Item 4 — Purpose of Transaction
The Reporting Person believes that the Issuer's Common Stock is undervalued and represents an attractive investment opportunity. On May 3, 2026, GameStop delivered to the Issuer a non-binding proposal (the "Offer Letter") to acquire all of the issued and outstanding shares of Common Stock of the Issuer at a price of $125.00 per share, in cash and stock. A copy of the Offer Letter is filed herewith as Exhibit 99.1 and is incorporated herein by reference. The Reporting Person from time to time expects to enter into discussions with directors and officers of the Issuer, other stockholders of the Issuer or third parties in connection with the above-described matters and, more generally, in connection with the Reporting Person's investment in the Issuer. Such discussions may include, without limitation, one or more of members of management, members of the board (individually or acting as a whole), other stockholders of the Issuer and other persons to discuss the governance, board composition, management, operations, business, assets, capitalization, financial condition, strategic plans and future of the Issuer (including without limitation, the potential acquisition by the Reporting Person of control of the Issuer and or any and all of the issued and outstanding Common Stock (and the terms of any such potential acquisition)), as well as other matters related to the Issuer. The Reporting Person may also seek to explore other methods for increasing its ownership position in, or economic exposure to, the Issuer, including, without limitation, through open market purchases or an acquisition of shares of Common Stock from other stockholders or through the entry into additional derivatives arrangements. The Reporting Person intends to review its investments in the Issuer on a continuing basis and may from time to time and at any time in the future depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer's financial position and strategic direction, actions taken by the board, price levels of the shares of Common Stock, other investment opportunities available to the Reporting Person, conditions in the securities and other markets, and general economic and industry conditions, take such actions with respect to the investment in the Issuer as it deems appropriate, including, without limitation: (i) acquiring additional shares of Common Stock and/or other equity, debt, notes, other securities, or derivatives or other instruments that are based upon or relate to the value of the Common Stock or otherwise relate to the Issuer (collectively, "Securities") in the open market or otherwise; (ii) disposing of any or all of its Securities in the open market or otherwise and/or cash-settling any derivatives (including without limitation Put/Call Pairs) or other instruments that are based upon or relate to the value of the Common Stock or otherwise relate to the Issuer; (iii) engaging in any hedging or similar transactions with respect to the Securities; (iv) change the terms on which it would propose to acquire control of the Issuer and or any and all of the issued and outstanding Common Stock and/or at any time abandon its current intention to seek to acquire control of the Issuer and or any and all of the issued and outstanding Common Stock or (v) otherwise proposing or considering, or changing its intention with respect to, one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D (whether or not otherwise described above).