$1.4B debt-for-equity swap · amended Aug 31, 2026: window ended at 20 sessions · ~55.5M shares + ~$358.4M cash · closed Sep 3 · 8-K acc. 0001326380-26-000042 / -000046
GameStop retired about $1.4 billion of its 0% convertible notes, with the share count struck off the average VWAP over what was meant to be 35 consecutive trading sessions (Aug 3 → Sep 21, 2026). On Aug 31 the parties amended the deal and terminated the reference period early, after 20 priced sessions: noteholders receive roughly 55.5 million shares (~73% of the consideration) for the elapsed portion plus about $358.4 million in cash (~27%) for the cancelled sessions. This page keeps the full session-by-session record of how the share leg was struck.
Every session of the reference period on the left, the running average that sets the share count on the right. Sessions that have not traded yet are left blank on purpose — nothing here is projected forward.
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This page mixes three very different grades of certainty. They're labelled rather than blended.
About 55.5 million, per the Aug 31, 2026 amendment. The reference period was terminated early after 20 of the 35 sessions; noteholders receive shares for the elapsed portion (~73% of the consideration) plus roughly $358.4M in cash (~27%) for the cancelled sessions. That's around 11% dilution of the enlarged share count — below the ~14.4% the full window was tracking toward.
Never disclosed. The 8-K mentioned a floor without stating it; our $15.61 was an estimate from the 19.9% issuance cap. The window terminated with the running average well above that estimate, so the floor never bound.
The dollars are fixed and the shares are not, so a lower average buys more shares with the same $1.4B. Both series are far out of the money — $29.85 and $28.91 conversion prices against a stock in the high teens — so this is a fixed-dollar exchange, not a conversion.
No — GameStop pays cash. The notes are cancelled and long-term debt drops by about $1.4B, leaving roughly $1.1B of 2030 notes and $1.7B of 2032 notes outstanding. Under the amendment the consideration is ~55.5M shares plus ~$358.4M of GameStop's cash for the cancelled portion of the window.
On or about Sep 3, 2026, per the Aug 31 amendment — pulled forward from the original ~Sep 23 timeline once the reference period was terminated.
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Informational and educational only — not investment advice. Disclosed terms are from GameStop's Form 8-K (accession 0001326380-26-000042). Forward-looking figures on this page are estimates and are labelled as such; the price floor in particular is not a disclosed term.