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.
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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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