GameStop Rallies 18% After-Hours on May 24 Following $933M Equity Offering

GameStop (GME) experienced a significant after-hours rally on May 24, jumping over 18% following the announcement that it raised approximately $933 million through an 'At-The-Market' equity offering program. The company sold 45 million shares at just under $21 per share. This move has sparked various reactions from investors, with some attributing the rise to the influence of social media figures like Roaring Kitty. The stock's recent performance has been volatile, with a 62% drop over the last seven trading days. Despite the recent uptick, there are concerns about the long-term sustainability of the stock's value, with some predicting it could eventually drop to zero.