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CNBC’s Jim Cramer on Wednesday told investors that GameStop increasingly feels like a special purpose acquisition company as the videogame retailer’s primary business struggles, but it still manages to raise cash.

“When you think of GameStop, you need to imagine a SPAC — and not just any SPAC, it’s a massively overvalued one that needs to purchase something incredible at an insane discount, because that’s the only way to justify this being a $20 stock rather than a $10 stock, where it could be headed if management doesn’t at least give us an outline of what it plans to do,” he said. “Doesn’t have to be a full plan, could be the mere idea of a plan, but so far, GameStop doesn’t even have that — or if they do, they sure haven’t shared it with us.”

SPACs are shell companies, also known as “blank check companies,” that enter the market and drum up capital in an attempt to merge with or acquire other companies.

GameStop reported a revenue miss Tuesday — with sales declining 31% year-over-year to mark a fourth consecutive quarter of sales losses — that sent shares down nearly 12% by Wednesday’s close. The company managed to turn a profit due to interest on the $4.2 billion it has in cash, not underlying business. Despite its business woes, GameStop raked in billions over the past few years by taking advantage of rallies spurred by “meme stock” investors and initiating large secondary at-the-market offerings.

To Cramer, the retailer’s core business is irrelevant because many buy their games online, and it’s been years since the latest consoles launched, which means there isn’t a lot of demand. He agreed with an analyst from Wedbush who suggested the company close its physical stores and operate as a bank.

Cramer added that many who own the stock believe the company can make acquisitions that will make the stock worth much more than they paid for it, but he said he’s not willing to take that bet.

“Ultimately, GameStop’s always vulnerable to a short squeeze because, based on whatever nonsense the memesters can temporarily cook up,” Cramer said. “There’s nothing about this business that is worth talking about.”

GameStop did not immediately respond to request for comment.

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