NEW YORK (AP) — Shares of Tesla are up sharply after the electric car maker announced its second stock split in less than two years.
The company said in a regulatory filing that it plans to make a request at its upcoming annual shareholders' meeting to increase its number of authorized shares so that it can split the stock in the form of a dividend.
The Associated Press reported that the company did not specify when a split would take place or what the ratio would be.
Shares jumped more than 7% Monday.
According to the AP, over the past year, Tesla’s shares are up more than 60%.
Tesla's board approved the proposal, but the dividend is contingent on final board approval.
The company last split its stock in August 2020.