The company announced Wednesday that its board approved a 4-for-1 stock split

effective July 22. Shares of the meme stock darling soared

more than 8% in early trading following the news.

GameStop shares have fallen back to Earth following

a Reddit-fueled spike last year

The stock is down about 16% this year

mirroring the broader market sell off.

For current GameStop (GME) shareholders, the overall value of their investment will stay the same,