) shares are sinking after announcing it was planning on issuing up to 45 million additional shares. The video game retailer also released preliminary first quarter results that show expected net sales to be in a range of $872 million to $892 million compared to $1.237 billion in the same quarter a year ago.Let's talk about shares of GME, gamestop, the stock tumbling 21% after the video game retailer issued a profit warning ahead of its first quarter earnings.
They did about one and a quarter bill in at the market equity offerings in that wave and it was coming of course, kind of in the downdraft of everything but all these things considered, they're looking at this as a clear opportunity to cozy up to investors who might still be out there might still be interested and improve their own cash position at the same time.
But again, it's a volatile trade to no surprise, similar, not in scale to what we've seen in 2021 but I would say just in terms of the retail investor excitement and some of the narratives that we are talking about.
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