Shares of GameStop Corp. GME,
rose 10.2% in premarket trading on Monday, after video game retailer announced an agreement with investor investor RC Ventures LLC that includes immediately adding three members to its board of directors. One of the new board members is Ryan Cohen, who is the manager of RC Ventures, which is the second largest shareholder in GameStop with 13.8% of the shares outstanding, according to FactSet data. Cohen was also founded and was previously the CEO of Chewy Inc. CHWY,
“We appreciate the constructive dialogue we’ve had with Ryan over the past few months,” said George Sherman, chief executive of GameStop. “Together, we have achieved a result that is in the best interests of all shareholders and that can enable GameStop to accelerate efforts to deliver improved value to the company.” Aside from that, GameStop said sales in the same store from the 9-week holiday sales period ended Jan. 2 were up 4.8% from a year ago. Net sales for the period fell 3.1% to $ 1.777 billion as strong demand for video game consoles was offset by store closures, while e-commerce sales soared 309. % until representing approximately 34% of the total sales. Shares have risen 47.2% over the past three months to Friday, while the S&P 500 SPX,
has gained 10.0%.