05:30 AM EDT, 06/12/2025 (MT Newswires) -- (Updates with the latest share price movement in the headline and first paragraph.)

GameStop ( GME ) shares were down nearly 12% pre-bell Thursday after the company said late Wednesday it plans to offer $1.75 billion of convertible senior notes due 2032 to institutional buyers.

The company plans to offer initial purchasers a 13-day overallotment option to buy up to an additional $250 million of notes.

The initial conversion rate, redemption rights, and other related terms of the notes will be established during the pricing of the private offering, according to a statement.

GameStop ( GME ) plans to use the net proceeds for general corporate purposes, the company said.