As the hotly anticipated GameStop annual shareholders meeting nears on Monday, the video game retailer’s stock opened relatively flat in morning trading but then started to dip. GME is currently trading at $27.51 as of this writing, down over 4% from Friday’s closing price.
GameStop’s shareholders meeting was postponed last week after the stream experienced technical difficulties due tooverwhelming demandfrom traders eager to hear about the company’s next moves—including a rumored, but as yet unconfirmed addition of bull trader Roaring Kitty (aka Keith Gill) to the board.
Theannual meeting of stockholderswas scheduled to take place on Thursday, during which five directors would be elected to serve for the next year, as the result of a shareholder vote. SomeRoaring Kitty fanaticstook this as a sign that theGameStop bullwould be added to the board. But after shareholders couldn’t join the meeting, it was “immediately adjourned.”
Later that day, Roaring Kitty (aka DeepFuckingValue)posted his holdingson Reddit, showing that the meme stock influencer had anadditional 4 million GameStop shares, compared to his previous “YOLO update.” It appeared that Gill had sold or exercised some of his $20 call options, boosting his holdings to just over 9 million GME shares.
AD
AD
Theshareholder meeting is now scheduledfor 12:30pm ET. The livestream, hosted by thesame companyas before, will allow stockholders to join to see the results of who will become the next directors, after voting via an email terminal. Asconfirmedby the stream host, those that own shares throughRobinhoodare not considered stockholders and thus will have to join as a guest.
In spite of this, Robinhood shareholders will be able to vote through itsproxy voting system. This is because owning a stock through Robinhood categorizes you as a “beneficial shareholder” as Robinhood itself holds the stock for you. In turn, proxy voting instructions should be emailed to shareholders 15 to 60 days prior to the meeting—although some Reddiors have reported not receiving this email.
Robinhood investors have played a pivotal role in the history of thisGameStop saga. Most notably, the apphalted tradingon the stock during the 2021 short squeeze causing investors to call foul play andsparking debateson market fairness.
Blockchain analytics platform Bubblemaps has levied allegations of significant insider trading activity in the memecoin projects recently promoted by Andrew Tate and Iggy Azalea.
Onchain Highlights
DEFINITION: Lost or HODLed Bitcoins indicate moves of large and old stashes. They are calculated by subtracting Liveliness from 1 and multiplying the result by the circulating supply.