GameSquare Back Down After Completing $70M Public Offering

By Nicholas G. Miller

Shares of GameSquare fell after the company said it would offer 46.7 million shares for $1.50 a piece, a day after the stock surged more than 50%.

The stock was down 29% Thursday to $1.64. It is up 97% so far this year.

On Wednesday, the stock soared 53% after the company detailed its $100 million ethereum, a cryptocurrency, treasury strategy in a conference call.

But on Thursday, the stock was back down near the $1.51 price it closed at Tuesday.

The company said Thursday it expected to raise $70 million from the offering and would use most of the proceeds to buy ethereum.

"Our goal is to transform a traditional treasury function into a high-performance business vertical generating durable, recurring cash flows," said GameSquare Chief Executive Justin Kenna.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.