Strong retail investor interest in GameStop's GME annual shareholder meeting caused a server crash and a postponement of the event.
After rescheduling the event for Friday, GameStop has moved the event again and it may line up with a holiday that Roaring Kitty (aka Keith Gill) is a fan of.
What Happened: The return of Roaring Kitty on social media may have prompted renewed attention for the video game retailer and on Thursday those results were on full display with the shareholders meeting.
Computer Share, who hosted the meeting, told CNBC a high amount of traffic for the meeting led to servers crashing.
The rescheduled meeting was set for 4 p.m. ET on Friday, June 14 but has since been moved to 12:30 p.m. ET on Monday, June 17.
GameStop said the meeting was adjourned "due to technical difficulties with the third-party hosting site."
While Monday may seem like a normal business day, social media is buzzing with the shareholders meeting now coinciding with a holiday.
Monday, June 17, 2024 is "National Take Your Cat To Work Day," a holiday that falls on the third Monday of June every year, ac
The holiday, which was the brainchild of Allianz-owned pet insurance company Petplan, has only been around for a few years, while National Take Your Dog To Work (the first Friday after June 19) has existed since the 1990s.
On the subreddit r/Superstonk, where Roaring Kitty has shared portfolio updates, one user said "RK is now RC's cat, and he's bringing him to work!!"
The post references Roaring Kitty (RK) and GameStop CEO Ryan Cohen.
Many optimistic GameStop investors have speculated that the large ownership position from Roaring Kitty could prompt more involvement with the company.
Roaring Kitty, who recently made his livestream return to YouTube, has not shared any intention to be involved with GameStop's management or Board of Directors.
The strong interest in GameStop's shareholder meeting on Thursday could now be trumped with more attention on Monday as more speculation begins on Roaring Kitty.
Related Link: Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?
Why It's Important: GameStop has raised around $3 billion in two recent share offerings since the stock rose from the return of Roaring Kitty on social media.
In its filings, GameStop said it could use the proceeds for acquisitions and investments. Many investors want to know what these plans are or if Cohen will start investing the cash in stocks and cryptocurrency, as he is now allowed to per a company announcement from last year.
Investors may also be looking for updates on the company’s future plans, as its main business line is physical video games while the sector is transforming to digital games.
GameStop has shared minimal details in recent quarterly financial results and has not hosted a conference call in many consecutive quarters.
An update from Roaring Kitty that included ownership of five million GameStop shares and 120,000 options was well received by investors.
On Thursday, an update from the investor showed that he no longer held any options, but instead owned 9,001,000 shares.
Gill shared that he had an average cost basis of $23.4135 on the shares and they were up around $51 million. Many investors expressed optimism that Gill sold his calls and put the proceeds into shares instead of simply cashing out.
GME Price Action: GameStop shares were trading down 1.79% at $28.60 on Friday at publication after closing up 14% on Thursday. Shares have traded between $9.95 and $64.83 over the past 52 weeks.
Photo made using photos on Shutterstock
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