GameStop has announced plans to seek stockholder approval at its upcoming annual meeting to increase the total number of authorized shares from 300 million to 1 billion in order to implement a stock split in the form of a dividend.
GameStop also plans to request approval for a new incentive plan that will support future compensatory equity issuances. If the 2022 Equity Plan is approved, 8 million shares of the company's stock and any shares subject to the previous 2019 plan that expire, are forfeited, canceled, terminated or settled in cash after the new plan takes effect will be available for issuance.
"GameStop’s Board of Directors has approved both stockholder proposals, but the stock dividend will be contingent on final Board approval," the company emphasized. Cohen joined GameStop's board in January 2021 after RC Ventures amassed a 13% stake in the video game retailer. In June 2021, he was elected as GameStop's board chairman.
GameStop chairman Ryan Cohen, who is working to transform the company into an e-commerce behemoth, has
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