GameStop (GME) shares are surging in after-hours following an announcement in search of a inventory cut up.
The online game retailer’s inventory gained as a lot as 20%, surpassing the $200 degree.
The firm mentioned in an 8-Okay SEC submitting it plans to request stockholder approval at its upcoming annual shareholder assembly to extend the variety of approved Class A shares from 300 million to 1 billion so as to implement the cut up by a dividend.
Retail merchants bullish on the flagship meme inventory expressed their enthusiasm.
“GameStop additionally intends to request stockholder approval on the Annual Meeting for a brand new incentive plan (the “2022 Equity Plan”) to assist future compensatory fairness issuances,” mentioned the submitting.
“GameStop’s Board of Directors has authorised each stockholder proposals, however the inventory dividend can be contingent on closing Board approval,” it went on.
GameStop shares had been on a tear over a span of 10 days in March after chairman Ryan Cohen purchased 100,000 shares of the online game retailer earlier this month.
Ines is a markets reporter protecting shares from the ground of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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