The popular meme stock GameStop (GME) board has approved a four-for-one stock split.
The company’s shares rallied up to 6 percent to $127.50 in the extended hours on Wednesday after the announcement.
Several other US companies that have gone for a stock split recently are Apple (AAPL), Tesla (TSLA), Nvidia (NVDA), and Amazon.com (AMZN).
GameStop emerged as the mother of all meme stocks back in 2021 when it shot up to 680 percent. The retail traders on social media platforms such as Reddit snapped up heavily shorted stocks to squeeze out hedge funds betting against them.
GameStop company said it would seek shareholder approval for the split in March, This split would increase the outstanding Class A common shares to 1 billion from 300 million.