dipped Thursday after the videogame and collectibles retailer’s tender offer for its shares expired, with the shares falling below the low end of the offer.
GameStop stock, which fell 2.4 to $5.18 Tuesday, had slid about 60% in 2019 through Wednesday’s close. It was recently down 7.5% to $4.79, nearing year-to-date lows.
In June, the company announced a “modified Dutch auction” tender offer that expired at 5 p.m. ET Wednesday. On Thursday, the company announced preliminary results of the offer, saying it expects to buy 12 million shares at $5.20 each, running it $62.4 million before fees and expenses.
GameStop had approximately 102 million shares outstanding as of June 4. The company said Thursday that the purchase would represent about 11.7% of its total.
The company has struggled to adapt to an evolving industry that has seen videogame sales shift online and more distribution turn digital. In March, it named George Sherman, an experienced retail executive, its CEO after a lengthy search.
The stock dove in January on news that the company didn’t plan to sell itself, and fell sharply again in early June as it reported disappointing quarterly results and killed off its dividend. The tender offer followed soon after.
GameStop stock remains above the year-to-date intraday lows below $5 that it touched after the June earnings report—though, at latest check, by only a few pennies.
This story was first published on July 10, 2019. It was republished to reflect the announcement of the preliminary results of the offer, as well as share price movement.