GameStop (GME) shares are surging in immediately after-hrs following an announcement looking for a stock split.
The video activity retailer’s stock gained as significantly as 20%, surpassing the $200 level.
The corporation mentioned in an 8-K SEC submitting it programs to request stockholder acceptance at its impending annual shareholder meeting to increase the amount of approved Class A shares from 300 million to 1 billion in get to employ the break up by means of a dividend.
Retail traders bullish on the flagship meme stock expressed their enthusiasm.
“GameStop also intends to request stockholder acceptance at the Yearly Conference for a new incentive system (the “2022 Fairness Plan”) to assist foreseeable future compensatory equity issuances,” said the filing.
“GameStop’s Board of Directors has permitted both of those stockholder proposals, but the stock dividend will be contingent on closing Board approval,” it went on.
GameStop shares had been on a tear about a span of 10 days in March soon after chairman Ryan Cohen acquired 100,000 shares of the online video video game retailer before this thirty day period.
Ines is a markets reporter covering shares from the floor of the New York Inventory Exchange. Observe her on Twitter at @ines_ferre
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