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00:02GameStop shares fell Monday after the company announced agreements to exchange about $1.4
00:07billion of convertible notes for Class A common stock in a cash-free transaction, according
00:12to Benzinga.
00:12The company will retire roughly $400 million of 2030 notes and $1 billion of 2032 notes
00:18by issuing new shares.
00:20GameStop's average stock price over the next 35 trading days will determine how many new
00:24shares it issues.
00:25GameStop also warned participating note holders may buy or sell shares or use derivatives
00:30to hedge their positions during that period, and those activities could materially affect
00:34the stock price.
00:35The debt exchange is expected to close around September 23rd.
00:38Shares were down by 0.05% at $19.05 in Tuesday's pre-market trading, according to data from
00:45Benzinga Pro.
00:48Benzinga Pro.
00:51For all things money, visit Benzinga.com.
