GameStop Corp ( GME ) shares are falling in Wednesday’s after-hours session after the company announced a proposed private offering.

What Happened: After the market close, GameStop ( GME ) announced plans to offer $1.75 billion of 0.00% Convertible Senior Notes due 2032 to institutional buyers. The company expects to grant the initial purchasers a 13-day option to purchase up to an additional $250 million of the notes.

GameStop ( GME ) intends to use the net proceeds from the offering to make investments consistent with the company’s investment policy, as well as for potential acquisitions.

The offering comes a day after GameStop ( GME ) reported first-quarter results with revenue of $732.4 million coming in below analyst estimates of $754.24 million, and adjusted earnings per share totaling 17 cents, above estimates of four cents.

GameStop ( GME ) ended the period with approximately $6.4 billion in cash, cash equivalents and marketable securities, but said it used cash to purchase 4,710 Bitcoin subsequent to quarter’s end.

GME Price Action: GameStop ( GME ) shares were down 10.02% in after-hours, trading at $25.69 at the time of publication on Wednesday, according to Benzinga Pro. GameStop ( GME ) shares are down about 8% year-to-date.

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