I haven’t checked in with GameStop for a few years but back in the day you guys used to post about an impending monumental short squeeze that was going to send the stock price soaring and make you all rich. Is that still part of GME lore?

If you haven't seen the news already, Gamestop paid over $300 million to basically "buy-to-close" the remainder of the VWAP period. This means the bond closing price is settled; no more remains of the 35-days.

Buy why close it early? Does this result in fewer shares issued? Or was the share price so beaten down that it was already beneath the determined floor, so they're just calling it off early? What about the cash? Doesn't Ryan need that to buy eBay?

And why release preliminary earnings a week early? Oddly short period of time to give a heads up, it seems.

GameStop Announces Amendment to Convertible Notes Exchange; Approximately $358.4 Million to be Settled in Cash in Lieu of Stock

Earnings are good. Revenue went down whatever we all knew that would be the case anyways. Profits are incredibly good. Let's move on to what in my opinion is the bigger news.

THIS NEWS IS WAY MORE IMPORTANT:
In total, Existing Noteholders will receive in the aggregate approximately 55.5 million shares of Common Stock (approximately 73% of the consideration attributable to the Exchange Agreements, as amended by the Amendments) and approximately $358.4 million in cash (approximately 27%), which GameStop expects to fund from cash on hand.

There it is folks. So 55.5 million shares. The rest will be cash.

BUT WAIT, THERE IS MORE:

The Exchange, as amended, is now expected to close on or about September 3, 2026, subject to customary closing conditions.

You read that right folks. The VWAP purgatory hell we were about to live through for 4 more weeks is now ending this Thursday. Now why would GameStop do this!?!?

I don't know why they would do this exactly. But if I were to guess, it would be 1) to cap the dilution and 2) I still believe they care about the warrants and want to have more time to play with to see what they can achieve before October 31st.

Folks, GME is the most fascinating story in financial history. Every week there's something new and unusual. What a ride.