Publicly traded video game and collectibles retailer GameStop (GME) is seeking shareholder approval to boost its authorized share count to 2.5 billion shares from 1 billion, according to a Friday filing with the SEC—a move that could fuel its next moves in its pursuit to acquire eBay.

The filing details five distinct proposals seeking approval ahead of the firm’s July 7 annual shareholder meeting, including details on its board of directors and compensation plans for its executive directors and CEO Ryan Cohen. 

“Our balance sheet, operational improvements, and expanded capabilities position us to pursue opportunities that create meaningful long-term value for stockholders,” the filing reads. “The proposals before you, including the Authorized Shares Amendment and CEO Performance Award, are designed to ensure that we can act decisively when those opportunities arise.” 

The firm’s yearning to “pursue opportunities” for long-term stock value comes just weeks after it sought to acquire global collectibles marketplace eBay (EBAY) in a half-stock, half-cash deal valued at more than $55 billion. 



The unsolicited offer was rejected by eBay, and called “neither credible nor attractive” in a letter directly addressed to Cohen. 

Despite the rejection, the gaming firm added to its position in eBay this week, snatching up 25 million common shares and further exposure to shares of EBAY via put/call pairs, according to a separate filing with the SEC that’s required as it owns more than 5% of the online marketplace. The firm now holds about 6% of EBAY shares.

If GameStop’s share count increase gets approved, then it may seek to acquire an even larger stake in eBay.

“To maximize long-term value, the Company believes it must maintain maximum flexibility,” the proposal reads. “This includes having the structural capacity to execute transformational acquisitions, large-scale investments, or other avenues of value creation, should the right opportunity meet our investment criteria.”

“This authorization ensures the Board can pursue opportunities that meaningfully enhance intrinsic value per share without procedural delays,” it adds. 

Shares of GME are down 1.93% on Friday, trading hands around $22.06. While shares are down around 14% in the last month of trading, they remain up more than 9.8% year-to-date. The firm bought more than $500 million worth of Bitcoin last year, but transferred all but one BTC to Coinbase as it pursues a covered call strategy to generate potential income on its holdings.

Meanwhile, EBAY is down around 0.19% on Friday and has gained more than 34% year-to-date.

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