GameStop shares fall 20% after it files to sell additional stock, says first quarter sales dropped

GameStop's shares plummeted by 20% after announcing plans to sell up to 45 million shares and reporting a significant drop in first-quarter sales, compared to last year. The company expects a net loss of $27 million to $37 million, an improvement over the previous year's greater loss. Amidst this financial struggle, GameStop experienced a brief stock surge earlier in the week, influenced by social media activity from a key figure in the 2021 meme stock frenzy.