GameStop Seeks Shareholder Approval to Increase Authorized Shares to 2.5 Billion

MT Newswires Live05-22 23:37

GameStop (GME) is asking shareholders to approve during the July annual meeting an amendment to its charter that would increase the number of authorized class A common shares to 2.5 billion from 1 billion currently, according to a securities filing Friday.

Total authorized shares across all classes would rise to 2.505 billion, including 5 million preferred shares, the company said in the filing with the US Securities and Exchange Commission.

The company said it last increased its authorized shares in 2022 to support a stock split. If approved at the annual meeting set for July 7, the change would take effect after filing with Delaware authorities, GameStop said.

As of Wednesday, GameStop had nearly 448.7 million shares outstanding and about 269 million shares available for future issuance, according to the filing.

Additionally, the company is asking shareholders to approve the performance-based stock option award granted by the board in January to Chief Executive Ryan Cohen.

Shares of GameStop were down 1.9% in Friday trading.

Price: 22.08, Change: -0.41, Percent Change: -1.85

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