/cloudfront-us-east-2.images.arcpublishing.com/reuters/C6FDSMGEVRKO7DOMDWTEEOP7OY.jpg)
Signage is seen at a GameStop in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly
Register now for FREE unlimited access to Reuters.com
July 6 (Reuters) – GameStop Corp (GME.N) said on Wednesday its board has approved a four-for-one stock split, sending the video game retailer’s shares up more than 5% in extended trading.
The “meme stock” company in March sought shareholder approval for the split, planning to increase its outstanding Class A common shares to 1 billion from 300 million in a bid to make it easier for retail investors to own its stock. read more
The split will be in the form of a stock dividend, which will be distributed after markets close on July 21.
Shareholders will receive the dividend of three additional shares of the company’s Class A common stock for each share held.
The retailer is making its pivot towards e-commerce to reinvigorate business after the pandemic crushed brick-and-mortar businesses.
Register now for FREE unlimited access to Reuters.com
Reporting by Chavi Mehta in Bengaluru; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles.
