Why the Heck Is GameStop Splitting Its Stock?
If you had GameStop (NYSE: GME) on your bingo card as the stock that follows Alphabet and Tesla in splitting its stock, congratulations!
The video game retailer announced it would seek shareholder approval to expand the number of shares outstanding from 300 million shares to 1 billion shares to "provide flexibility for future corporate needs," after which it would split its shares.
GameStop's stock has more than doubled over the past two weeks, rising from $80 a share to the $166 a share level it closed at just prior to the split announcement, after a new meme-stock rally was ignited by movie theater operator AMC Entertainment (NYSE: AMC) declaring it was investing $28 million in a gold and silver miner.
Source Fool.com
