“We believe the Stock Split would help reset the market price of our common stock so that our employees will have more flexibility in managing their equity", the company said.
Yet, before the board of directors can support the stock split, the organization needs to get current investors to approve an expansion in the quantity of authorized shares accessible.
“The current number of authorized shares of our common stock is 2,000,000,000, which is insufficient to effectuate the stock split,” Tesla said in the filing
The Authorized Shares Amendment provides for an increase in the number of authorized shares of Tesla’s common stock from 2,000,000,000 shares to 6,000,000,000 shares
Tesla plans to hold its annual shareholder meeting on Thursday, Aug. 4, 2022 to allow shareholders to vote on the increase in authorized shares