Acclaim plans to raise capital through new stock offering

Publisher Acclaim has proposed a package of stock-related measures including plans to offer 50 million new shares of common stock at a discount price, in a move which is designed to raise new capital for the publisher.

Also included in the package of measures are an increase in the company's authorised shares of common stock from 200 million to 300 million shares, and an expansion of its stock incentive plan in an effort to boost investment from employees.

The plans were revealed to shareholders at the company's annual general meeting by chairman Greg Fischbach, and have been passed by a vote. Further details of the stock offering are expected to be announced in due course.

Acclaim has also announced that it is to hire KPMG as its independent auditing firm for the coming year.