NEW YORK (GenomeWeb News) – Illumina’s shareholders yesterday approved an increase in the number of authorized shares of the firm’s stock to 320 million from 120 million, clearing the way for a proposed 2-for-1 stock split.
Illumina had announced the proposed stock split in July. Today is the date of record for the split, and Sept. 22 is the date on which additional shares will be distributed to shareholders.
“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 at the time.
Illumina’s shares closed at $82.21 yesterday in trading on the Nasdaq, off of a 52-week high of $95.75 reached on July 28. The firm’s shares are up 39 percent since the beginning of the year.