GameStop (GME) shares are surging in following-several hours subsequent an announcement searching for a stock split.

The video clip recreation retailer’s stock acquired as a great deal as 20%, surpassing the $200 amount.

The business said in an 8-K SEC filing it options to ask for stockholder approval at its approaching annual shareholder conference to raise the variety of approved Class A shares from 300 million to 1 billion in get to put into practice the split by way of a dividend.

Retail traders bullish on the flagship meme inventory expressed their enthusiasm.

“GameStop also intends to ask for stockholder acceptance at the Annual Conference for a new incentive strategy (the “2022 Equity Plan”) to guidance long run compensatory equity issuances,” explained the submitting.

“GameStop’s Board of Administrators has permitted the two stockholder proposals, but the stock dividend will be contingent on last Board acceptance,” it went on.

GameStop shares ended up on a tear about a span of 10 days in March right after chairman Ryan Cohen purchased 100,000 shares of the movie video game retailer before this thirty day period.

Ines is a markets reporter covering stocks from the ground of the New York Inventory Exchange. Abide by her on Twitter at @ines_ferre

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