A screen displays the GameStop logo and trading information on the March 29, 2022, 2022 floor of the New York Stock Exchange (NYSE).
Brendan McDermid | Reuters
Shares of GameStop rose more than 6% in extended trading on Wednesday after the retailer said its board had approved a share distribution of 4 shares.
At the close of the market on July 18, shareholders who own the shares will receive a dividend of three additional shares for each of the company’s Class A common shares, the trader said. The dividend will be distributed on July 21 after the close of trading, and will begin trading the next day.
The division of shares is issued when companies want to increase the number of shares and make them cheaper for investors. On Wednesday, GameStop closed at $ 117.43 per share.
The so-called meme stock has been experiencing volatile one-day moves since it gained attention last year as a group of retail investors coordinated a brief tightening of shares, pushing its price higher. Since then the stock has fallen back from its height, falling by more than 20% so far.
GameStop is up more than 6% after hours of stock split announcement
Source link GameStop is up more than 6% after hours of stock split announcement