GameStop shares drop 12% after announcing plan to sell up to 3.5 million shares

A GameStop store is pictured in New York, January 29, 2021.

Carlo AllegriI | Reuters

GameStop shares fell 12% on Monday after the video game retailer said it may sell up to 3.5 million shares as it tries to take advantage of the stock price surge following the Reddit-driven trading frenzy earlier this year.

The company also said global sales for the nine-week period ending April 4 rose about 11%.

Its shares were down at $168.20 in premarket trading.

This story is developing. Please check back for updates.

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