(Reuters) –Videogame retailer GameStop Corp (NYSE:) announced Thursday that it will seek shareholder approval to split its stock. This is in an effort to be the U.S.’s latest company, making it more accessible for investors to purchase shares.

This move follows a spike in retail investor interest for so-called “meme stocks” in the past two weeks. It led to GameStop’s share prices doubling to $166.58. Stock splits make shares more accessible for individuals investors, while reducing the stock price does not affect the company’s value.

Some investors think that GameStop will be more valuable if it splits its stock. This is because they hope to attract meme-stock lovers. Following the company’s announcement on Thursday, shares of the firm jumped 19% after hours trading.

Nvidia, Tesla, and Apple (NASDAQ;) all have divided their shares over the past two-years, and Amazon (NASDAQ,:) as well as Google’s parent Alphabet (NASDAQ,:) announced recent share splittings.

Tesla Inc.’s market capitalisation rose by over $80 billion Monday after it announced that it will seek investors approval to increase its share count to allow for a stock split in the future. However, the company did not specify when this split would occur.

The stock market’s recovery this month, driven by the hope of a solution in Russia’s conflict, with Ukraine has increased investors’ risk appetite and made it more likely for meme-stock rallies.

Meme stocks, which are shorted shares, are bought up by social media investors via Reddit. They are a way for hedge funds to bet against the stock. This trend took Wall Street by surprise in January 2021, but it slowly waned throughout the year.

According to GameStop, the company plans to double its outstanding Class A common shares from 300 million to 1 billion. According to the filing, GameStop will ask shareholders for votes regarding an incentive plan that “supports future compensatory Equity issuances”. (https://

The location and date of the company’s annual shareholders meeting are still unknown.

Ryan Cohen is the Chairman of GameStop’s Board. He disclosed that GameStop had purchased 100,000 shares from his investment firm earlier in the month. Cohen increased his total GameStop ownership to 11.9% with the purchase.

Cohen’s efforts to make GameStop profitable after joining the company in 2012 by investing in stores and its e-commerce, and hiring new talent has yet to yield major results.

The retailer reported earlier this month a net loss for January of $147.5million, its first holiday-season loss. It has tried to win back customers who are now turning to streaming online or other outlets.

Wedbush analysts earlier warned that GameStop’s cash balance could be “relatively rapidly” if the company is not profitable.