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(Reuters) – GameStop said on Tuesday it had completed an at-the-market offering of its shares, raising gross proceeds of about $2.14 billion, days after meme influencer Keith Gill hosted his first livestream in three years.

Shares of the video game retailer at the center of the meme stock hype rose more than 5% after the news broke before falling 1.6% in volatile extended trading.

In a livestream Friday with more than 600,000 viewers, Gill, the key figure behind a stunning rally in the struggling company’s shares in 2021, joked about memes and punctuated his discussion of GameStop with various disclaimers. The stock ended the session down nearly 40%.

GameStop said it had sold the maximum amount of 75 million shares registered under the program.

According to Reuters calculations, the average selling price of each GameStop share was around $28.50. The company’s shares closed at $30.49 on Tuesday.

The company said it plans to use the proceeds for general corporate purposes, which could include acquisitions and investments.

GameStop surprised investors last week by prematurely releasing its first-quarter results, which showed a 28.7 percent drop in revenue to $881.8 million, and announcing its share sale.

According to a regulatory filing Tuesday, CEO Ryan Cohen owned an 8.6 percent stake in the video game retailer on June 10. On May 22, his stake was 10.5 percent.

In May, the company raised another $933.4 million by selling 45 million shares. It had announced its plan to sell shares earlier that month, when Gill’s return to social media sparked a retail buying frenzy.

Gill, known on YouTube as “Roaring Kitty,”’s bullish comments on GameStop were one reason for the meme stock frenzy in 2021.

Gill’s optimistic statements in Reddit posts and YouTube streams have helped infuse a flood of cash into the struggling brick-and-mortar retailer.

(Reporting by Manya Saini, Sourasis Bose and Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar and Vijay Kishore)

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