Breaking: GameStop (GME) to appoint Ryan Cohen as chairman, shares at key technical support

Ivan Brian FXStreet

Update: GameStop shares have slid back a bit after the open and are now up 1% at $179.83. Ryan cohen has already taken a leading role in the company so perhaps this news merely confirms what investors already knew. GME has just failed to break 9 day moving average resistance at $185 and is close to breaking the 9 day at $179.30.

GameStop (GME) has reported that at its June 9, 2021 Annual Meeting it will appoint Ryan Cohen as chairman. GameStop will appoint six directors. GME also said that after the annual meeting all directors will be paid 100% in equity and that individual director compensation will fall by 28% from the last year.

Larry Cheng from Volition Capital and the first Chewy investor will join the GameStop board.

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Market reaction

GameStop shares are trading at $183.51, a rise of 3% in Thursday's pre-market.

At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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