Video game retailer GameStop announced that its virtual annual shareholders' meeting, originally scheduled for Thursday, was postponed due to technical issues, preventing any business discussions. The meeting was initially set for 10 a.m. Central Time (15:00 GMT), but had to be adjourned due to technical problems with a third-party hosting site, and is now planned to reconvene on June 17.
GameStop, which has been at the center of the "meme stock" frenzy, has garnered significant attention for this shareholders' meeting. Despite the postponement caused by technical issues, the company is actively working to resolve the problems to ensure the next meeting proceeds smoothly. This meeting was originally intended to discuss the company's future strategic plans and financial status, and to answer shareholders' questions.
Following the announcement, the company's stock fell by 4.3% in after-hours trading. However, despite the setback with this shareholders' meeting, GameStop's stock has performed strongly this year. As of Thursday's close, the company's volatile stock has risen by approximately 66% this year. This growth is partly attributed to the reemergence of stock influencer Keith Gill, who has a substantial impact on the stock market and uses the alias "Roaring Kitty."
On Thursday, Gill updated his GameStop holdings, showing that he now owns 9 million shares of the company, up from 5 million shares earlier this week. His increased stake is seen as a show of confidence in the company's future prospects, further fuelling market interest in GameStop stocks.
While the postponement of the shareholders' meeting is a minor setback, it has not shaken investors' confidence in GameStop. The company's management stated that they will continue to work on resolving the technical issues and ensure that future meetings can proceed smoothly, enabling shareholders to fully understand the company's operational status and strategic planning.
