GameStop has announced it may sell up to 3.5 million shares of the company and use the proceeds to "further accelerate" its transformation to become a more successful business.

The store announced on Monday that it might sell up to 3.5 million common stock shares through what's known as an "at-the-market" equity offering. This could generate hundreds of millions of dollars for the retailer based on the latest stock prices for GameStop.

Whatever money GameStop makes from any potential stock transactions will go toward accelerating the company's "transformation" plan. The money will also be used for "general corporate purposes" and for "further strengthening" its bottom line overall.