GameStop Announces Stock Split, Shares Soar
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In a move that sent shockwaves through the market, GameStop announced plans to split its stock for the first time in over two decades. The news sent the company's shares soaring by over 20% in pre-market trading.
The stock split, which is expected to take place in the coming weeks, will see each share of GameStop split into four shares. This will effectively quadruple the number of shares outstanding, making the stock more affordable for retail investors.
GameStop's decision to split its stock is a sign of the company's growing confidence in its future. The company has been on a remarkable turnaround in recent years, under the leadership of CEO Ryan Cohen. Cohen has implemented a series of changes at the company, including closing underperforming stores, investing in e-commerce, and launching a new rewards program.
The stock split is the latest in a series of positive developments for GameStop. The company recently reported strong earnings for the first quarter of 2022, and it has announced plans to open new stores in the United States and Canada.
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