(Bloomberg) -- GameStop Corp. shares surged as much as 22% in extended trading after it announced plans to ask shareholders for approval of a stock split in the form of a dividend. 

At its upcoming annual meeting, the gaming retailer will request that shareholders approve a proposal to increase the number of Class A shares to 1 billion from 300 million, according to a filing Thursday with the U.S. Securities and Exchange Commission. The stock jumped to a high of $203.98 after closing at $166.58 in New York. 

The Grapevine, Texas-based company said the split would “provide flexibility for future corporate needs.”

©2022 Bloomberg L.P.