GameStop announces two-for-one stock split
US retailer GameStop has announced a two-for-one stock split in a bid to sercure new investors, with the split to take place on February 20 and distribution of shares set for March 16.
US retailer GameStop has announced a two-for-one stock split in a bid to sercure new investors, with the split to take place on February 20 and distribution of shares set for March 16.
Following the move, which is the first of its kind for the retailer since its 2002 floatation, GameStop will have 152 million common shares.
"As GameStop continues to rapidly grow, we wanted to make our stock more attractive to a broader range of potential investors," said CEO R. Richard Fontaine.
"This stock split also reinforces the confidence that the board and I have in the GameStop buy, sell, trade strategy and the future of video game growth worldwide."
GameStop also announced the authorisation of US$ 150 million (EUR 115 million) for the buyback of senior notes. The timing and amount of the buyback will depend on a range of factors including market conditions.