GameStop’s stock split plan sends its shares soaring in after-market trading

GameStop would be the latest company to propose a share split after heavyweights Alphabet Inc., Amazon.com Inc. and Tesla Inc. laid out similar goals in recent weeks.GameStop Corp. shares surged as much as 22% in extended trading Thursday after the company said it plans to ask shareholders for approval of a stock split in the form of a dividend.

The Grapevine-based gaming retailer will request at its upcoming annual meeting that shareholders approve a proposal to increase the number of Class A shares to 1 billion from 300 million, according to a filing with the U.S. Securities and Exchange Commission. The stock jumped to a high of $203.98 after closing at $166.58 in New York.

The plan would make the company the latest tech firm to propose a share split after heavyweights Alphabet Inc.,Inc. and Tesla Inc. laid out similar goals in recent weeks. The moves helped trigger rallies on the companies as retail investors, who tend to favor stocks with lower price tags, flocked to the shares.

The split is “just a sentiment effect,” Gina Martin Adams, chief equity strategist at Bloomberg Intelligence, said earlier this week referring to the recent split announcements.

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