Jim Cramer has declared victory for GameStop Corp ( GME ) after the video game retailer announced the completion of its at-the-market equity offering. Cramer believes a transformation could be on the horizon.

What To Know: GameStop ( GME ) shares got a lift late Tuesday after the company said it sold the maximum number of shares registered under its recently announced offering program for gross proceeds of approximately $2.137 billion.

Wednesday on CNBC’s “Squawk On The Street,” Cramer highlighted GameStop’s cash position as a checkmate moment for those betting against the company.

“GameStop won here. The bears are going to be in retreat,” Cramer said.

GameStop ( GME ) trader Keith Gill, also known as “Roaring Kitty,” is largely responsible for much of the recent momentum in GameStop ( GME ) stock. He laid out his bull thesis for GameStop ( GME ) in a livestream last week focused on CEO Ryan Cohen’s turnaround capabilities given the company’s large cash position.

Short seller Citron Research announced that it closed its short position in GameStop ( GME ) on Wednesday, citing the company’s cash reserves of approximately $5 billion.

Why It Matters: Everyone seems to be eyeing GameStop’s cash position. Cramer argued that Cohen now has the funds to be able to write a check to any mall in the world in order to exit its leases and embark on a transformation plan.

“They do have 4,000 stores. They could get out of every lease, close every single GameStop ( GME ) by my take for a couple billion dollars and start over. And that’s just unbelievable, so my hat is off to what they did in terms of being able to take advantage of the memesters,” Cramer said.

Given the massive cash position, Cramer argued that GameStop ( GME ) is no longer a public video game retailer, instead it’s acting as a Cohen SPAC (special purpose acquisition company), he said.

“This will be his chance to really demonstrate that he’s a great business person and do Chewy 2,” Cramer said.

Read Next: Short Seller Citron Closes Short Position In GameStop, Says ‘It Respects Market’s Irrationality’

GME Price Action: GameStop ( GME ) shares were up 1.71% at $31.02 at the time of publication, according to Benzinga Pro.