GameStop agrees to exchange about $1.4 billion of convertible notes for Class A shares

On August 2, 2026, GameStop agreed to privately exchange about $400 million of its 0% convertible notes due 2030 and $1.0 billion of its 0% notes due 2032 for shares of Class A common stock. The share count was to be set by a 35-trading-day VWAP period starting August 3, and GameStop said it would receive no cash from the share issuance. The original terms were amended on August 31.

• Notes covered: about $400M of 2030 notes and $1.0B of 2032 notes
• Original consideration was all Class A shares, based on a 35-trading-day VWAP from August 3, 2026
• GameStop receives no cash proceeds from the share issuance under the original terms
• Long-term debt was to fall by about $1.4B, leaving about $1.1B of 2030 notes and $1.7B of 2032 notes
• Expected closing on or about September 23, 2026; superseded by the August 31 amendment