GameStop Corp (NYSE:GME) shares are trading higher Friday morning after the company filed a Form 8-K with the U.S. Securities and Exchange Commission showing plans for a stock split.
According to the SEC filing, GameStop plans to request shareholder approval at its 2022 Annual Meeting of Stockholders to increase the number of authorized shares of common stock from 300 million to 1 billion in order to implement the split in the form of a stock dividend and provide flexibility for future corporate needs.
GameStop also intends to request shareholder approval at the upcoming meeting for a new incentive plan, which will "support future compensatory equity issuances."
GameStop is very popular among retail investors. It was one of the top trending stocks on Stocktwits at publication time.
GameStop is a U.S. multichannel video game, consumer electronics and services retailer.
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GME 52-Week Range: $77.58 - $344.66
The stock was up 14.9% at $191.48 at time of publication.
Photo: JJBers from Pixabay.
