The stock, favored by the Reddit retail trading crowd, jumped 10% in after-hours trading after gaining nearly 12% in the day. Shares are up nearly 800% this year.
GameStop announced the "at-the-market" stock offering at the beginning of April, which was viewed as a way to capitalize on its recent head-turning rally that made Wall Street history.
In late January, a band of Reddit-obsessed retail traders coordinated trades on heavily shorted stocks, created a massive short squeeze in GameStop, whose shares surged 400% at one point. The brick-and-mortar retailer traded at less than $20 a share at the start of 2021.
The company is now in the middle of a shift to e-commerce, spearheaded by activist investor and board member Ryan Cohen, who was Chewy's co-founder.