GameStop rallies with Chewy founder raising stake, pressing board even harder

• RC Ventures reports an increased stake of 12.9% stake in GameStop (NYSE:GME) from just under 10% prior.
• Of note, RC Ventures says it intends to continue to engage in discussions with GME's board regarding means to drive stockholder value, including through changes to the composition of the board and other corporate governance enhancements. "While the Reporting Persons desire to come to an amicable resolution with the Issuer, the Reporting Persons will not hesitate to take any actions that they believe are necessary to protect the best interests of all stockholders," reads the filing.
• RC Ventures is managed by Ryan Cohen, co-founder and former CEO of e-commerce company Chewy, which was acquired by PetSmart in 2017 for $3.35B.
• SEC Form 13D/A
• Shares of GameStop are up 3.58% premarket to $16.23.
• Industry check: New console launches pace a record $7B November for videogame sales.