Tesla Jumps After Board Proposes For 3-For-1 Stock Split, Larry Ellison To Step-Down
As was largely expected, Tesla's latest filing - of proposals set for inclusion in its annual shareholder meeting on August 2nd - shows the company is proposing a 3-for-1 stock split.
The primary purpose of the Authorized Shares Amendment is to facilitate a 3-for-1 split of our common stock in the form of a stock dividend (the “Stock Split”). As of June 6, 2022, we have 1,036,390,569 shares of common stock outstanding, and the current number of authorized shares of our common stock is 2,000,000,000, which is insufficient to effectuate the Stock Split. Our Board intends to approve the Stock Split, subject to and contingent upon stockholder approval of the Authorized Shares Amendment.
The company did a stock split (5-for-1) on Aug 31, 2020.
The board is "for" the proposal.
TSLA shares jumped around 2.5% after hours (but remain lower on the day)...
Presumably, the market thinks shareholders will approve it.
Additionally, the 14A filing reports that Larry Ellison is stepping down as a board member.
In June 2022, Lawrence J. Ellison, a Class III director, determined collectively with the Nominating and Corporate Governance Committee and the Board that he will not stand for re-election to the Board when his current term ends at the 2022 Annual Meeting.
And notably, the Board currently expects to reduce the number of Board seats to seven upon the expiration of Mr. Ellison’s term at the 2022 Annual Meeting, and therefore votes or proxies may not be submitted for the election of more than two board seats.
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