GameStop (NYSE: GME) is evidently looking to boost its share price via a means that has worked successfully for a number of major corporations as of late: a stock split. The firm made the announcement last night.
The split is to be put in effect via the use of a stock dividend. Shareholders on record as of July 18 will receive a dividend of three GameStop shares for each share held, resulting in a four for one stock split being performed.
The dividend is to be conducted after the close of trading on July 21.
The move to split the stock was previously announced at the end of March, when the firm revealed it was seeking shareholder approval to conduct a stock split. The announcement came days after Tesla (NASDAQ: TSLA) revealed it had been mulling plans for a split as well, which was later confirmed last month. Tesla currently plans to conduct a three for one split.
GameStop last traded at $122.70 on the NYSE, up 5% in early morning trading.
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