GameStop Share-Split Plan Triggers Mini Meme Stock Boom

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Michael M. Santiago/Getty Images

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GameStop shares rose almost 16% in premarket trading on Friday after the videogame retailer said it planned to implement a stock split, triggering a mini boom in other meme-stock favorites.

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Shares in AMC Entertainment (ticker: AMC) rose more than 6% in premarket, while Hycroft Mining (HYMC) jumped 5.65% and Bed Bath & Beyond (BBBY) was up 2.57%.

GamesStop (GME) – favored by retail investors on Reddit and Twitter (TWTR) – soared 16% in after-hours trading on Thursday after the video game retailer said that it plans to ask shareholders at its annual meeting to increase the number of authorized shares to one billion, up from a current 300 million.

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The higher potential share count would allow GameStop to “implement a stock split” and “provide flexibility for future corporate needs”, the company said in its regulatory filing.

Tesla (TSLA), Alphabet (GOOGL), and Amazon.com (AMZN) have all announced plans to split their stocks in recent months making it easier for retail investors to own their shares.

Write to Lina Saigol at [email protected]

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Credit: www.marketwatch.com /

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