A display screen shows the emblem and trading data for GameStop on the ground of the New York Stock Exchange (NYSE) March 29, 2022.
Brendan McDermid | Reuters
Shares of GameStop jumped 5% in extended trading Wednesday after the retailer said a four-for-one stock split was authorised by its board.
Shareholders who personal the stock on the shut of the market on July 18 will get a dividend of three extra shares for every of the corporate’s Class A standard stock, the retailer mentioned. The dividend shall be distributed after trading closes on July 21, and can begin trading on a split-adjusted foundation the next day.
A stock split is issued when corporations wish to increase the variety of shares and make them extra reasonably priced for traders. On Wednesday, GameStop closed at $117.43 per share.
The so-called meme stock has posted unstable one-day strikes since gaining consideration final 12 months as a bunch of retail traders coordinated a brief squeeze on the stock, spurring its value greater. The stock has since retreated from its highs, down greater than 20% 12 months thus far.