GameStop is retiring about $1.4 billion of its 0% convertible notes by paying holders in stock instead of cash. The dollar amount is settled. The number of shares is not — it is struck off the average VWAP across 35 consecutive trading sessions running from Aug 3 to Sep 21, 2026, subject to a floor. This page tracks that average as it forms, and what it implies for the share count.
The orange line is the cumulative average VWAP — the number that actually sets the share count. Individual sessions matter only through their effect on it, which is why the line moves less as the window fills.
Sessions that have not traded yet are left blank on purpose. Nothing here is projected forward.
The full terminal shows the options flow, dealer gamma and dark-pool prints reacting to the exchange — plus AI analysis of every new GameStop filing, including the one that will finally disclose the floor.
This page mixes three very different grades of certainty. They're labelled rather than blended.
Not yet determined. The count comes off the average VWAP over the 35 sessions from Aug 3 to Sep 21, 2026, subject to a floor. Around a $19.30 average that's roughly 72.5M shares; lower averages mean more. GameStop will disclose the final number in a follow-up 8-K.
Undisclosed. The 8-K mentions a floor without stating it. Our $15.61 is an estimate from the 19.9% issuance cap and implies a ceiling near 89.7M shares. Not a term of the agreement.
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.
None. 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. Shareholders pay in ownership, not the balance sheet in cash.
On or about Sep 23, 2026, subject to customary conditions. If it hasn't closed by Sep 30, either side may terminate.
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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.