GameStop (GME) shares are surging in immediately after-several hours adhering to an announcement seeking a inventory split.
The online video game retailer’s inventory attained as a great deal as 20%, surpassing the $200 stage.
The corporation stated in an 8-K SEC submitting it plans to ask for stockholder acceptance at its approaching once-a-year shareholder meeting to raise the quantity of licensed Class A shares from 300 million to 1 billion in get to carry out the split as a result of a dividend.
Retail traders bullish on the flagship meme inventory expressed their enthusiasm.
“GameStop also intends to request stockholder acceptance at the Yearly Meeting for a new incentive strategy (the “2022 Equity Plan”) to assist foreseeable future compensatory equity issuances,” claimed the filing.
“GameStop’s Board of Directors has authorised both of those stockholder proposals, but the stock dividend will be contingent on remaining Board approval,” it went on.
GameStop shares had been on a tear over a span of 10 times in March immediately after chairman Ryan Cohen purchased 100,000 shares of the online video sport retailer earlier this month.
Ines is a marketplaces reporter covering shares from the floor of the New York Inventory Exchange. Adhere to her on Twitter at @ines_ferre
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