GameStop GME shares fell 20% after it filed to sell additional stock, with first-quarter sales down

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GameStop shares fell 20% on Friday after the video game retailer said it plans to sell additional shares and announced preliminary results that showed a decline in first-quarter sales.

In a new regulatory filing, the video game retailer said it will sell up to 45 million Class A common shares in an at-market offering. The sale comes after GameStop shares rose earlier this week in a brief rebound in meme stock trading.

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