Is GameStop stock back? GME reveals that it is debt-free

Core Insights - GameStop experienced a resurgence in stock price due to renewed interest from investors, particularly following cryptic posts from Keith Gill, leading to significant volatility in the stock market [1][2] - The company issued 45 million new shares on May 17 to raise cash for debt management, which has proven effective as GameStop announced the termination of a $250 million debt on August 28 [1][5] - Despite recent stock price declines, GameStop's shares are still up 19.38% year-to-date [4] Financial Performance - GameStop's stock price surged from approximately $16 to nearly $50 between May and June, causing short-sellers to incur losses of nearly $2 billion [2] - The company reported a cash pile of $4 billion after raising $900 million from the issuance of 45 million shares, along with an additional 75 million shares issued in its Q1 earnings report [5] - The termination of the $250 million loan is expected to enhance the company's investment grade and alleviate the burden of debt and interest in upcoming earnings reports [6]