Infamous meme-stock, GameStop (GME, $135), is looking to move to the next level after announcing plans for a four-for-one stock split. Shares jumped 15% once the news broke. The move is widely acknowledged as an attempt to revive retail interest that has waned amid a market selloff.
Owners of the OG meme-stock can now mark their calendars on July 21, when GameStop will offer its shareholders a three-stock dividend for every share they own after trading close. The split comes at a time when the company's shares have slumped 20% this year, mirroring a fall in other pandemic darlings as fears of a recession slammed risk assets.
GameStop was at the heart of Wall Street's meme trading phenomenon in early 2021. Along with AMC Entertainment Holdings (AMC, $14.48), retail investors banded together on social media forums to punish hedge funds that had bet against the stocks.