The video game retailer’s board of directors also announced it would pay a quarterly cash dividend and retire $350 million in 2019 notes.
The move was a power-up for the Grapevine, Texas-based company’s share price, which rose 2.3% to $11.83 in midday trading.
“We are pleased to announce continuing progress on our strategic and financial review process," said Dan DeMatteo, GameStop’s executive chairman, in a statement: "We believe these actions better optimize our capital structure and demonstrate our continued commitment to delivering value to our shareholders.”
The $300 buyback replaces a prior repurchase authorization which had $170 million remaining, while the cash dividend is worth $0.38 per common share.
In January, GameStop stock took a 27.2% hit after the company ended its search for a buyer, per a report from The Washington Post. The decision to retire the unsecured 2019 notes is part of an ongoing review of strategic and financial alternatives, the company said.
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