GameStop amended its exchange agreements for $1.4 billion in convertible notes due to terminate the remaining reference period, fixing total share issuance at approximately 55.5 million shares and settling the remainder in cash. Existing noteholders will receive approximately $358.4 million in cash, funded from on-hand liquidity, representing roughly 27% of the amended consideration value. The transaction is expected to close around September 3, 2026, leaving approximately $2.8 billion in aggregate notes outstanding. Concurrently, GameStop reported preliminary second-quarter results showing net sales between $780 million and $800 million against a prior-year $972.2 million, driven by the Nintendo Switch 2 launch, store closures, and divestitures. Operating income is projected at $150 million to $170 million, with net income expected between $290 million and $310 million, aided by approximately $238 million in gains from an eBay equity investment.
