The past week has been a tenuous one for GameStop (NYSE:GME) stock. Its earnings report proved less than stellar, missing estimates. Talks of a stock offering came the same day, worrying investors of a dilution of Class A common stock. However, much has happened since that is giving the company new life and new hope.
It started with a Roaring Kitty r/WallStreetBets post which rallied the GameStop troops. That momentum has only snowballed with news of the company’s change of guard.
GameStop told the U.S. Securities and Exchange Commission last night that eight of its board members will be resigning. Notable names in the industry like Reggie Fils-Aimé of Nintendo (OTCMKTS:NTDOY) fame and Activision’s (NASDAQ:ATVI) Kathy Vrabeck are among those stepping down.