliminarily $5.05 billion to $5.07 billion on August 1. The cash payment would consume about 7.1% of the midpoint. GameStop also held 43.4 million eBay Inc. NASDAQ:EBAY shares worth about $4.95 billion.
The retailer released preliminary results alongside the amendment. Sales are expected between $780 million and $800 million. Operating income is expected between $150 million and $170 million.
Preliminary second-quarter bridge
Midpoints for the 13 weeks ended August 1, 2026, versus reported year-earlier figures.
Source: GameStop preliminary results, August 31, 2026. Midpoint changes calculated from company ranges.
Preliminary net income of $290 million to $310 million needs context. It includes about $238 million of gains tied to eBay. A roughly $75 million loss on digital assets and related receivables partly offset that gain.
The operating-income midpoint implies a 20.3% margin, up from 6.8% a year earlier. Sales still fell 18.7% at the midpoint. GameStop cited store closures, its France exit and the prior-year Nintendo Switch 2 launch; Reuters reported the decline on Monday.
GameStop’s market value was $8.25 billion at the close. Adding the fixed shares creates about 504.2 million shares before any other changes. At $18.38, that enlarged count implies $9.27 billion of equity value, according to share data from StockAnalysis.
The week ahead has two hard checkpoints. The exchange is expected to close around September 3. Complete second-quarter results are due September 8, when investors can test the preliminary margins and balance sheet.
Risks: Closing conditions could change the exchange timing. Noteholder share sales or derivative unwinds may move the stock. The preliminary results can also shift before final reporting.
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