2024.06.17 12:03
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Shareholders' meeting is approaching, GameStop retail investors' enthusiasm reignites once again

GameStop's annual shareholders meeting is about to be held, sparking heated discussions among the company's enthusiastic retail investors. The shareholders meeting has been postponed to this Monday, as a large number of investors flooding into the live stream caused technical issues. It is currently unclear what issues will be discussed at the meeting, and it is also uncertain whether retail investor Gill will attend the meeting or participate in online discussions

According to the Wise Finance APP, the annual shareholder meeting of GameStop (GME.US) is scheduled to be held on Monday Eastern Time, which has sparked heated discussions among many enthusiastic retail investors/fans of the company on social media.

Last month, the stock price of this video game retailer experienced drastic fluctuations due to the return of Keith Gill, a retail investor internet celebrity known as "Roaring Kitty" who helped fuel the meme stock craze in 2021. Gill reappeared on social media and later disclosed his significant positions in GameStop.

Screenshots posted by Gill on Reddit showed that he holds 5 million shares of GameStop stock and 120,000 call options with a strike price of $20, triggering a recent frenzy among retail investors.

A spokesperson for Computershare, who will host this online-only meeting, stated that due to a large influx of shareholders causing technical issues with the live stream, the shareholder meeting scheduled for last week has been postponed to Monday afternoon at 12:30.

Computershare stated: "Due to the unprecedented strong demand from shareholders to attend the GameStop annual shareholder meeting, a technical issue arose, causing some investors to be unable to access it, hence the postponement of the meeting."

The company's last shareholder meeting was held in June 2023, lasting less than 15 minutes, where CEO Ryan Cohen made a brief statement. GameStop confirmed the technical glitch in a press release but did not respond to further requests for comments. Gill did not respond to comment requests.

Analysts and investors are currently unsure about what issues will be discussed at the meeting, and it is unclear whether Gill, who reiterated his optimism for GameStop earlier this month in a live stream, will attend the meeting or participate in online discussions.

However, this has not stopped fans of "Roaring Kitty" from wildly speculating about what might happen at this meeting. Some have even created memes before the meeting, with one meme posted on X showing a photoshopped image of Gill as a rock star confidently walking onto the stage in front of a crowd.

Last Thursday, Gill updated his positions, showing that he now owns approximately 9 million shares of stock, without any options in the company. Gill may have sold all his option contracts and bought stocks, or sold some of his options and converted the rest into stocks.

GameStop's stock price fell by 1% last Friday to $28.70, and as of writing, the stock is up by about 1% in pre-market trading on Monday. Since May 10th, the stock has risen by 67%, with May 10th being the last trading day when Gill reappeared on social media after a three-year absence