LDN - Business

GameStop's fans await shareholder meeting, after high demand derailed first attempt

[June 17, 2024] By Suzanne McGee

(Reuters) - GameStop's annual meeting, scheduled for Monday, is creating a growing buzz on social media among the company's host of avid retail investor fans.

Shares of the video game retailer have gyrated wildly over the last month after Keith Gill, the stock influencer known as Roaring Kitty who helped kick off meme stock mania in 2021, reappeared and later disclosed a large position in GameStop.

Monday’s annual general meeting scheduled for 12:30 p.m. ET comes after a planned meeting this week was adjourned due to a technical glitch resulting from high demand from shareholders wanting access to the online feed, according to a spokesperson for Computershare, which is hosting the online-only gathering.

"Unprecedented demand from shareholders wanting to access GameStop’s Annual General Meeting led to a technical issue that prevented some investors from getting through, and the meeting was adjourned," Computershare said.

It was not immediately clear to analysts and investors which issues would be discussed at the meeting or whether Gill, who reiterated his bullish case for GameStop in a livestream earlier this month, would be present or online.

The company’s last shareholder meeting in June 2023 took less than 15 minutes and included a brief statement from CEO Ryan Cohen.

GameStop confirmed the technical glitch in a press release but did not respond to requests for further comment. Gill did not respond to requests for comment.

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Traders work at the post where GameStop is traded on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 12, 2024. REUTERS/Brendan McDermid/File Photo

That has not stopped Roaring Kitty's fans from speculating on what the meeting could hold. Some created their own memes ahead of the meeting, with one posted on X showing Gill's image Photoshopped onto that of a rock star strutting onto a stage in front of a massive crowd.

Reuters was unable to independently verify the authenticity of the posts and the posters did not respond to requests for comment.

Gill triggered the most recent wave of exuberance among retail investors after he disclosed ownership of 5 million GameStop shares and 120,000 June $20 strike call options in a screen shot posted on Reddit on June 2.

Gill updated his position on Thursday to show he now owns about 9 million shares and no options on the company. Gill may have sold all of his options contracts and bought shares or sold a part of his options holding and converted the rest into shares.

GameStop's shares closed down 1% at $28.70 on Friday. They have gained 67% since May 10, the last trading day before Gill resurfaced on social media after a three-year absence.

(Reporting by Suzanne McGee, additional reporting by Saqib Iqbal Ahmed; editing by Ira Iosebashvili, Megan Davies and David Gregorio)

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