GameStop Corp (NYSE: NYSE:GME) shares are trading higher Thursday after the company announced a four-for-one stock split.
GameStop said its board approved the four-for-one split in the form of a stock dividend. GameStop shareholders of record at the close of business on July 18 are set to receive a dividend of three additional shares for each share held on the record date. The stock dividend will be distributed after the market closes on July 21.
A few months back, GameStop disclosed in an SEC filing that it planned to increase the number of authorized shares of Class A common stock from 300 million to 1 billion in order to implement a stock split.
GameStop is a U.S. multichannel video game, consumer electronics and services retailer. The stock is extremely popular among retail investors. It was the top trending stock on Stocktwits at press time.
See Also: Why Is GameStop Surging By Around 10%? 22 Stocks Moving In Thursday's Pre-Market Session
GME Price Action: GameStop has traded between $255.69 and $77.58 over a 52-week period.
The stock was up 4.83% at $123.10 at press time, according to data from Benzinga Pro.
Photo: Chris Potter from Flickr.
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