NEW YORK (GenomeWeb News) – Illumina said today that its board of directors has approved a two-for-one stock split that will be effected in the form of a stock dividend.
The stock split is subject to shareholders approving an increase in the number of authorized shares of Illumina’s common stock from 120 million to 500 million. A special meeting is scheduled to take place on Sept. 9, at which time shareholders of record as of July 28 will be entitled to vote on the proposed amendment.
“We believe that the stock split, if effected, may place the market price of our common stock in a range that is more attractive to investors, particularly individuals, which may result in a broader market for our stock,” the firm said in a statement.
Illumina’s shares closed at $84.10 in Tuesday trade on the Nasdaq.