SpaceX shareholders have approved a 5-for-1 stock split as the company moves closer to a highly anticipated public market debut.
The approval follows a recommendation from the company’s board and was communicated to investors via email, the report said, News.Az reports, citing Reuters.
After the split, the stock’s fair market value was adjusted to $105.32 per share from $526.59.
The split is expected to be processed during the week of May 18 and completed by May 22, according to the report.
The development comes as SpaceX prepares for a potential initial public offering and growing investor interest in its valuation and market entry strategy.
Earlier reports indicated that SpaceX is targeting a listing as early as June 12 and has chosen Nasdaq as its trading venue for what could become one of the largest IPOs in history.
The company is reportedly aiming to raise around $75 billion at a valuation of about $1.75 trillion.
SpaceX did not immediately respond to a request for comment.
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