Following a statement requesting a stock split, GameStop’s (GME) after-hours trading is surging.
The video game retailer’s stock soared by up to 20%, surpassing the $200 threshold.
In an 8-K SEC filing, the company said that it plans to ask investors at its next annual shareholder meeting for authorization to increase the authorized number of Class A shares from 300 million to 1 billion in order to implement the split via a dividend.
Following a statement requesting a stock split, GameStop’s (GME) after-hours trading is surging.
The video game retailer’s stock soared by up to 20%, surpassing the $200 threshold.
In an 8-K SEC filing, the company said that it plans to ask investors at its next annual shareholder meeting for authorization to increase the authorized number of Class A shares from 300 million to 1 billion in order to implement the split via a dividend.
“In addition, GameStop intends to seek shareholder approval for a new incentive plan (named the “2022 Equity Plan”) to support future compensatory equity issuances at the Annual Meeting,” according to the news.
“The GameStop Board of Directors has approved both shareholder proposals,” the statement added, “but the stock dividend is subject to final Board approval.”
Following chairman Ryan Cohen’s acquisition of 100,000 shares earlier that month, GameStop’s stock rose for ten days in March.
