As expected, Netflix said its board of directors has approved a seven-for-one stock split, at a time when the company’s shares are trading at more than $600 per share and have nearly doubled in the past six months.
According to Netflix, the split will be made in the form of ao stock dividend of six additional shares for each outstanding share of common stock. The dividend will be payable on July 14 to shareholders of record at the close of business on July 2. Netflix will begin trading regular way at the post-split price on July 15. Any shares purchase between the July 2 record date and the July 14 payment date will coe with a “due bill” entitling the buyer to six additional shares for each share purchased.
The new shares will be delivered by Netflix’s transfer agent Computershare Trust Co.