GameStop Corp (NYSE:GME) shares soared in over-the-counter trading, adding about 17% after the company announced plans to pursue a split.

The video game retailer said it will seek shareholder approval for such a resolution at its next meeting. It plans to increase the number of Class A common shares from 300 million to 1 billion to partially complete the split in the form of a stock dividend.

GameStop said some of the stock increase could be used for other purposes, possibly to sell more shares.

GameStop shares have skyrocketed in the past 2 weeks, rising more than 150% in less than 10 days from a low of $78.90 on March 18 to a high of $199 on March 29.

This was due in part to Chairman Ryan Cohen buying an additional 100,000 shares, bringing his stake to 11.9%, as well as stock purchases by retail investors.

Buying GameStop stock, also known as meme stock, is a risky business, with many analysts having an outright bearish view on it. The average target of analysts following GameStop stock is $47.67, which is about 3 times the closing price on the post-market last night.

GameStop’s fair value, according to InvestingPro, which is based on a synthesis of valuation models, is much higher at $126, but that also reflects significant downside risk given the current price.