GameStop shares climbed about 4% on Monday after the company paid $358.4 million in cash to end a pricing period that could have increased the stock issued in its debt exchange. The amendment fixes the issuance at roughly 55.5 million new shares, equal to about 12% of GameStop’s 448.7 million shares outstanding, and gives noteholders 73% of the transaction in stock and 27% in cash. GameStop also moved the closing date forward by 20 days, to about September 3, and barred any further shares from being issued under the exchange. The deal, announced August 3, swaps $1.4 billion of zero-coupon convertible debt (debt exchangeable for shares without coupon payments) for stock, with the number of shares based on GME’s average price over 35 trading days. A lower share price would have increased dilution, and GME fell 12.25% on August 3 to $19.06 from $21.72 on July 31. The filing added language allowing participating noteholders to buy or sell common stock or adjust derivative positions, including purchases to close short positions. Such short positions are commonly used by convertible investors to hedge their exposure, and the fixed share count and cash payment can leave those hedges mis-sized. The exchange retires only about one-third of GameStop’s $4.2 billion convertible-debt stack, leaving roughly $2.8 billion outstanding. Cash holdings declined to about $5.06 billion from $8.694 billion, mainly after GameStop converted its proposed eBay takeover bid into 43.4 million eBay shares. Quarterly sales fell to between $780 million and $800 million from $972.2 million, while operating margin rose to about 20% from 6.8%, despite a $75 million loss on Bitcoin and other digital assets. At $18.65, GME remained 14% below its July 31 close. The share-issuance window has ended, but other risks remain.