Tesla stock jumped over 5% in premarket trading.
Tesla will ask shareholders to vote at this year’s annual meeting to authorize additional shares in order to enable a stock split.
The Securities and Exchange Commission filing said the electric car maker will ask at its annual shareholders meeting “for an increase in the number of authorized shares of common stock ... in order to enable a stock split of the Company’s common stock in the form of a stock dividend.”
Tesla last split its stock in August 2020. The stock has more than doubled since that 5-for-1 stock split took effect on Aug. 31, 2020.
The news comes as Tesla shares have struggled this year, slipping 4.4% for 2022 through Friday’s close. That said, the stock jumped 49.8% in 2021 and surged 743.4% in 2020. Shares of Tesla have also risen in each of the last five years.