GameStop Corp (NYSE: GME) stock soared more than 20% during after hours following a stock-split announcement. In an 8K filing to the SEC, the world’s most popular gaming retailer seeked shareholders approval to increase the number of authorized Class A common stock from 300 million to 1 billion shares.
The filing also says that, If the 2022 Equity Plan is approved by stockholders, it will replace the current 2019 Incentive Plan and 8,000,000 shares of the Company’s Class A common stock, plus any shares subject to the 2019 Plan that expire, are forfeited, cancelled, terminated or settled in cash after the 2022 Plan is effective, will be available for issuance under the 2022 Plan.
GameStop’s board of directors have approved both the stockholder’s proposals, but the stock dividend will be will be contingent on final Board approval.
GameStop’s shares are currently trading in ‘Beast Mode’, after its Chairman Ryan Cohen purchased more shares; Surging from its 52-week low of $77.58 to a whopping $200 (during AH trading following the announcement). Thats a 157.8% gain in a matter of days.
GameStop ended Thursday’s session at $166.58 with a market capitalization of $12.74 Billion. The company is yet to announce further details on the Stock Split – ‘The Apes await’.
