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Why GameStop Stock Popped This Morning

TheMotleyFool

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Why GameStop Stock Popped This MorningPhoto, wide shot, wide-angle lens, Restaurant, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/6d1f34ee-79e7-4628-b30f-0a4597808d61.png

Shares of GameStop (NYSE: GME), the video game retailer, skyrocketed briefly this morning after the company said in a regulatory filing yesterday that it was planning to boost its share count and implement a stock split.

Investors were apparently very enthusiastic about the potential for an upcoming stock split and pushed GameStop's share price up by as much as 14% this morning and were up by 3.1% at 11:09 a.m. ET.

GameStop's management said in the filing that the company wants to increase its amount of Class A common stock from 300 million shares to 1 billion and use the additional shares to implement a stock split "in the form of a stock dividend" as well as to "provide flexibility for future corporate needs."

Source Fool.com

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