Gamestop Corp. (NYSE: GME) has announced today that it intends to collect $ 1.3 billion through a private offer of senior notes convertible and will use the net proceeds of this offer for general corporate purposes, including the acquisition of Bitcoin. The move comes the day after the company revealed an update of its investment policy, allowing to use Bitcoin as a treasure reserve activities.
The offer is made up of an aggregate general amount of $ 1.3 billion of senior notes convertible to 0.00% expiring in 2030. In addition, the company plans to grant the initial buyers an option to purchase up to $ 200 million in notes within a period of 13 days from the first issue date. The notes will be general obligations not guaranteed and will not bear a regular interest or will not increase value. They will mature on April 1, 2030, unless they have been converted, redeemed or regained previously.
At the time of conversion, Gamestop will have the opportunity to settle in cash, ordinary actions of his class A or a combination of both. The initial conversion rate and other terms will be determined at the time of prices. The company has declared to predict to use the weighted average price for the volume of the volume of the United States from 13:00 to 16:00 hour of light of the eastern day on the date of prices as a reference for the initial conversion price.
GameStop stressed that neither the notes nor the ordinary actions issued in the field of conversion were or will be recorded pursuant to the 1933 securities Act or any laws on state government bonds. Consequently, they cannot be offered or sold in the United States without registration or applicable exemption. The company has also declared that there are no insurance that the offer will be completed as described or at all.
This marks a significant financial decision for Gamestop while revolving towards Bitcoin integration in its corporate strategy. A strategy introduced by Michael Saylor of Strategy, who met the CEO of Gamestop Ryan Cohen in person last month, and certainly had an influence on Gamestop’s decision to embrace BTC as a reserve resource.