Lendway Inc. (LDWY) shares jumped 19.88% to $4.10 in after-hours trading Thursday, delivering some much-needed good news for investors who've watched the stock struggle this year.

The stock had closed the regular session down 3.11% at $3.42, but perked up after hours following some corporate housekeeping that apparently excited the market.

Doubling Down on Authorized Shares

Here's what happened: The finance company filed a Certificate of Amendment with Delaware's Secretary of State on Wednesday, increasing its authorized common stock from 5.71 million shares to 10 million, according to a Form 8-K filing. The common stock carries a par value of $0.01 per share, and the amendment took effect immediately.

This wasn't a surprise move. Shareholders had already weighed in on the proposal, with 1.17 million votes in favor of the authorized share increase, 223,490 against it, and 5,241 abstentions. The Board had passed resolutions authorizing the increase back on September 26.

Annual Meeting Updates

At the Annual Meeting held the same day as the Board's resolution, six nominees were elected as directors for a one-year term, or until their successors are chosen. Chief Financial Officer Elizabeth E. McShane signed off on Thursday's filing.

The Bigger Picture

Despite the after-hours pop, Lendway has had a rough year. The stock is down 26.92% year to date, with an annual trading range of $3.37 to $6.19 and a market capitalization of $6.05 million. The company's stock has shown a negative price trend across all time frames, according to market data.

Whether this share authorization increase signals future growth plans or simply provides breathing room for corporate flexibility remains to be seen. For now, investors seem willing to give the company the benefit of the doubt.