This is an automated archive made by the Lemmit Bot.

The original was posted on /r/Superstonk by /u/Alert_Piano341 on 2024-10-01 00:44:35+00:00.

(TLDR- key differences in the ATM filing, and nature of the volume and ON loan beleives, open up the possiblitie that the ATM was done in one trasaction or to a third party)

Long Time no talk Superstonk,

I am here to post about our beloved stonk and its string of 3 ATMS in 2024, and 5 ATMS in total since Jan 2021.

I want to remark on how our latest ATM was a little different then the last two. (I know several other post have talked about this as well)

The first diffence is timing, the last two came during the middles of high volume and high volitility which gamestop could easily complete the ATMs in very short period of time. I beleive gamestop had share caps on the amount of shares that could be sold each day ATMS and raised them each ATM, so first ATM was 1M shares a day then 2.5M then 7.5M then 25M …

For the 5th ATM we were looking for somewhere between 130M to 150M in volume to clear the ATM.

Throug the first 6 days we had 78.46M, we obviouly recieved unusual volume on 9/20 due to quad witching and ETF rebalancing, but given the price action on 9/20 I believe that the ATM was done befe 10:20 as most of the price action was well above $20 and there was not enough volume below $20, to offset the volume above $20

How did game stop sell 20M shares with an average of $20?

The second difference is when gamestop notified that they had completed the ATM

On all previous ATMs Gamestop would notify the investors the same day the filing was completed.

for ATM #5 gamestop notified the public on 9/23rd

Filing 9/23

Event 9/30

3rd and most Interesting differences is in a change in wording

Here are links to the 5 ATMS-

ATM 1-

ATM 2-

ATM 3-

ATM 4-

ATM 5-

The 4 previous ATMS had language under the “plan to Distribute” section in the Prospectus Supplement

the read some version of the following

“The settlement of shares between us and the Sales Agent is generally anticipated to occur…”

ATM #3 language-

ATM #3 Settlement of shares

ATM #4 Language

ATM #4 Settlement of shares, changes from 2 days to 1 day due to a rule change on May 28th

ATM Language #5

ATM #5 changes the wording from Shares to "any securities"

did you catch that…any securities offered under this prospectus

zoomed in for those in the back

Why would they change the wording used in all previsous ATMS from Settlement of shares to settlement of ANY SECURITIES.

They have a whole host of securities allowed under the prospectus.

Several options for other Security types

Gamestop also has many ways they are allowed to sell the Shares or Securities to complete the ATM

The 4th difference is that the ON LOAN DATA INCREASE during the ATM

I know I know, ORTEX is bad, their data makes me made…blah blah blah…

but if you look at their data trends it does tell a story about the atms.

For ATM #3 Shares on loan drop from 84.39 M to 72M during the ATM and keep droping after

For ATM #4 Shares on loan drop from 74.25M to 48M during the ATM and go up and down after, but more down thatn up eventually bottoming out around 27.26M shares on olan.

For ATM #5 Shares on loan were already on an up trend…but surly a 20M ATM would stop this trend…

Shares on loand started at 28.92 M and finished at 38M on 9/20 so shares on loan Increased by 10M during the ATM

Here is the kicker, it jumped all the way up to 56.52M on 9/23 which would make sense if they had one extra day for settlment. thats also almost the full amount of the ATM as well.

Shares on loan increasing during ATM #5

Conclusion-

Many possible conclusion, including that they just choose to randomly change the language in the 5th ATM and they conducted this ATM like all the others by selling the shares on the market.

Other Possibilities

-the entire ATM was sold to one party or multiple parties through a private transaction. (this could explain why shares on loan are increasing)

-the sold a different type of security allowed under the prospectus

I attached all the fillings for others too look through I would like to know the answers to these questions-

-why is it exactly 20M shares for 400M or exactly $20/shares

-Why the change in language

-Why are shares on loan Increasing