GameStop’s annual shareholder meeting was plagued by computer problems that caused servers to crash due to overwhelming interest in the stream, a customer service representative for the company hosting the event revealed. Scheduled to start at 11 a.m. ET, the meeting was held on ComputerShare. However, many people trying to access the event encountered error messages indicating that the page couldn’t load. This led to frustration among shareholders and observers alike, with reports on social media and CNBC confirming the technical difficulties.
According to a YouTube stream from an unaffiliated user attempting to mirror the feed, the annual meeting commenced at 11:48 a.m. ET but was promptly adjourned due to the ongoing technical issues preventing stockholders from participating. GameStop responded by promising an update on the rescheduling of the event as soon as possible. Despite CNBC’s attempts to reach out for a comment, GameStop was not immediately available for a response.
The meeting disruption occurred amidst a renewed interest in meme stocks following Keith Gill’s resurgence on social media after a prolonged hiatus. Gill, also known as Roaring Kitty, garnered attention for his significant investments in GameStop, which inspired a wave of activity among retail traders. In light of this, GameStop experienced a 14.4% surge in its stock price during a particularly volatile trading session. The company recently announced a successful equity sale, raising over $2 billion to fund various initiatives, including potential acquisitions and investments.
The sudden sell-off in GameStop shares on Wednesday coincided with a spike in trading volume for call options held by Roaring Kitty. Call options grant the buyer the right to purchase a stock at a predetermined price within a specific timeframe, with their value increasing as the stock price surpasses the strike price. Notably, GameStop calls with a $20 strike price and an upcoming expiration date saw a massive surge in trading activity. Roaring Kitty reportedly owned 120,000 contracts of these calls, although the current open interest has decreased slightly to 111,818 contracts.
As the situation continues to unfold, traders and analysts closely monitor Roaring Kitty’s actions for potential impacts on GameStop’s stock price. The fluctuations in call options trading and the corresponding changes in contract volumes have spurred speculation about the extent of Roaring Kitty’s involvement in influencing the market. With more than 47,000 such contracts changing hands on Thursday alone, the ongoing saga surrounding GameStop and meme stocks shows no signs of slowing down.
GameStop’s shareholder meeting may have been overshadowed by technical difficulties, but the underlying market dynamics and individual investor activities continue to drive significant interest and speculation. As events unfold, it remains to be seen how these developments will impact GameStop’s stock price and the broader meme stock craze.