New York City, USA – GameStop’s annual shareholder meeting faced technical difficulties on Thursday, disrupting the event as servers crashed due to overwhelming interest in the live stream. The meeting, scheduled to start at 11 a.m. ET, encountered issues on Computer Share’s platform, with users encountering error messages and the page failing to load.
According to reports on social media and CNBC’s own investigation, the meeting was officially brought to order at 11:48 a.m. ET but had to be immediately adjourned due to technical difficulties preventing stockholders from accessing the proceedings. GameStop has yet to provide an update on when the event will be rescheduled, leaving many investors in the dark.
A customer service representative for Computer Share mentioned that they were having a significant number of issues with people trying to log in and access the meeting. The representative attributed the server crash to the high traffic volume the meeting attracted, indicating that their tech team was actively working to resolve the issue.
The disruption at GameStop’s meeting occurs amidst a surge in meme stock trading, reignited by Keith Gill’s return to social media after a three-year hiatus. Known as Roaring Kitty online, Gill’s influence in the online trading community has sparked enthusiastic trading among retail investors.
GameStop recently announced a successful fundraising round, generating over $2 billion in an equity sale. The company intends to use the funds for general corporate purposes, including potential acquisitions and investments. Investors are closely monitoring Roaring Kitty’s actions, as his selling activity could impact the stock price significantly.
In a sudden turn of events, GameStop experienced a sell-off in its shares as trading volume spiked in call options owned by Roaring Kitty. The price of these contracts dropped sharply, causing a 16.5% plunge in the stock price. Despite uncertainty surrounding Roaring Kitty’s involvement, options traders speculate that he may have played a role in the significant trading activity.
As of Thursday morning, the total number of outstanding contracts for GameStop’s calls has decreased, indicating potential changes in trading dynamics. With over 42,000 contracts changing hands by midday Thursday, the stock’s volatile performance continues to attract investor attention.