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GameStop shares surged in extended trading Thursday after the company said it planned to implement a stock split.
The video game retailer said it will seek stockholder approval at its next shareholder meeting for an increase in the number of Class A common stock from 300,000,000 to 1,000,000,000 to conduct a stock split in the form of a stock dividend.
Shares of the meme stock jumped 12% in after-hours trading Thursday after the announcement.
The company said the move would also “provide flexibility for future corporate needs.” The stock dividend will be contingent on final board approval, GameStop said.