Shares of GameStop Corp. (GME) jumped nearly 20% in extended trading on Thursday after the company announced plans to seek shareholders' approval for a stock split in the form of a dividend.
In an SEC filing, the company announced its plan to request stockholder approval at the upcoming 2022 Annual Meeting to increase the number of authorized shares from 300 million to 1 billion. The company said the stock split will provide flexibility for future corporate needs.
GME closed Thursday's trading at $166.58, down $0.27 or 0.16%, on the NYSE. The stock, however, gained $31.31 or 18.80%, in the after-hours trading.
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