GameStop shares rose more than 8% Wednesday in extended trading after an announcement the company’s board had approved a 4 for 1 stock split.

Under the rules of the split, shareholders who hold stock at the close on July 18th will get three additional shares as a dividend for each Class A common stock. The dividend will be issued after the close on July 21st, and the company will start trading on a split adjusted basis the next day.

A stock split is initiated as a means of lowering the price-threshold for ownership of a stock, as a way of opening up a new pool of potential investors, and thereby increasing potential demand for the stock, and theoretically, the overall valuation of the company. As of Thursday’s close, Gamestop was trading at $135.12 per share.

GameStop first gained wider attention last year, when an investor on the website WallStreetBets noted it was positioned well for a short-squeeze due to positions taken up by institutional hedge funds. Individual retail traders commenced a short-squeeze, driving its price higher.

Shares have since retreated by about 20% from its peak, but still well above the starting price. Since then the company has announced several adjustments to its business model which have kept stockholders optimistic about its prospects on a broader basis.