GameStop (GME) shares are surging in right after-several hours next an announcement looking for a inventory break up.

The video clip sport retailer’s stock obtained as a lot as 20%, surpassing the $200 level.

The organization reported in an 8-K SEC filing it plans to request stockholder acceptance at its future annual shareholder conference to enhance the selection of approved Class A shares from 300 million to 1 billion in order to put into practice the split through a dividend.

Retail traders bullish on the flagship meme inventory expressed their enthusiasm.

“GameStop also intends to ask for stockholder approval at the Yearly Assembly for a new incentive plan (the “2022 Equity Plan”) to assistance potential compensatory equity issuances,” explained the submitting.

“GameStop’s Board of Administrators has accepted equally stockholder proposals, but the inventory dividend will be contingent on ultimate Board approval,” it went on.

GameStop shares ended up on a tear more than a span of 10 days in March after chairman Ryan Cohen purchased 100,000 shares of the video recreation retailer earlier this thirty day period.

Ines is a markets reporter covering stocks from the flooring of the New York Inventory Exchange. Abide by her on Twitter at @ines_ferre

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