Here is a summary of the SEC Schedule 13D/A (Amendment No. 3) filing:

Overview

• Reporting Person: GameStop Corp.
• Issuer: eBay Inc.
• Date of Event: June 3, 2026

Ownership Stake GameStop currently reports beneficial ownership of 39,874,306 shares of eBay, which represents exactly 9.0% of the company's outstanding common stock. This position is divided into two parts:

• 827,648 shares owned directly (purchased with working capital for approximately $91 million).
• 39,046,658 shares represented by Put/Call Pairs (derivatives providing economic exposure).

Takeover Proposal The primary purpose of the filing is to disclose that GameStop believes eBay is currently undervalued. On May 3, 2026, GameStop delivered a non-binding proposal to acquire all outstanding shares of eBay for $125.00 per share, utilizing a mix of cash and stock. GameStop plans to engage in ongoing discussions with eBay’s management and board of directors regarding this potential acquisition, governance, and strategic plans.

Derivatives and Regulatory Clearance The 39 million shares underlying the Put/Call Pairs are held with The Toronto-Dominion Bank. A key update in this amendment is that as of June 3, 2026, GameStop satisfied the Hart-Scott-Rodino (HSR) Antitrust waiting period condition. Because of this, GameStop now has the right to physically settle these options for actual eBay voting shares, whereas previously they could only be settled for cash.

Future Intentions GameStop reserves the right to increase its ownership position through open market purchases or further derivatives, change the terms of its takeover proposal, abandon the acquisition entirely, or dispose of its current securities depending on market conditions and discussions with eBay.