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As the hotly anticipated GameStop annual shareholders meeting nears on Monday, the video game retailer’s stock opened relatively flat in morning trading but then started to dip. GME is currently trading at $27.51 as of this writing, down over 4% from Friday’s closing price.
GameStop’s shareholders meeting was postponed last week after the stream experienced technical difficulties due to overwhelming demand from traders eager to hear about the company’s next moves—including a rumored, but as yet unconfirmed addition of bull trader Roaring Kitty (aka Keith Gill) to the board.
The annual meeting of stockholders was scheduled to take place on Thursday, during which five directors would be elected to serve for the next year, as the result of a shareholder vote. Some Roaring Kitty fanatics took this as a sign that the GameStop bull would be added to the board. But after shareholders couldn’t join the meeting, it was “immediately adjourned.”
Later that day, Roaring Kitty (aka DeepFuckingValue) posted his holdings on Reddit, showing that the meme stock influencer had an additional 4 million GameStop shares, compared to his previous “YOLO update.” It appeared that Gill had sold or exercised some of his $20 call options, boosting his holdings to just over 9 million GME shares.
The shareholder meeting is now scheduled for 12:30pm ET. The livestream, hosted by the same company as before, will allow stockholders to join to see the results of who will become the next directors, after voting via an email terminal. As confirmed by the stream host, those that own shares through Robinhood are not considered stockholders and thus will have to join as a guest.
In spite of this, Robinhood shareholders will be able to vote through its proxy voting system. This is because owning a stock through Robinhood categorizes you as a “beneficial shareholder” as Robinhood itself holds the stock for you. In turn, proxy voting instructions should be emailed to shareholders 15 to 60 days prior to the meeting—although some Reddiors have reported not receiving this email.
Robinhood investors have played a pivotal role in the history of this GameStop saga. Most notably, the app halted trading on the stock during the 2021 short squeeze causing investors to call foul play and sparking debates on market fairness.
Edited by Andrew Hayward
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Source: https://decrypt.co/235710/gamestop-stock-dips-buzzy-annual-shareholders-meeting
