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GameStop (NYSE:GME) is scheduled to hold its annual shareholder meeting on June 13. Ahead of the meeting, CEO Ryan Cohen disclosed a smaller position in the company.
The items on the agenda for the meeting including voting on the election of five directors, providing an advisory, non-binding vote on the compensation of executive officers, voting on the audit committee’s appointment of Deloitte & Touche as the company’s independent registered public accounting firm, and to transact any other business that may properly come before the annual meeting.
Last year at the GameStop (GME) annual meeting, Ryan Cohen made a memorable splash with his opening comment.
“Actions speak louder than words. My responsibility is making sure GameStop is run by managers who treat company money like their own. In corporate America, the people in charge, the professional directors and management teams are not aligned with shareholders. They’re always the recipient of stock grants. However, they rarely purchase company shares with their own savings. There’s a big difference between risk-free compensation for showing up and putting a meaningful amount of your own money at risk.”
Ryan Cohen’s RC Ventures disclosed in an SEC filing on Wednesday that it held a stake of 8.6% in GameStop (GME), which is lower than the prior reported stake of 10.2%. Yesterday, GameStop (GME) has completed its at-the-market equity offering of a maximum of 75 million shares, resulting in gross proceeds to the company of $2.137 billion. In effect, the ATM offering lowered the stake for all GME shareholders of record.
Shares of GameStop (GME) slipped 1.54% in premarket action on Wednesday to $30.02 after soaring 22.80% on Tuesday. The market cap on the company is still over $10 billion, which is higher than the narket caps for consumer companies such as Hasbro (HAS), Caesars Entertainment (CZR), and Wayfair (W).
